The National Insurance Commission has announced the successful conclusion of Nigeria’s 12-month insurance sector recapitalisation programme, describing the milestone as the start of “a new era for the country’s insurance industry.”
Conducted under Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Tinubu on July 31, 2025, the recapitalisation exercise supports the Federal Government’s economic agenda of growing Nigeria into a $1tn economy by 2030.
Following a comprehensive review, verification and validation process, the National Insurance Commission said in a statement on Sunday that 43 insurance and reinsurance firms had successfully met the new minimum capital requirements.
According to the commission, the approved non-life insurers include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Limited, Capital Express Indemnity Insurance Limited, and Sanlam-Allianz General Insurance Nigeria Limited.
Others include Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, and Prestige Assurance Plc.
In the life insurance segment, the successful companies are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.
NAICOM said the composite insurers that met the revised capital requirements include Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc and Great Nigeria Insurance Plc. It added that Mutual Benefits Assurance Plc also satisfied the minimum capital requirement for its non-life insurance business.
In the reinsurance segment, the commission confirmed that Continental Reinsurance Plc and FBS Reinsurance Limited successfully complied with the new capital threshold.
The commission added that eight other insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory assessment, with the outcome expected within the next 14 days.
NAICOM said the successful completion of the recapitalisation exercise marks “a major step towards building a stronger, more resilient, adequately capitalised, professionally governed and policyholder-focused insurance sector that is better positioned to support national economic growth.”
The commission explained that the exercise was carried out under clearly defined regulatory directives designed to ensure an orderly, transparent and verifiable transition.
It noted that its Guidelines on the Implementation of Minimum Capital Requirements for Insurance and Reinsurance Companies in Nigeria outlined the eligible capital instruments, admissible assets, verification procedures and supervisory expectations that guided the exercise throughout the implementation period.
NAICOM said the recapitalisation exercise has strengthened the financial resilience of insurance operators, attracted significant domestic and foreign investment, and renewed investor confidence in the industry.
According to the commission, the stronger capital base has increased the industry’s capacity to underwrite larger and more complex risks across key sectors of the economy. It added that the recapitalised market is better positioned to meet policyholder obligations promptly, absorb emerging macroeconomic shocks, support long-term infrastructure financing and enhance the competitiveness of Nigeria’s insurance industry in regional and global markets.
“Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy,” the statement read.
