Seven additional insurance companies have secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the number of approved insurers to 48, alongside two reinsurance companies.
The Nigerian Insurers Association (NIA) said the latest approvals demonstrated the growing financial strength and resilience of the industry and could help improve public confidence in insurance.
NIA chairman, Ebelechukwu Nwachukwu, disclosed this in a statement in Lagos, commending the seven companies for successfully completing the final verification process.
She said the companies had demonstrated financial strength and discipline despite the challenging macroeconomic and operating environment.
“Achieving full compliance amid prevailing macroeconomic and operational challenges underscores the sound leadership, agility and fundamental stability of our member companies,” Nwachukwu said.
The NIA chairman also commended NAICOM for its handling of the recapitalisation exercise, describing the regulator’s approach as clear and fair.
According to her, the process has helped strengthen the integrity and resilience of the Nigerian insurance market while positioning operators to meet higher regulatory and business demands.
Nwachukwu reaffirmed the association’s commitment to supporting its members through the transition and ensuring effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She said the NIA would continue to assist insurance companies in meeting regulatory requirements while strengthening its collaboration with NAICOM to build a sustainable industry.
The association said the successful completion of the recapitalisation exercise would improve insurers’ capacity to support policyholders, investors and the wider economy.
Nwachukwu said the stronger capital base would enable insurers to handle larger risks, improve claims settlement and contribute more effectively to financial stability.
“With this recapitalisation complete, the Nigerian insurance sector enters a transformative era.
“The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability,” she said.
She said the completion of the exercise would ultimately strengthen the resilience of insurance companies and enable them to provide greater value to Nigerians while supporting economic growth.
