Nigeria's Insurers Innovate Products Post-Recapitalisation
Nigeria’s insurance sector is experiencing a wave of product innovation and retail-focused offerings after completing a significant recapitalisation exercise, which raised approximately N720 billion under the National Insurance Commission’s (NAICOM) programme. This exercise, conducted from August 2025 to July 31, 2026, enabled 48 insurance companies and two reinsurance firms to meet new capital requirements.
With the recapitalisation phase concluded, insurers are leveraging technology and customer education to attract new clients. Lasaco Assurance Plc launched six new products, including Estate Plan and Future Secure, aimed at individuals seeking wealth accumulation and insurance protection.
SanlamAllianz Nigeria introduced the “Proud Moments 2.0” campaign to reposition insurance as a means of protecting personal achievements. Leadway Assurance entered the travel insurance market with the Leadway Arrival Pack.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, stated that stronger capital bases would enhance public confidence and foster innovation in the industry.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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