Insurance operators and stakeholders have expressed differing views after the National Insurance Commission announced that 43 companies had completed the industry’s recapitalisation process while eight others remained under verification.

AXA Mansard Managing Director Kunle Ahmed said his company had met the minimum capital requirement after verification by PricewaterhouseCoopers. He added that insurers would still need to comply with the higher of the minimum capital or risk based capital once the commission releases the relevant framework.

The Nigerian Council of Registered Insurance Brokers welcomed the exercise, saying stronger capital would improve underwriting capacity, claims payment and the industry’s public image. Its Executive Secretary, Tope Daramola, urged insurers to develop products that meet the needs of Nigerians rather than treating the new funds mainly as investment capital.

However, Independent Shareholders Association of Nigeria Chairman Boniface Okezie questioned the decision to publish the names of 43 firms before the verification of eight others had been completed. He said the announcement could create unnecessary anxiety among investors and policyholders.

Okezie urged the regulator to complete the remaining reviews promptly so that share allotments could be concluded and investors’ holdings credited for trading.