y NIyi Jacobs
The National Insurance Commission (NAICOM) has announced the successful completion of the insurance industry’s 12-month recapitalisation exercise, revealing that 43 insurance and reinsurance companies have met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a statement issued on Saturday, the Commission said the exercise marked a significant milestone in the reform of Nigeria’s insurance sector, positioning the industry to become stronger, more resilient and better equipped to support economic growth, deepen financial inclusion and mobilise long-term investment capital.
NAICOM said the recapitalisation exercise was undertaken in line with Section 15 and other relevant provisions of NIIRA 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025, as part of the Federal Government’s financial sector reform agenda.
According to the Commission, 43 insurance and reinsurance companies successfully complied with the new statutory minimum capital requirements following a comprehensive process of review, verification and validation.
However, it disclosed that eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are still undergoing final verification and regulatory review, a process expected to be concluded within 14 days.
NAICOM said the recapitalisation exercise had strengthened the financial resilience of insurance operators, attracted both domestic and foreign investment, and boosted investor confidence in the industry.
The Commission noted that the higher capital base would improve insurers’ capacity to settle policyholders’ claims promptly, underwrite larger and more complex risks, support infrastructure financing and other long-term investments, and compete more effectively in regional and international insurance markets.
It added that the exercise would also strengthen risk-based supervision by ensuring that regulatory capital is aligned with the size, complexity and risk profile of licensed operators.
NAICOM reaffirmed its commitment to protecting policyholders, promoting sound market conduct and accelerating insurance penetration through innovation, technology and digitisation.
The Commission said it would continue to provide updates on post-recapitalisation supervisory actions, the status of companies undergoing final verification, industry restructuring and the implementation of the Risk-Based Capital Framework.
It also expressed appreciation to the Federal Government, investors, insurance operators, professional bodies and other stakeholders for their support in the successful completion of the recapitalisation programme.
