Ebere Nwoji
The Governing Council of the Nigerian Insurers Association (NIA), has commended the seven additional companies recently issued with operational licenses by the National Insurance Commission (NAICOM) due to successful completion of their recapitalisation requirements.
NIA said this marked the successful conclusion of the industry-wide recapitalisation exercise.
In an statement issued by the Chairman of NIA, Mrs. Ebelechukwu Nwachukwu, she noted that this milestone reflected the sector’s collective progress towards building a robust, competitive, and trusted market designed to boost public confidence and deepen insurance penetration nationwide.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and 2 reinsurance companies have demonstrated exceptional resilience, corporate fortitude, and financial discipline. They have also emerged stronger, healthier, and fully capitalised to deliver value to the Nigerian public, Nwachukwu stated.
According to her, achieving full compliance amid prevailing macroeconomic and operational challenges underscores the sound leadership, agility, and fundamental stability of our member companies,” she added.
Commending the regulatory oversight during the exercise, she expressed profound appreciation to NAICOM for its clear vision, fairness, and commitment to market integrity.
She said NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market.
She further reaffirmed the association’s commitment to supporting member institutions during this transitional phase, saying NIA remained dedicated to driving the seamless implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She assured that the association would continue to assist members in fulfilling evolving regulatory obligations and strengthen our strategic partnership with NAICOM to build a sustainable, future-ready sector.”
Nwachukwu assured policyholders, investors, and key economic stakeholders that the recapitalised insurance market stands ready to drive economic growth, adding that with the completion of recapitalisation exercise, the Nigerian insurance sector had entered a transformative era.
According to her, the industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030.