The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a major milestone in the industry’s recapitalisation programme.
The commission disclosed this in a public notice issued on Monday in Lagos, following the expiration of the July 31 deadline for operators to comply with the statutory recapitalisation requirements.
According to the insurance regulator, the verified companies cut across life, non-life, composite insurance and reinsurance businesses, having satisfied the capital thresholds stipulated under the new law.
The compliant firms include Zenith General Insurance Company Ltd., Leadway Assurance Company Ltd., Custodian Life Assurance Ltd., Custodian and Allied Insurance Plc, NEM Insurance Plc, AIICO Insurance Plc, CHI Life Assurance Ltd., Heirs General Insurance Ltd., FIN Insurance Company Ltd., Cornerstone Insurance Plc and Mutual Benefits Assurance Plc.
Others are Heirs Life Assurance Ltd., Tangerine General Insurance Ltd., Capital Express Indemnity Insurance Ltd., Continental Reinsurance Plc, FBS Reinsurance Ltd., Sanlam-Allianz General Insurance Nigeria Ltd., Prudential Zenith Life Insurance Ltd., Consolidated Hallmark Insurance Plc, Stanbic IBTC Insurance Ltd., Sanlam-Allianz Life Insurance Nigeria Ltd., Sterling Assurance Nigeria Ltd., AXA Mansard Insurance Plc and Unitrust Insurance Company Ltd.
Also listed as compliant are Capital Express Life Assurance Ltd., Mutual Benefits Life Assurance Ltd., NSIA Insurance Ltd., Rex Insurance Ltd., LASACO Assurance Plc, Linkage Assurance Plc, Anchor Insurance Company Ltd., Enterprise Life Assurance Company (Nigeria) Ltd., SUNU Assurances Nigeria Plc, KBL Insurance Ltd., International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd., Fortis Global Insurance Plc, Coronation Life Assurance Ltd., Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc and Great Nigeria Insurance Plc.
NAICOM stated that the listed companies had been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 and urged members of the public as well as industry stakeholders to take note of the approved operators.
The commission, however, disclosed that eight insurance companies that submitted evidence of compliance shortly before the statutory July 31 deadline are still undergoing final verification and regulatory review.
According to NAICOM, the verification process for the affected companies will be completed within 14 days.
The regulator said the recapitalisation exercise had significantly strengthened the financial capacity of insurance operators, attracted substantial domestic and foreign investments and improved investor confidence in the sector.
It added that the higher capital base had positioned insurers to underwrite larger and more complex risks, meet policyholders’ obligations more promptly and provide stronger support for infrastructure financing and other long-term investments.
According to the commission, the enhanced capital framework will also reinforce risk-based supervision by ensuring that regulatory capital is aligned with the nature, scale and complexity of risks undertaken by licensed insurance operators.
NAICOM expressed appreciation to the Federal Government, regulatory agencies, shareholders, investors, insurance operators, professional bodies, development partners and other stakeholders for their support throughout the recapitalisation exercise.
The commission described the successful completion of the programme as a critical foundation for building a stronger, more resilient and globally competitive insurance industry capable of delivering greater value to policyholders and contributing more effectively to Nigeria’s economic growth.
