NAICOM clears seven more insurers, compliant firms now 50

The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The latest verification raises the number of compliant insurance and reinsurance companies to 50, up from 43 firms earlier cleared.

NAICOM disclosed this in a statement on Thursday in Abuja. The commission said seven of the eight companies that were undergoing final verification and regulatory review have now been confirmed as compliant with the new capital thresholds.

Newly verified companies

The newly verified companies are: emPLE General Insurance Limited (Non-Life), emPLE Life Assurance Limited (Life), Sovereign Trust Insurance Plc (Non-Life), Tangerine Life Insurance Limited (Life), Alliance & General Insurance Plc (Non-Life), Guinea Insurance Plc (Non-Life), and Regency Alliance Insurance Plc (Non-Life).

The approvals follow the commission's earlier announcement that 43 insurance and reinsurance firms had met the July 31, 2026 recapitalisation deadline. The exercise ended a 12-month compliance period granted to operators after President Bola Tinubu signed the new insurance law on July 31, 2025.

Capital raised by new firms

Guinea Insurance Plc raised N12.6 billion through a hybrid offer comprising a rights issue and private placement. Regency Alliance Insurance Plc raised N6.04 billion through a combination of a rights issue and private placement. Sovereign Trust Insurance had maintained that it met the minimum capital threshold and was awaiting final verification.

NAICOM described the recapitalisation programme as a major milestone in the transformation of Nigeria's insurance industry. The initiative is designed to strengthen the financial capacity of insurers, improve their ability to absorb risks, enhance claims-paying capacity, and position the industry to support broader economic growth.

The latest approvals suggest that NAICOM has substantially concluded the verification process for firms that submitted evidence of compliance close to the July 31 deadline.

What it means

Insurance recapitalisation comes months after Nigeria's banking sector completed its own programme, which raised about N4.66 trillion from 33 banks over 24 months. Attention is now shifting to the pension industry, where operators must meet new capital requirements set by the National Pension Commission before the December 31, 2026 deadline.

Industry stakeholders believe stronger capital buffers across the financial services sector will improve resilience, support larger transactions, and enhance confidence among investors and consumers.