The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking the successful completion of the insurance sector’s year-long recapitalisation exercise.
The regulator, however, said eight insurance companies that submitted evidence of compliance shortly before the July 31 deadline are still undergoing final verification and regulatory review, with the process expected to be completed within the next 14 days.
The announcement comes one year after NIIRA 2025 was signed into law by President Bola Ahmed Tinubu, introducing higher minimum capital thresholds for insurers and reinsurers as part of the Federal Government’s broader financial sector reform agenda aimed at supporting a $1 trillion economy by 2030.
Describing the exercise as a landmark for the industry, NAICOM said the recapitalisation has laid the foundation for a stronger, better-capitalised insurance market with greater capacity to absorb risks, honour policyholder obligations and support long-term economic development.
According to the Commission, the implementation process was guided by regulatory guidelines that set out the new capital requirements, eligible capital instruments, admissible assets, reporting obligations and verification procedures to ensure a transparent and credible exercise.
NAICOM said the exercise has strengthened the financial resilience of insurance operators, attracted fresh domestic and foreign investment and boosted investor confidence in the sector.
The Commission added that the stronger capital base would enable insurers to underwrite larger and more complex risks across strategic sectors of the economy, while providing a stronger foundation for its risk-based supervisory framework.
It also reiterated its commitment to strengthening policyholder protection, promoting sound market conduct and expanding insurance penetration through innovation, technology and digital transformation. The regulator said it would continue to provide updates on companies still undergoing verification as well as other post-recapitalisation supervisory actions.
As part of the announcement, NAICOM released the list of insurance and reinsurance companies that have been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 and other applicable insurance laws and guidelines. The list comprises 43 operators across the non-life, life, composite and reinsurance segments of the industry.
Companies confirmed to have met the minimum capital requirements
Composite insurers (8)
Leadway Assurance Company Limited; AIICO Insurance Plc; Cornerstone Insurance Plc; AXA Mansard Insurance Plc; LASACO Assurance Plc; Fortis Global Insurance Plc; Industrial and General Insurance Plc; and Great Nigeria Insurance Plc.
Life insurers (10)
Custodian Life Assurance Limited; CHI Life Assurance Limited; Heirs Life Assurance Limited; Prudential Zenith Life Insurance Ltd; Stanbic IBTC Insurance Limited; Sanlam-Allianz Life Insurance Nigeria Limited; Capital Express Life Assurance Limited; Mutual Benefits Life Assurance Ltd; Enterprise Life Assurance Company (Nigeria) Ltd; and Coronation Life Assurance Limited.
Non-life insurers (23)
Zenith General Insurance Company Limited; Custodian and Allied Insurance Limited; NEM Insurance Plc; Heirs General Insurance Limited; Fin Insurance Company Limited; Mutual Benefits Assurance Plc; Tangerine General Insurance Ltd; Capital Express Indemnity Insurance Limited; Sanlam-Allianz General Insurance Nigeria Ltd; Consolidated Hallmark Insurance Limited; Sterling Assurance Nigeria Limited; Unitrust Insurance Co. Limited; NSIA Insurance Limited; Rex Insurance Limited; Linkage Assurance Plc; Anchor Insurance Company Ltd; Sunu Assurances Nigeria Plc; KBL Insurance Ltd; International Energy Insurance Plc; Veritas Kapital Assurance Plc; NPF Insurance Company Ltd; Coronation Insurance Plc; and Prestige Assurance Plc.
Reinsurance companies (2)
Continental Reinsurance Plc and FBS Reinsurance Limited.
NAICOM said the remaining eight insurance companies that submitted evidence of compliance shortly before the statutory deadline would complete the verification process within 14 days, after which an updated compliance status would be released.
