NAICOM confirms 43 insurers meet new capital rules as 8 await final verification
NAICOM announced completion of Nigeria's insurance sector recapitalization under NIIRA 2025, confirming 43 insurance and reinsurance companies met new minimum capital requirements. Eight additional companies that submitted evidence before the July 31, 2026 deadline are undergoing final verification, expected to conclude within 14 days.
This marks the end of the 12-month compliance period that began August 2025 following President Tinubu signing the reform law. NAICOM states the exercise strengthens industry resilience, enabling insurers to handle larger risks, pay claims promptly, and support economic growth through long-term investments.
The regulator says higher capital levels will improve policyholder protection, attract domestic/foreign investment, and enhance Nigeria's financial system stability. NAICOM will now focus on post-recapitalization supervision, consumer protection, and modernizing the sector through technology.
What does a stronger, better-capitalized insurance sector mean for your ability to get reliable coverage for your business, property, or health needs?