…Says Eight Others’ Compliance Papers Being Verified
The National Insurance Commission (NAICOM) has announced the successful completion of the nation’s insurance sector recapitalisation exercise, describing the feat as a desirable step that signalled the beginning of a new era for insurance in the country.
A statement issued on Sunday by the regulator to update the public on the exercise indicated that 43 insurance and reinsurance companies had satisfied the new prescribed minimum capital requirements as prescribed by 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.
The commission listed that Non-Life insurers that had fully met the requirements as including 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, and Sanlam-Allianz General Insurance Nigeria Ltd.
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Others are 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, Mutual Benefits Assurance Plc ,and Prestige Assurance Plc.
The Commission stated that in the Life Insurance segment, the successful companies comprised 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.
Similarly, the industry regulator clarified that the Composite insurers, operating across both life and non-life insurance that satisfied the requirements were 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.
In the reinsurance category, the commission listed the reinsurance entities that met the minimum capital requirments as Continental Reinsurance Plc and FBS Reinsurance Limited.
According to the statement, eight insurance operators, which submitted evidence of compliance shortly before the statutory deadline, are currently undergoing final verification and regulatory review, with its findings on their status to be finalized within 14 days.
The commission maintained that the recapitalization of the risk-underwriting entities represented a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that had now been positioned to support national economic growth.”
The recapitalisation exercise titled “Guidelines on the Implementation of Minimum Capital Requirements for Insurance and Reinsurance Companies in Nigeria”, which commenced about a year ago, was initiated by the NAICOM to guarantee an orderly, transparent, and verifiable transition.
The guidelines outlined eligible capital instruments, admissible assets, verification procedures, and supervisory expectations throughout the implementation window.
The NAICOM stated that the regulatory initiative had enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence across the industry.
The commission highlighted that the recapitalisation exercise had enhanced the capacity of the insurers to underwrite larger and more complex risks as well as improve insurers’ ability to settle policyholder obligations promptly, absorb emerging macroeconomic risks, support long-term national infrastructure projects, and boost the sector’s competitiveness within regional and global markets.
It further clarified that the exercise had created a solid baseline for it to deepen its risk-based supervisory framework and ensure that regulatory capital aligned with the nature, scale, complexity, and risk profile of each licensed operator.
The NAICOM reaffirmed its commitment to building a fair, stable, innovative, inclusive, and globally competitive insurance market that would improve public confidence and deliver lasting value to policyholders and the Nigerian economy on a sustainable basis.
It commended the Federal Government, industry operators, shareholders, and professional bodies for their support that aided its successful completion of the recapitalisation exercise, stressing that it is not the destination but marks a new era where stronger institutions and public confidence will make insurance work better for all in the country.
