•48 insurers, 2 reinsurers scale NIIRA 2025 capital hurdles
James Emejo in Abuja and Ebere Nwoji in Lagos
National Insurance Commission (NAICOM), yesterday, announced the conclusion of the insurance industry recapitalisation exercise after verifying and confirming seven additional insurance companies that had met the minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The development takes the number of insurance companies confirmed and verified by the regulator as compliant with the new capital requirements to 48, alongside two reinsurance companies, signalling a major shake-up in the structure and financial capacity of the industry.
NAICOM, in a public notice dated August 13, 2026, said the newly confirmed companies had satisfied the minimum capital thresholds as well as applicable insurance laws and regulatory guidelines.
The latest batch comprises emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, and Tangerine Life Insurance Limited.
Others are Alliance & General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc.
Of the seven, five are non-life insurers while two operate in the life insurance segment.
The closure marked an important phase in NAICOM’s bid to strengthen the balance sheets of insurance companies, improve their capacity to underwrite larger risks, and position the industry for stronger growth.
It also provides a regulatory endpoint to a prolonged capital-raising process during which insurers were required to demonstrate that their capital positions could support the risks they undertake and the changing demands of the Nigerian economy.
The exercise had triggered significant activity across the insurance industry, with companies exploring a combination of private placements, rights issues, mergers, acquisitions and other capital-raising arrangements to satisfy the regulator’s requirements.
NAICOM had on August 2 disclosed that 43 insurance and reinsurance companies had fully complied with its new minimum capital requirements in a landmark overhaul expected to transform the industry’s capacity to finance economic growth, protect policyholders, and mobilise long-term investment for President Bola Tinubu’s $1 trillion economy ambition.
The conclusion of the 12-month exercise marks one of the biggest structural reforms in the country’s financial services industry since the banking sector consolidation, positioning the insurance industry to underwrite larger and more complex risks while strengthening confidence among investors, businesses, and policyholders.
The exercise is the country’s most ambitious insurance sector recapitalisation in decades.
In a statement, the commission said the recapitalisation exercise was undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by Tinubu on July 31, 2025.
Although 43 insurers and reinsurers had been confirmed as fully compliant, the commission disclosed that eight insurance companies that submitted evidence of compliance shortly before the statutory deadline were still undergoing final verification and regulatory review, which it said would be concluded within 14 days.
The recapitalisation programme commenced shortly after the enactment of NIIRA 2025, with NAICOM issuing detailed implementation guidelines covering the new minimum capital requirements, eligible capital instruments, admissible assets, reporting obligations, verification procedures and regulatory timelines.
Throughout the transition period, the commission stated that it carried out extensive reviews, verification, and validation of submissions from insurance operators to ensure a transparent, credible, and orderly implementation process.
According to the commission, the exercise has significantly strengthened the financial resilience of insurance companies, attracted fresh domestic and foreign investments, and restored investor confidence in the sector.
According to NAICOM, the successful completion of the exercise signals the beginning of a stronger, safer, and more resilient insurance industry capable of supporting strategic sectors of the economy through increased underwriting capacity and long-term investment financing.