The Nigerian Insurers Association has credited the successful completion of the insurance industry’s recapitalisation exercise to the National Insurance Commission’s clear regulatory framework, structured implementation process and effective supervisory oversight.

The association made the statement after the conclusion of the industry-wide recapitalisation programme, under which 43 insurance and reinsurance companies met the July 31, 2026 deadline, while eight others are undergoing final verification and regulatory review.

In a statement, the Chairman of the Nigerian Insurers Association, Mrs. Ebelechukwu Nwachukwu, said NAICOM’s disciplined, transparent and well-structured approach provided insurance operators with a credible framework to successfully complete the recapitalisation process.

“The clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.”

Nwachukwu said the outcome underscores NAICOM’s commitment to regulatory fairness, market discipline and the orderly development of Nigeria’s insurance industry.

“This marks a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector,” she said.

She also reaffirmed the association’s commitment to supporting the Commission in consolidating the gains achieved through the recapitalisation exercise.

According to Nwachukwu, the stronger capital base will position the industry for sustainable growth, enhance market conduct, strengthen consumer confidence and increase the insurance sector’s contribution to Nigeria’s economy.

The recapitalisation programme was introduced by NAICOM to bolster the financial strength of insurance operators, improve their capacity to underwrite larger risks and ensure prompt settlement of claims.

The Commission recently announced that 43 insurance and reinsurance companies had met the new minimum capital requirements prescribed under the NIIRA 2025, while eight firms that submitted their compliance documents close to the deadline are still undergoing final verification and regulatory review.