The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements, marking a major milestone in the ongoing transformation of Nigeria’s insurance sector under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a statement, the commission described the development as a significant step towards building a stronger, more resilient and policyholder-focused insurance industry.
NAICOM said the successful completion of the 12-month recapitalisation exercise demonstrated the commitment of operators to strengthening their financial capacity and improving service delivery.
The regulator disclosed that 43 firms had completed the verification and validation of their capital, while eight others had submitted evidence of compliance ahead of the deadline and were undergoing final regulatory reviews expected to be concluded within 14 days.
In the Non-Life Insurance category, 24 companies met the requirements, including Zenith General Insurance Company, Custodian and Allied Insurance Limited, and NEM Insurance.
Eight Composite Insurance companies, including Leadway Assurance Company and AXA Mansard Insurance, also achieved compliance, while 10 Life Insurance companies, including Custodian Life Assurance and Stanbic IBTC Insurance, met the requirements. Two reinsurance companies — Continental Reinsurance and FBS Reinsurance Limited — also cleared the capital threshold.
The new minimum paid-up capital requirements under NIIRA 2025, signed into law by President Bola Tinubu on July 31, 2025, are N10 billion for Life Insurance companies, N15 billion for General Insurance companies, N18 billion for Composite Insurance companies and N35 billion for Reinsurance companies.
According to NAICOM, the recapitalisation programme aligns with the government’s broader financial sector reforms aimed at achieving a $1 trillion economy by 2030.
The commission said the increased capital base would enable insurers to meet policyholder obligations more effectively, absorb emerging risks, invest in critical infrastructure and compete favourably within regional and global markets.
“The successful completion of this exercise is a significant advancement for the Nigerian insurance industry. It has strengthened the financial resilience of operators, attracted considerable domestic and foreign investment, and has revitalised investor confidence in the market,” NAICOM stated.
The commission added that the reform would provide a stronger foundation for risk-based supervision by ensuring that regulatory capital reflects the nature, scale, complexity and risk profile of individual operators.
NAICOM also assured policyholders and investors of its commitment to improving consumer protection, promoting sound market practices and expanding insurance penetration through innovation and technology.
“Our steadfast commitment remains to cultivate a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy,” the commission said.
It added that it would continue to provide updates on post-recapitalisation supervisory measures and the implementation of the Risk-Based Capital Framework.
“The successful completion of this recapitalisation exercise marks not just an endpoint but a foundational step toward a brighter future,” NAICOM stated.
