NAICOM releases list of insurance, reinsurance firms that have met recapitalisation requirements
The National Insurance Commission (NAICOM) has released insurance and reinsurance companies that have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the Commission, a total of 43 firms made the list while eight others submitted evidence of compliance shortly before the statutory deadline are undergoing final verification within 14 days.
The insurance regulator announced the successful completion of the 12-month recapitalisation exercise on Sunday.
The exercise, according to the agency, was “undertaken pursuant to Section 15 and other relevant provisions of NIIRA 2025”, which was signed into law by President Bola Tinubu on July 31, 2025, as part of the federal government’s financial sector reform agenda “towards the attainment of a $1 trillion economy by 2030”.
The regulator said the exercise followed a structured implementation process after the NIIRA 2025 was signed into law on July 31, 2025, including the issuance of guidelines on the new minimum capital requirements and a comprehensive review, verification, and validation of operators.
The organisation also said the recapitalisation programme has enhanced the financial resilience of insurance operators, attracted substantial domestic and foreign investment, and strengthened investor confidence in the industry.
COMPLIANT INSURERS
In a list published in its website, NAICOM said the compliant firms comprise 23 non-life insurers, including 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 Limited, Capital Express Indemnity Insurance Limited, Sanlam-Allianz General Insurance Nigeria Limited, Consolidated Hallmark Insurance Limited, and Sterling Assurance Nigeria Limited.
Others within the same category are Unitrust Insurance Company Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Limited, Sunu Assurances Nigeria Plc, KBL Insurance Limited, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Limited, Coronation Insurance Plc, and Prestige Assurance Plc.
The regulator listed 10 compliant life insurers as Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Limited, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Limited, Enterprise Life Assurance Company (Nigeria) Limited, and Coronation Life Assurance Limited.
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 are the eight compliant composite insurers listed.
The organisation said Continental Reinsurance Plc and FBS Reinsurance Limited are the two compliant reinsurers.
“The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country,” the insurance regulator said in a press release on Sunday.
“It represents a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilise long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.”
The commission said the increased capital base would enable insurers to settle policyholders’ obligations more promptly, absorb emerging risks, underwrite larger and more sophisticated risks, and support infrastructure and other long-term investments.
According to the regulator, the exercise also provides a stronger foundation for risk-based supervision by ensuring regulatory capital remains aligned with the nature, scale, complexity and risk profile of each licensed operator.
“The successful completion of this recapitalisation exercise is not the destination but the foundation. It marks the beginning of a new era in which stronger institutions, stronger governance, and stronger public confidence will make insurance work better for every Nigerian,” the commission said.
NAICOM said it will continue to engage stakeholders as it implements NIIRA 2025, strengthens consumer protection, and accelerates insurance penetration across the country.
