By Emma Ujah & Rosemary Iwunze
The National Insurance Commission (NAICOM) has announced seven more insurance companies that have scaled the recapitalization hurdle, following a 14-day period granted to eight insurance companies for final verification and regulatory review
With this development, forty-eight (48) insurance companies and two (2) reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission.
The regulatory agency said in a statement in yesterday that with the latest announcement, the Nigerian insurance industry recapitalization exercise had been concluded.
The latest to be cleared were: emPLE General Insurance Limited; emPLE Life Assurance Limited; Sovereign Trust Insurance Plc; Tangerine Life Insurance Limited; Alliance & General Insurance Plc; Guinea Insurance Plc; and Regency Alliance Insurance Plc.
The commission was silent on the fate of NICON Insurance and Nigeria Reinsurance Corporation.
Meanwhile, the Nigerian Insurers Association, NIA, has thrown its weight behind the National Insurance Commission, NAICOM, on the recapitalisation exercise.
NIA maintained that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.
Chairman of NIA, Mrs. Ebelechukwu Nwachukwu, in a statement yesterday, noted that the exercise underscores the importance of an orderly and clearly defined regulatory process and represents an important milestone in strengthening the financial capacity and stability of the sector, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector. She assured the apex regulator of the Association’s continued support and constructive engagement in leveraging the gains of the recapitalisation process to drive sustainable industry growth, enforce high market conduct standards, elevate consumer trust, and expand the sector’s contribution to the national economy.
She said: “The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy. A well-capitalized insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth.”
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