The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have satisfied the minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a significant milestone in the country’s insurance sector reform programme.
The announcement comes days after the July 31 compliance deadline and signals the successful completion of the industry’s year-long recapitalisation exercise, which was designed to strengthen insurers’ financial capacity, enhance policyholder protection, and improve the sector’s contribution to economic development.
According to NAICOM, the compliant institutions span life, non-life, composite insurance and reinsurance businesses, reflecting broad industry participation in the capital strengthening initiative.
Among the companies that met the new capital thresholds are Leadway Assurance, AIICO Insurance, NEM Insurance, Cornerstone Insurance, Custodian and Allied Insurance, Custodian Life Assurance, Zenith General Insurance, Heirs Life Assurance, Heirs General Insurance, AXA Mansard Insurance, Prudential Zenith Life Insurance, Sanlam-Allianz General Insurance Nigeria, Sanlam-Allianz Life Insurance Nigeria, Continental Reinsurance and FBS Reinsurance.
Other compliant operators include Consolidated Hallmark Insurance, Stanbic IBTC Insurance, Sterling Assurance Nigeria, LASACO Assurance, Linkage Assurance, Mutual Benefits Assurance, Mutual Benefits Life Assurance, Capital Express Life Assurance, Capital Express Indemnity Insurance, Enterprise Life Assurance (Nigeria), NSIA Insurance, Rex Insurance, Anchor Insurance, SUNU Assurances Nigeria, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance, Fortis Global Insurance, Coronation Insurance, Coronation Life Assurance, Prestige Assurance, Great Nigeria Insurance, Industrial and General Insurance, FIN Insurance, Tangerine General Insurance and Unitrust Insurance Company.
NAICOM said the companies have completed the verification process and have been confirmed as fully compliant with the statutory minimum capital requirements prescribed under NIIRA 2025.
However, the Commission disclosed that eight insurance companies that submitted evidence of compliance shortly before the deadline remain under final regulatory review. It expects the verification process for those operators to be completed within the next 14 days.
The recapitalisation programme forms a central pillar of the Nigerian Insurance Industry Reform Act, signed into law in July 2025, which introduced higher capital thresholds to create stronger and more resilient insurance institutions capable of supporting Nigeria’s growing economy.
NAICOM said the exercise has strengthened the financial position of licensed operators, encouraged new domestic and foreign investment into the industry, and reinforced investor confidence in the sector’s long-term prospects.
The Commission added that better-capitalised insurers will be in a stronger position to underwrite large-scale and specialised risks, settle claims more efficiently, finance long-term investments, and support infrastructure development across the economy.
The regulator also noted that the enhanced capital base will complement its transition to a risk-based supervisory framework, ensuring that insurers maintain capital levels commensurate with the risks they assume.
With the recapitalisation exercise now substantially completed, NAICOM said its focus will shift to post-recapitalisation supervision, implementation of the Risk-Based Capital Framework, and initiatives aimed at expanding insurance penetration, strengthening consumer confidence, and improving market conduct.
The Commission described the completion of the exercise as the beginning of a new phase for Nigeria’s insurance industry, one anchored on stronger institutions, improved corporate governance, and greater capacity to support sustainable economic growth.
