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Nigeria’s insurance industry welcomes 43 firms meeting new capital requirements after a major recapitalisation exerciseNAICOM raises over N300 billion, enhancing insurers’ capacity to underwrite and support economic growthRegulator assures stronger consumer protection and continued reforms in Nigeria’s evolving insurance landscape
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s insurance industry has entered a new phase after the National Insurance Commission (NAICOM) confirmed that 43 insurance and reinsurance companies have successfully met the country’s new minimum capital requirements following a year-long recapitalisation exercise.
The exercise, carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, attracted more than N300 billion in fresh capital, strengthening the financial capacity of insurers and positioning the sector to underwrite larger and more complex risks.
43 insurance firms scale recapitalisation hurdles; eight await liquidation. Credit: Images By Tang Ming Tung/NAICOMSource: Getty Images
43 insurance firms meet new capital
