NAICOM approves 43 insurance firms after N300bn recapitalisation
By Aboki Forex —
The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies met Nigeria's new minimum capital requirements after a year-long recapitalisation exercise. The exercise attracted over N300 billion in fresh capital, boosting insurers' capacity to underwrite bigger risks and support economic growth.
Approved companies across four categories
NAICOM announced the outcome over the weekend, disclosing that the approved firms include 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurance companies. The exercise was carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The eight composite insurers are Leadway Assurance, AIICO Insurance, Cornerstone Insurance, AXA Mansard Insurance, LASACO Assurance, Fortis Global Insurance, Industrial and General Insurance, and Great Nigeria Insurance.
The 23 non-life insurers are Zenith General Insurance, Custodian and Allied Insurance, NEM Insurance, Heirs General Insurance, Fin Insurance, Mutual Benefits Assurance, Tangerine General Insurance, Capital Express Indemnity Insurance, Sanlam-Allianz General Insurance Nigeria, Consolidated Hallmark Insurance, Sterling Assurance Nigeria, Unitrust Insurance, NSIA Insurance, Rex Insurance, Linkage Assurance, Anchor Insurance, SunuAssurances Nigeria, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance, Coronation Insurance and Prestige Assurance.
The 10 life insurers are Custodian Life Assurance, CHI Life Assurance, Heirs Life Assurance, Prudential Zenith Life Insurance, Stanbic IBTC Insurance, Sanlam-Allianz Life Insurance Nigeria, Capital Express Life Assurance, Mutual Benefits Life Assurance, Enterprise Life Assurance Company (Nigeria), and Coronation Life Assurance. The two reinsurers are Continental Reinsurance and FBS Reinsurance.
Eight firms still under verification
NAICOM noted that eight additional insurance companies submitted evidence of compliance just before the deadline. They are currently undergoing final verification, with the review expected to be completed within 14 days.
NAICOM Commissioner for Insurance, Olusegun Ayo Omosehin, described the exercise as a defining moment for the industry. He said the recapitalisation was implemented under Section 15 of NIIRA 2025, signed into law by President Bola Ahmed Tinubu on July 31, 2025, as part of broader financial sector reforms aimed at supporting Nigeria's ambition of becoming a $1 trillion economy by 2030.
Omosehin said stronger capitalisation will enable insurers to improve risk underwriting, honour policyholder claims more efficiently, mobilise long-term investment capital and contribute more meaningfully to economic growth and financial stability.
Stronger capital, better consumer protection
NAICOM said the recapitalisation has significantly improved the financial resilience of insurance operators while attracting substantial domestic and foreign investment. The higher capital base will help insurers absorb emerging risks, finance major infrastructure projects, support long-term investments and compete more effectively in regional and international markets.
The commission added that the stronger capital position provides a solid foundation for its Risk-Based Capital Framework, ensuring regulatory requirements remain aligned with the size and complexity of each operator. It assured policyholders, investors and stakeholders that it will continue strengthening consumer protection, improving market conduct and accelerating insurance access through innovation, technology and digital transformation.
For Nigerian businesses and households, the approved list means insurers now have the financial muscle to pay claims promptly and take on larger risks. That is a step toward rebuilding trust in an industry that has long struggled with low penetration and slow payouts.