The National Insurance Commission (NAICOM) has concluded Nigeria’s 12-month insurance recapitalisation exercise, announcing that 43 insurance and reinsurance companies have met the new Minimum Capital Requirements. The commission described the milestone as the beginning of a new era for the country’s insurance industry.
The recapitalisation exercise was conducted under Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu on July 31, 2025. According to NAICOM, the initiative supports the Federal Government’s broader economic goal of building a $1 trillion economy by 2030.
In a statement issued on Sunday, the regulator said the approved companies successfully passed a rigorous process of review, verification, and validation.
Among the compliant non-life insurers are Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, Sanlam-Allianz General Insurance Nigeria Ltd, Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, and Prestige Assurance Plc.
The compliant life insurers include Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.
NAICOM also confirmed that eight composite insurers met the recapitalisation requirements. They are Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc, and Great Nigeria Insurance Plc. Mutual Benefits Assurance Plc also satisfied the non-life capital requirement, while Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant in the reinsurance category.
The commission disclosed that eight additional insurance operators submitted evidence of compliance shortly before the deadline and are currently undergoing final verification. Their applications are expected to be concluded within 14 days.
NAICOM said the recapitalisation marks a significant step toward building a stronger, better-capitalised, professionally governed, and policyholder-focused insurance industry capable of supporting Nigeria’s economic growth.
The exercise was implemented under detailed regulatory guidelines that outlined eligible capital instruments, admissible assets, verification processes, and supervisory expectations to ensure a transparent and orderly transition.
According to the commission, the initiative has strengthened the financial resilience of insurance operators, attracted fresh local and foreign investments, and renewed investor confidence in the sector.
NAICOM added that the stronger capital base will enable insurers to underwrite larger and more complex risks, improve claims settlement, absorb emerging economic shocks, support long-term infrastructure financing, and enhance the industry’s competitiveness in regional and global markets.
The regulator also noted that the recapitalisation provides a solid foundation for expanding its risk-based supervisory framework, ensuring that regulatory capital requirements remain aligned with the size, complexity, and risk profile of each licensed operator.
