Nigerian Insurers Face Pressure to Raise N132 Billion for Recapitalization

Eight Nigerian insurance companies, including Sovereign Trust Insurance, Linkage Assurance, and others, are under pressure to recapitalize to comply with the new minimum capital requirements set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The deadline for compliance is July 2026, with non-life insurers required to raise N15 billion, life insurers N10 billion, and reinsurers N35 billion.

The National Insurance Commission (NAICOM) is overseeing the recapitalization exercise, aiming to strengthen the industry and support economic growth. Insurers are working on their recapitalization plans to meet the deadline.