The National Insurance Commission (NAICOM) has issued fresh operating licences to additional insurance companies that have successfully met and been verified as compliant with the new minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA) 2025.
The latest licences form part of the Commission’s ongoing efforts to strengthen the financial capacity of insurers and improve confidence in Nigeria’s insurance industry following the conclusion of the recapitalisation exercise.
NAICOM said the development represents another milestone in its drive to promote a financially stronger, more stable and professional insurance sector capable of meeting its obligations to policyholders and other stakeholders.
The Commission urged the newly licensed companies to deploy their enhanced capital prudently and effectively, stressing that stronger balance sheets must translate into sustainable business growth and improved protection for policyholders.
NAICOM said the newly licensed companies are expected to deploy their strengthened capital prudently and effectively to support sustainable business growth and improve policyholder protection.
The Commission also charged the companies to move away from unethical practices and uphold higher standards of corporate governance, transparency and accountability.
It stressed that meeting the new capital threshold should go beyond satisfying a regulatory requirement, noting that stronger capital positions must translate into more resilient businesses and better outcomes for policyholders.
The Commission further called on insurers and other industry stakeholders to contribute to building a more credible and sustainable insurance market by improving professional standards and consistently meeting their contractual obligations.
According to NAICOM, stronger compliance, sound corporate governance and improved service delivery will be critical to rebuilding public trust and encouraging greater participation in insurance.
The latest licences add to the number of insurers that have completed the regulatory verification process under NIIRA 2025, as NAICOM continues to assess companies that submitted evidence of compliance with the new capital requirements.
