Insurance recapitalisation: NAICOM clears 43 insurers, reviews eight

The National Insurance Commission (NAICOM) has officially declared the conclusion of Nigeria's 12-month insurance sector recapitalisation exercise, heralding it as a pivotal step into a "new era" for the industry. This significant undertaking, mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025, directly supports President Bola Tinubu's economic objective of achieving a $1 trillion economy by 2030.

Following a thorough review process, NAICOM confirmed that 43 insurance and reinsurance companies have successfully met the newly prescribed Minimum Capital Requirements. The list of compliant non-life insurers includes prominent names such as Zenith General Insurance, Custodian and Allied Insurance, and NEM Insurance Plc. Similarly, several life insurance companies, including Custodian Life Assurance and Prudential Zenith Life Insurance Ltd, have satisfied the requirements. Composite insurers, operating in both life and non-life segments, like Leadway Assurance Company Limited and AXA Mansard Insurance Plc, also met the new thresholds.

In addition to the 43 confirmed companies, NAICOM noted that eight other operators are currently undergoing final verification. These firms submitted their compliance evidence shortly before the deadline, and outcomes are expected within the next 14 days. The successful completion of this exercise is anticipated to strengthen the financial stability and capacity of the insurance sector, enabling it to play a more significant role in the nation's economic development and risk management.

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signals the beginning of a new era for insurance in the country.