The National Insurance Commission has concluded the insurance industry’s recapitalisation exercise after confirming additional companies that met the minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The latest verification brings the number of compliant insurance companies to 48, alongside two reinsurance companies.
Seven additional firms were confirmed in the final phase of the review.
They include emPLE General Insurance, emPLE Life Assurance, Sovereign Trust Insurance, Tangerine Life Insurance, Alliance and General Insurance, Guinea Insurance and Regency Alliance Insurance.
Five of the newly verified companies operate in general insurance while two are life insurers.
The recapitalisation programme was designed to strengthen insurers’ balance sheets, improve their ability to underwrite larger risks and increase protection for policyholders.
Throughout the exercise, companies used private placements, rights issues, mergers, acquisitions and other capital raising options to meet the new thresholds.
NAICOM said the programme was carried out under the provisions of the insurance reform law signed in July 2025.
The regulator subjected submissions to verification and validation to confirm that reported capital was genuine and compliant with regulatory guidelines.
NAICOM said the exercise had strengthened financial resilience, attracted fresh investment and improved confidence in the insurance market.
The commission described completion of the programme as the beginning of a stronger industry capable of supporting more complex risks and contributing to long term economic financing.
