The National Insurance Commission (NAICOM) has approved 43 insurance and reinsurance companies after successfully concluding Nigeria’s 12-month insurance recapitalisation exercise, while eight other operators are undergoing final regulatory review.
The exercise was conducted under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu on July 31, 2025, as part of the Federal Government’s plan to strengthen the financial sector and support its $1 trillion economy target by 2030.
In a statement issued on Sunday, NAICOM described the completion of the recapitalisation programme as the beginning of a new chapter for Nigeria’s insurance industry, following an extensive process of review, verification and validation.
According to the commission, 43 insurance and reinsurance firms met the new minimum capital requirements.
The approved non-life insurers include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, Sanlam-Allianz General Insurance Nigeria Ltd, Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, International Energy Insurance Plc, Coronation Insurance Plc and Prestige Assurance Plc.
The successful life insurance companies include Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd and Coronation Life Assurance Limited.
Among the composite insurers that satisfied the requirements are Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc and Great Nigeria Insurance Plc, while Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant in the reinsurance category.
NAICOM also disclosed that eight additional insurance companies that submitted evidence of compliance close to the deadline are currently undergoing final verification, with the outcome expected within the next 14 days.
The commission said the recapitalisation exercise has strengthened the financial resilience of insurance operators, attracted fresh local and foreign investment, restored investor confidence and positioned the industry to underwrite larger and more complex risks across key sectors of the economy.
It added that the stronger capital base will improve insurers’ ability to settle claims promptly, absorb emerging economic risks, finance long-term infrastructure projects and enhance Nigeria’s competitiveness in regional and global insurance markets.
NAICOM further noted that the exercise provides a stronger foundation for its risk-based regulatory framework, ensuring that each operator maintains capital appropriate to its size, operations and risk profile.
Reaffirming its commitment to policyholders, investors and industry stakeholders, the commission pledged to continue promoting consumer protection, financial inclusion, sound market conduct and technological innovation.
“Our unwavering commitment remains to build a fair, stable, innovative, inclusive and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy,” NAICOM said.
The commission also expressed appreciation to the Federal Government, insurance operators, shareholders and industry stakeholders for their support, describing the successful recapitalisation exercise as the foundation for a stronger, more resilient insurance industry in Nigeria.
