•48 insurers, 2 reinsurers scale NIIRA 2025 capital hurdles
James Emejo in Abuja and Ebere Nwoji in Lagos
National Insurance Commission (NAICOM), yesterday, announced the conclusion of the insurance industry recapitalisation exercise after verifying and confirming seven additional insurance companies that had met the minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The development takes the number of insurance companies confirmed and verified by the regulator as compliant with the new capital requirements to 48, alongside two reinsurance companies, signalling a major shake-up in the structure and financial capacity of the industry.
NAICOM, in a public notice dated August 13, 2026, said the newly confirmed companies had satisfied the minimum capital thresholds as well as applicable insurance laws and regulatory guidelines.
