The National Insurance Commission has announced the successful completion of the insurance industry’s 12-month recapitalisation exercise, confirming that 43 insurance and reinsurance companies have met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.
NAICOM said in a statement issued Sunday that the exercise is expected to strengthen the financial capacity of insurers, improve investor confidence and enable operators to underwrite larger and more complex risks. The Commission added that eight companies which submitted evidence of compliance shortly before the July 31 deadline are still undergoing final verification, with a decision expected within 14 days.
NAICOM said the reforms will improve claims-paying ability, deepen financial inclusion and support long-term investment in the economy. The regulator pledged continued oversight to ensure a stable, competitive and policyholder-focused insurance industry.
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