Nigeria’s National Insurance Commission has completed the 12-month insurance sector recapitalization exercise required under the Nigerian Insurance Industry Reform Act 2025. Following regulatory review, verification and validation, 43 insurance and reinsurance companies met the prescribed minimum capital requirements, while eight insurers that submitted evidence shortly before the statutory deadline remain under final review. The higher capital requirements are intended to strengthen insurers’ capacity to meet policyholder obligations, absorb emerging risks and underwrite larger and more complex exposures. The Commission expects to complete its review of the remaining eight companies within 14 days and will provide updates on post-recapitalization supervision, industry restructuring and implementation of the Risk-Based Capital Framework.
Nigeria National Insurance Commission2026-08-02
Nigeria's National Insurance Commission completes recapitalization exercise, confirms 43 firms meet minimum capital requirements
Nigeria’s National Insurance Commission has completed its 12-month recapitalization exercise, with 43 insurance and reinsurance companies verified as meeting the new minimum capital requirements. Eight additional insurers remain under final review, which is expected to conclude within 14 days.