Nigeria · FINANCE
Key Facts
—New licences: NAICOM announced on 2 August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements, and it began handing over the new licence certificates on 5 August.
—Who cleared: 23 non-life insurers, 10 life insurers, 8 composite firms and 2 reinsurers — Continental Reinsurance Plc and FBS Reinsurance Limited.
—Capital thresholds: Life insurers now need ₦10 billion (about US$7.3 million), non-life insurers ₦15 billion (about US$11 million), composite firms ₦25 billion (about US$18 million) and reinsurers ₦35 billion (about US$26 million), up from a range of ₦2 billion to ₦10 billion under the old law.
