The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as compliant with the minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, bringing the total number of verified compliant insurers and reinsurers to 50.
The latest confirmation follows the completion of the final verification and regulatory review of seven of the eight insurance companies that were still undergoing assessment after the commission earlier announced that 43 insurance and reinsurance companies had met the new capital requirements.
In a public notice, NAICOM said the seven companies had successfully demonstrated compliance with the minimum capital thresholds prescribed under NIIRA 2025, as well as other applicable insurance laws and regulatory guidelines.
The companies comprise five non-life insurers and two life insurers.
The newly confirmed firms are emPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc in the non-life category, while emPLE Life Assurance Limited and Tangerine Life Insurance Limited were confirmed under the life insurance category.
With the latest verification, NAICOM said 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the new minimum capital requirements.
The commission described the development as the successful conclusion of the industry-wide recapitalisation exercise, which was introduced as part of efforts to strengthen the financial capacity and resilience of Nigeria’s insurance industry.
The recapitalisation exercise was undertaken pursuant to Section 15 and other relevant provisions of NIIRA 2025, which was signed into law on July 31, 2025.
According to NAICOM, the exercise forms part of the Federal Government’s broader financial sector transformation agenda aimed at supporting the ambition of building a $1 trillion economy by 2030.
The commission said the recapitalisation was designed to create a stronger, more resilient and adequately capitalised insurance industry, while also promoting improved corporate governance and professional standards across the sector.
The completion of the verification process marks a significant regulatory milestone for the industry following a prolonged capital-raising exercise in which insurers were required to demonstrate that their balance sheets could support the risks they underwrite and meet the evolving demands of the Nigerian economy.
The higher capital base is also expected to improve insurers’ capacity to retain and underwrite larger risks, reduce excessive reliance on reinsurance and strengthen their ability to absorb financial shocks.
