Lasaco Assurance Completes Recapitalisation with NAICOM

Lasaco Assurance Plc has successfully completed its recapitalisation exercise, receiving official clearance from the National Insurance Commission (NAICOM). This achievement positions Lasaco among the 43 insurance companies approved by NAICOM in its recent regulatory review.

The recapitalisation was mandated by NAICOM to strengthen liquidity and operational capacity across the insurance industry, raising minimum capital requirements significantly: from N2bn to N8bn for life business, N3bn to N10bn for general insurance, N5bn to N18bn for composite underwriters, and N10bn to N20bn for reinsurance firms. This regulatory framework aims to protect policyholders and enhance market penetration.

Mr. Ademoye Shobo, Managing Director of Lasaco Assurance, expressed optimism about the company's future, emphasizing the dedication of the team and their commitment to excellence and innovation. The company plans to leverage its strengthened balance sheet to expand digital distribution channels, optimize claims processes, and deepen market penetration across Nigeria.