Nigeria’s insurance industry has reached a major milestone in its recapitalisation programme, with 43 insurance and reinsurance companies successfully meeting the new minimum capital requirements set by the National Insurance Commission (NAICOM), while eight operators await final regulatory clearance.
The recapitalisation exercise, which lasted 12 months, attracted over ₦300 billion in fresh capital into the industry, strengthening insurers’ financial capacity and positioning the sector to underwrite larger and more sophisticated risks.
Announcing the outcome, NAICOM said the compliant operators comprise 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurance companies, in line with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the Commission, eight insurance companies submitted evidence of compliance shortly before the statutory deadline and are currently undergoing final verification and regulatory review. The process is expected to be concluded within 14 days.
Speaking on the exercise, the Commissioner for Insurance, Olusegun Ayo Omosehin, described the completion of the recapitalisation programme as a defining moment for Nigeria’s insurance industry.
He noted that the exercise, initiated under NIIRA 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025, forms part of the Federal Government’s broader financial sector reform agenda aimed at supporting the country’s ambition of building a US$1 trillion economy by 2030.
“The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country,” Omosehin said.
According to him, the exercise has laid the foundation for a stronger, more resilient and adequately capitalised insurance industry capable of supporting economic growth, mobilising long-term investment capital, deepening financial inclusion and strengthening the stability of Nigeria’s financial system.
NAICOM said the implementation process was guided by comprehensive recapitalisation guidelines covering minimum capital requirements, eligible capital instruments, admissible assets, reporting obligations, regulatory timelines and supervisory expectations to ensure transparency and consistency throughout the exercise.
The Commission noted that the successful recapitalisation has significantly strengthened the financial resilience of insurance operators, attracted substantial domestic and foreign investment and boosted investor confidence in the sector.
It added that the higher capital base will improve insurers’ ability to settle policyholder claims promptly, retain larger risks within the country, support infrastructure financing and compete more effectively in regional and international insurance markets.
The recapitalisation programme also provides a stronger foundation for the implementation of NAICOM’s Risk-Based Capital Framework, ensuring that regulatory capital aligns with the size, complexity and risk profile of licensed operators.
As part of the industry’s next phase of reform, NAICOM said it will continue to drive innovation, digital transformation and market development while engaging stakeholders on post-recapitalisation supervisory actions, ongoing verification of companies awaiting approval and other initiatives designed to deepen insurance penetration.
The Commission reaffirmed its commitment to building a fair, stable, innovative and globally competitive insurance industry that inspires public confidence, strengthens consumer protection and delivers sustainable value to policyholders and the Nigerian economy.
Companies that met the new minimum capital requirement
Composite insurers: Leadway Assurance, AIICO Insurance, Cornerstone Insurance, AXA Mansard Insurance, LASACO Assurance, Fortis Global Insurance, Industrial and General Insurance, and Great Nigeria Insurance.
Non-life insurers: Zenith General Insurance, Custodian and Allied Insurance, NEM Insurance, Heirs General Insurance, FIN Insurance, Mutual Benefits Assurance, Tangerine General Insurance, Capital Express Indemnity Insurance, Sanlam-Allianz General Insurance Nigeria, Consolidated Hallmark Insurance, Sterling Assurance Nigeria, Unitrust Insurance, NSIA Insurance, Rex Insurance, Linkage Assurance, Anchor Insurance, Sunu Assurances Nigeria, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance, Coronation Insurance and Prestige Assurance.
Life insurers: Custodian Life Assurance, CHI Life Assurance, Heirs Life Assurance, Prudential Zenith Life Insurance, Stanbic IBTC Insurance, Sanlam-Allianz Life Insurance Nigeria, Capital Express Life Assurance, Mutual Benefits Life Assurance, Enterprise Life Assurance Company (Nigeria) and Coronation Life Assurance.
Reinsurance companies: Continental Reinsurance and FBS Reinsurance Limited.
