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🇳🇬 Nigeria /Economy & Trade

Lasaco Assurance meets NAICOM capital requirement

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • Lasaco Assurance Plc has successfully completed its recapitalization exercise, meeting the new minimum capital requirements set by the National Insurance Commission (NAICOM).
  • The company received official clearance from NAICOM, which had mandated increased capital for insurance firms to bolster industry stability and policyholder protection.
  • Lasaco Assurance plans to leverage its strengthened financial position to expand digital channels, optimize claims settlement, and increase market penetration.

Lasaco Assurance Plc has announced the successful completion of its recapitalization exercise, receiving official clearance from the National Insurance Commission (NAICOM). This achievement fulfills the regulatory body's mandate to increase minimum capital requirements for insurance companies operating in Nigeria.

The recapitalization directive, aimed at fortifying the insurance sector against economic shocks and enhancing policyholder protection, saw significant increases in minimum paid-up capital. For general insurance, the requirement rose from N3 billion to N10 billion, while composite underwriters now need N18 billion, and reinsurers N20 billion. Lasaco Assurance's compliance positions it to navigate Nigeria's evolving insurance landscape and capitalize on emerging market opportunities.

This accomplishment is a testament to the dedication and resilience of our entire team. It reflects our unwavering commitment to excellence, innovation, and the delivery of exceptional value to our clients.

— Mr. Ademoye ShoboCommenting on the successful completion of the recapitalization exercise.

Mr. Ademoye Shobo, the Managing Director of Lasaco Assurance, expressed optimism about the company's future trajectory. He stated, "This accomplishment is a testament to the dedication and resilience of our entire team. It reflects our unwavering commitment to excellence, innovation, and the delivery of exceptional value to our clients."

Shobo added that the company is "excited about the future and remain[s] focused on driving growth, enhancing service quality, and contributing meaningfully to Nigeria’s insurance industry." Management also extended gratitude to the workforce, shareholders, and clients, acknowledging their trust as crucial to successfully navigating the regulatory changes. Lasaco Assurance intends to utilize its enhanced financial standing to expand its digital distribution networks, streamline claims settlement processes, and deepen its market presence nationwide.

We are excited about the future and remain focused on driving growth, enhancing service quality, and contributing meaningfully to Nigeria’s insurance industry.

— Mr. Ademoye ShoboExpressing optimism about the company's future after meeting regulatory capital requirements.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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