Nigerian Insurers Association Congratulates Firms on New Licenses Post-Recapitalization

The Nigerian Insurers Association (NIA) has commended seven insurance companies that recently received operational licenses from the National Insurance Commission (NAICOM) following their successful recapitalization. NIA Chairman Mrs. Ebelechukwu Nwachukwu described the milestone as a successful conclusion to the industry-wide recapitalization exercise, marking collective progress toward a robust, competitive, and trusted market.

“

Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and 2 reinsurance companies have demonstrated exceptional resilience, corporate fortitude, and financial discipline. They have also emerged stronger, healthier, and fully capitalised to deliver value to the Nigerian public.

"Having successfully navigated the rigorous final verification process, these companies... have demonstrated exceptional resilience, corporate fortitude, and financial discipline," Nwachukwu stated. She noted that these firms, along with 41 previously approved insurance and 2 reinsurance companies, have emerged stronger and fully capitalized to serve the Nigerian public. Nwachukwu highlighted that achieving compliance amid economic challenges underscores the sound leadership and stability of member companies.

“

Commending the regulatory oversight during the exercise, she expressed profound appreciation to NAICOM for its clear vision, fairness, and commitment to market integrity. She said NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market.

The NIA also expressed appreciation for NAICOM's regulatory oversight, commending its clear vision and commitment to market integrity, which has elevated the Nigerian insurance industry. The association reaffirmed its dedication to supporting member institutions during this transitional phase and driving the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Nwachukwu assured stakeholders that the recapitalized market is poised to drive economic growth, settle claims promptly, absorb higher risks, and support President Bola Ahmed Tinubu's vision of a $1 trillion economy by 2030.

“

NIA remained dedicated to driving the seamless implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. She assured that the association would continue to assist members in fulfilling evolving regulatory obligations and strengthen our strategic partnership with NAICOM to build a sustainable, future-ready sector.”