43 Insurance Firms Meet NAICOM's Recapitalisation Standards

The National Insurance Commission (NAICOM) announced that 43 insurance and reinsurance companies have fully complied with new minimum capital requirements as part of a significant recapitalisation exercise. This initiative, aimed at transforming the insurance industry to better support Nigeria's economic growth ambitions under President Bola Tinubu, was concluded after a 12-month period.

The recapitalisation was mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by Tinubu on July 31, 2025. While 43 companies were confirmed compliant, eight others are undergoing final verification.

The exercise is expected to enhance the industry's capacity to underwrite larger risks, attract investments, and improve policyholder claim settlements. NAICOM emphasized that the new capital regime aligns regulatory capital with the risk profiles of operators, thereby strengthening the financial health of the insurance sector and restoring investor confidence.