The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for what it described as the transparent and structured implementation of the new minimum capital requirements for insurance and reinsurance companies operating in Nigeria.
The commendation followed NAICOM's announcement that 43 insurance and reinsurance companies had successfully met the prescribed Minimum Capital Requirements under the ongoing recapitalisation exercise.
NAICOM made the announcement on August 2, 2026, following the completion of the verification process for companies seeking to comply with the new requirements. The exercise is being implemented within the framework of the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
NIA applauds regulatory approach
The NIA welcomed the outcome, describing the successful recapitalisation of the 43 companies as an important milestone for the Nigerian insurance industry.
The Chairman of the NIA, as reported by TVC News, congratulated the 43 insurance and reinsurance companies that met the prescribed requirements, commending their “resilience, professionalism and commitment to evolving regulatory standards.” The Association also expressed support for the eight companies that were still undergoing final verification and regulatory review.
The Association's position reflects the industry's recognition that stronger capitalisation is essential to improving the capacity of insurers to absorb larger risks, meet legitimate claims and contribute more effectively to Nigeria's economic development.
NAICOM: 43 companies successfully recapitalised
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, disclosed that 43 insurance companies had successfully recapitalised under the reforms.
Omosehin made the disclosure during a recent stakeholders' engagement convened by the Senate Committee on Banking, Insurance and Other Financial Institutions. He also commended the committee for its role in advancing legislative reforms in the insurance sector.
NAICOM's official announcement confirmed that the 43 companies had met the new Minimum Capital Requirements following a 12-month recapitalisation exercise. The Commission subsequently commenced the issuance of new licence certificates to the compliant companies.
Senate seeks stronger insurance regulation
The development comes amid wider efforts by the National Assembly and financial regulators to strengthen Nigeria's financial system.
Speaking through his representative at the Senate stakeholders' engagement, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Abiru, said the financial sector remained central to investment, job creation, business expansion and macroeconomic stability.
Abiru stressed the importance of closer cooperation between lawmakers, regulators and industry stakeholders in addressing emerging challenges and strengthening Nigeria's financial architecture.
He described the various components of the financial system as interconnected, noting that “the vibrancy of the insurance industry” forms part of a stable and well-functioning financial architecture.
Eight companies remain under review
While 43 companies have been confirmed as compliant, NAICOM said eight other insurance companies are undergoing final verification and regulatory review.
The NIA has urged the affected companies to remain optimistic as the Commission completes the review process within the stipulated period.
NAICOM has also commenced the issuance of new licences to companies that successfully met the recapitalisation requirements, signalling the transition of the industry into a new post-recapitalisation phase.
Recapitalisation expected to strengthen industry
The recapitalisation exercise is expected to strengthen the financial foundations of Nigeria's insurance industry and enhance the capacity of operators to underwrite larger and more complex risks.
For policyholders, a better-capitalised industry could also support greater confidence in the ability of insurance companies to meet legitimate claims and provide sustainable risk protection.
The exercise is taking place against the backdrop of efforts to deepen insurance penetration in Nigeria, improve financial inclusion and position the sector to contribute more meaningfully to economic growth.
NAICOM had earlier insisted that the July 31, 2026 compliance deadline would not be extended, urging companies yet to meet the requirements to accelerate their efforts or face regulatory consequences.
New phase for Nigeria's insurance industry
With 43 companies now confirmed to have met the new capital requirements, attention is expected to shift towards how the stronger financial positions of operators can translate into better products, improved claims settlement, wider insurance coverage and greater participation in Nigeria's economic development.
The NIA's commendation of NAICOM also highlights the importance of sustained collaboration between the regulator and industry operators as the sector moves beyond recapitalisation towards consolidation, innovation and improved service delivery.
The successful conclusion of the exercise therefore represents not merely a regulatory compliance milestone, but an opportunity for Nigeria's insurance industry to build stronger institutions and deepen public confidence in insurance as an essential component of economic and financial security.
Full List of 43 Insurance and Reinsurance Companies
According to the list released following NAICOM's verification exercise, the 43 companies that met the new minimum capital requirements are:
Life Insurance Companies — 10
- Custodian Life Assurance Limited
- CHI Life Assurance Limited
- Heirs Life Assurance Limited
- Prudential Zenith Life Insurance Limited
- Stanbic IBTC Insurance Limited
- Sanlam-Allianz Life Insurance Nigeria Limited
- Capital Express Life Assurance Limited
- Mutual Benefits Life Assurance Limited
- Enterprise Life Assurance Company (Nigeria) Limited
- Coronation Life Assurance Limited
Composite Insurance Companies — 8
- 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
- Great Nigeria Insurance Plc
Non-Life Insurance Companies — 23
- Zenith General Insurance Company Limited
- Custodian and Allied Insurance Limited
- NEM Insurance Plc
- Heirs General Insurance Limited
- FIN Insurance Company Limited
- Mutual Benefits Assurance Plc
- Tangerine General Insurance Limited
- Capital Express Indemnity Insurance Limited
- Sanlam-Allianz General Insurance Nigeria Limited
- Consolidated Hallmark Insurance Limited
- Sterling Assurance Nigeria Limited
- Unitrust Insurance Company Limited
- NSIA Insurance Limited
- Rex Insurance Limited
- Linkage Assurance Plc
- Anchor Insurance Company Limited
- SUNU Assurances Nigeria Plc
- KBL Insurance Limited
- International Energy Insurance Plc
- Veritas Kapital Assurance Plc
- NPF Insurance Company Limited
- Coronation Insurance Plc
- Prestige Assurance Plc
Reinsurance Companies — 2
- Continental Reinsurance Plc
- FBS Reinsurance Limited