NIA Congratulates New Insurance Firms on Recapitalisation

The Governing Council of the Nigerian Insurers Association (NIA) congratulated seven newly licensed insurance firms that received operational licenses from the National Insurance Commission (NAICOM) after successfully completing recapitalisation requirements. This event signifies the conclusion of an industry-wide recapitalisation exercise.

Mrs. Ebelechukwu Nwachukwu, Chairman of NIA, stated that this milestone reflects the sector's collective progress towards creating a robust and competitive market, enhancing public confidence and insurance penetration in Nigeria. She noted that these companies, along with 41 previously approved insurance companies and 2 reinsurance companies, have shown resilience and financial discipline.

Nwachukwu praised NAICOM for its regulatory oversight and strategic vision, which have strengthened the Nigerian insurance industry. She assured stakeholders that the recapitalised market is prepared to drive economic growth and support President Bola Ahmed Tinubu's vision of achieving a $1 trillion economy by 2030.