NAICOM Aims to Prevent Insurance Firm Collapses by 2026

The National Insurance Commission (NAICOM) has pledged to prevent the collapse of insurance companies in Nigeria as part of its recapitalization efforts aimed at strengthening the sector. During the Nigerian Insurance Association (NIA) award recognition ceremony held in Lagos on Thursday, Mr.

Olusegun Omosehin, the Chief Executive Officer of NAICOM, highlighted the ongoing recapitalization exercise with a regulatory deadline set for July 31, 2026. This initiative aims to enhance financial stability across the industry.

NAICOM has identified financially weak insurance firms and is actively engaging in structural interventions to ensure their survival. The commission's approach is part of a broader strategy to safeguard policyholders and improve regulatory oversight.

Omosehin noted that the insurance companies are currently undergoing a capital verification process as part of the recapitalization exercise, which is designed to ensure they have adequate capitalization to meet obligations and withstand financial shocks. NAICOM is also focusing on broader reforms to modernize the insurance industry and improve service delivery.