*Eight others undergoing final verification as regulator concludes review within 14 days
*Commission declares new capital regime will drive $1tn economy, usher stronger insurers to finance infrastructure, absorb larger risks, enhance insurance penetration
James Emejo in Abuja and Ebere Nwoji in Lagos
National Insurance Commission (NAICOM), yesterday, disclosed that 43 insurance and reinsurance companies had fully complied with its new minimum capital requirements. It was a landmark overhaul expected to transform the industry’s capacity to finance economic growth, protect policyholders, and mobilise long-term investment for President Bola Tinubu’s $1 trillion economy ambition.The conclusion of the 12-month exercise marked one of the biggest structural reforms in the country’s financial services industry since the banking sector consolidation. It positioned the insurance industry to underwrite larger and more complex risks while strengthening confidence among investors, businesses, and policyholders.
The exercise was the country’s most ambitious insurance sector recapitalisation in decades.In a statement, NAICOM said the recapitalisation exercise was undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by Tinubu on July 31, 2025.Although 43 insurers and reinsurers were confirmed as fully compliant, the commission disclosed that eight insurance companies that submitted evidence of compliance shortly before the statutory deadline were still undergoing final verification and regulatory review, which it said would be concluded within 14 days.
