Nigeria’s insurance industry has completed its year-long recapitalisation exercise with 43 insurance and reinsurance companies meeting the new minimum capital requirements, drawing more than N300 billion in fresh capital into the sector.
The successful firms, comprising 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurance companies, signal a major milestone in the industry’s drive to strengthen financial capacity, improve risk underwriting and position operators for larger-ticket business.
Announcing the outcome at the weekend, the National Insurance Commission (NAICOM) confirmed that “43 insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements” under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other applicable insurance laws and guidelines.
It noted, however, that eight insurance companies submitted evidence of compliance shortly before the statutory deadline and are currently undergoing final verification and regulatory review. This would be concluded within 14 days, the commission said.
Commissioner Olusegun Ayo Omosehin
This post was originally published on this site.
