The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have successfully complied with the new minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a significant milestone in the ongoing reform of Nigeria’s insurance sector.
In a public notice issued on Monday in Lagos, the insurance regulator said the verified firms comprise life insurance, non-life insurance, composite insurance and reinsurance operators that have met the statutory capital thresholds introduced under the new law.
According to the commission, the compliant companies are 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, Mutual Benefits Assurance Plc, 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.
Others include 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 duly verified as fully compliant with the minimum capital requirements stipulated under the NIIRA 2025 and urged policyholders, investors and other stakeholders to take note of the approved list.
The announcement comes days after the expiration of the July 31 deadline granted by the commission for insurance and reinsurance companies to complete the recapitalisation exercise mandated by the new legislation.
The commission, however, disclosed that eight additional insurance companies that submitted evidence of compliance shortly before the deadline are still undergoing final verification and regulatory assessment.
It assured stakeholders that the review process would be concluded within 14 days, after which the status of the affected companies would be made public.
NAICOM said the recapitalisation exercise had significantly strengthened the financial capacity of insurance operators, attracted fresh domestic and foreign investments into the industry and enhanced investor confidence in Nigeria’s insurance market.
According to the commission, the higher capital base will enable insurance companies to underwrite larger and more sophisticated risks across critical sectors of the economy, improve claims-paying capacity and support long-term investments, including infrastructure financing.
The regulator also noted that the new capital regime would reinforce its risk-based supervisory framework by ensuring that regulatory capital reflects the nature, scale and complexity of the risks undertaken by licensed operators.
Industry analysts say the successful completion of the recapitalisation programme is expected to improve the stability of the insurance sector, increase public confidence in insurance products and position Nigerian insurers to compete more effectively within Africa, particularly under the African Continental Free Trade Area (AfCFTA).
The Nigerian Insurance Industry Reform Act 2025 introduced sweeping reforms aimed at modernising the insurance sector, strengthening corporate governance, improving policyholder protection and aligning Nigeria’s insurance regulatory framework with international best practices. The legislation also seeks to deepen insurance penetration, which remains one of the lowest in Africa despite Nigeria’s large population and growing economy.
NAICOM expressed appreciation to the Federal Government, shareholders, investors, insurance operators, professional bodies, development partners and other stakeholders for their support throughout the recapitalisation process.
The commission described the exercise as laying the foundation for a stronger, more resilient and globally competitive insurance industry capable of creating greater value for policyholders while supporting Nigeria’s broader economic development agenda.
