43 Insurance Firms Meet NAICOM's Recapitalisation Requirements

The National Insurance Commission (NAICOM) announced on Sunday that 43 insurance and reinsurance companies in Nigeria have successfully met the new Minimum Capital Requirements, marking the completion of a 12-month recapitalisation exercise. This achievement is described as a pivotal step that signals the beginning of a new era for the insurance sector in Nigeria.

The non-life insurers that complied include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, and others. In the life insurance segment, companies such as Custodian Life Assurance Limited and Prudential Zenith Life Insurance Ltd were confirmed compliant.

Composite insurers like Leadway Assurance Company Limited and AIICO Insurance Plc also met the requirements. In the reinsurance category, Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant.

NAICOM noted that eight additional insurance operators are undergoing final verification, with outcomes expected within 14 days. This milestone is aimed at building a stronger, more resilient insurance sector that can better support national economic growth.