The Nigerian Insurers Association (NIA) has commended the successful conclusion of the insurance industry’s recapitalisation exercise, saying the process has left the sector stronger, better capitalised and positioned to support greater economic growth.
The association, in a statement issued by its Governing Council, congratulated the additional seven insurance companies recently granted full recapitalisation approval by the National Insurance Commission (NAICOM).
Ebelechukwu Nwachukwu, the chairman of the association, said the latest approvals represented a significant milestone for the industry and reflected the sector’s progress towards building a more resilient, competitive and trusted insurance market.
She said the seven companies had successfully completed NAICOM’s final verification process, joining previously approved insurers and reinsurers that had demonstrated their ability to meet the new capital requirements.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude and financial discipline,” Nwachukwu said.
According to her, the recapitalisation process had strengthened the financial position of participating companies and enhanced their capacity to deliver greater value to policyholders and other stakeholders.
Nwachukwu also commended NAICOM for its regulatory oversight throughout the recapitalisation exercise, describing the commission’s approach as critical to maintaining market integrity and ensuring that operators met the requirements of the new regulatory framework.
She said the regulator’s “strategic foresight and structured execution” had contributed to the emergence of a stronger and more resilient insurance industry capable of competing within the broader financial sector.
The NIA chairman further reaffirmed the association’s commitment to supporting its members as the industry transitions from the recapitalisation exercise to the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
“The NIA remains dedicated to driving the seamless implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. We will continue to assist members in fulfilling evolving regulatory obligations and strengthen our strategic partnership with NAICOM to build a sustainable, future-ready sector,” she said.
The association said the completion of the recapitalisation exercise should also strengthen confidence among policyholders, investors and other stakeholders, while improving insurers’ capacity to underwrite larger risks and support economic activity.
Nwachukwu said the industry was now better positioned to settle genuine claims promptly, absorb higher local and international risks and contribute more significantly 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, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030,” she said.
