The fate of eight insurance companies still awaiting regulatory clearance is set to become clearer as the National Insurance Commission (NAICOM) concludes its final verification of their capital positions under the industry’s recapitalisation exercise.
The outcome could reshape the competitive landscape of Nigeria’s insurance market, with investors, shareholders, policyholders and insurance brokers watching closely to see which of the companies will ultimately secure regulatory approval and which may face more drastic regulatory options.
NAICOM on August 3 released a list of 43 insurance and reinsurance companies that had successfully met the new minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The regulator, however, said the capital positions of eight other companies were still undergoing review, giving them a 14-day window for final verification.
The uncertainty surrounding the eight firms has already begun to affect how insurance business is being placed in the market.
The Nigerian Council of Registered Insurance Brokers (NCRIB), according to industry sources, has directed its members to transact business only with insurance companies that have been verified by NAICOM under the recapitalisation exercise.
