NAICOM clears 43 insurers post-July 31 recapitalisation deadline
NAICOM announced that 43 insurance and reinsurance companies have met the July 31, 2026 recapitalisation deadline, with eight others still under final verification. The list includes 41 insurers and two reinsurers, such as Leadway Assurance, Custodian Life, AXA Mansard and Continental Reinsurance. The recapitalisation exercise, launched in August 2025 under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, gave operators a 12‑month window to raise minimum capital.
For policyholders and businesses, the move strengthens the financial resilience of insurers, reduces the risk of claim‑payment failures and could lead to more competitive premiums and broader coverage options. It also signals renewed investor confidence, potentially attracting more capital into the sector.
If you hold or are considering an insurance policy, check whether your provider is on the cleared list; firms still under verification may face restrictions until verification ends within the next two weeks. Keep an eye on NAICOM’s final list and any updates on premium adjustments or new product launches that may follow the capital boost.