Nigeria's National Insurance Commission has begun issuing new licence certificates to insurance companies that met its new minimum capital requirements. A total of 43 insurers have been declared compliant and are expected to receive certificates, marking the start of a phased transition to higher capital standards intended to strengthen operators’ financial capacity, solvency and claims-paying ability. The commission expects insurers to use their increased capital to improve operational efficiency, develop products and expand insurance penetration. Its next major regulatory initiative will be a Risk-Based Capital framework that aligns each insurer’s capital level with the risks in its business portfolio.
Nigeria National Insurance Commission2026-08-05
Nigeria's National Insurance Commission begins licence issuance for 43 insurers meeting higher capital requirements
Nigeria's National Insurance Commission has begun issuing new licences to 43 insurers declared compliant with higher minimum capital requirements. The phased transition is intended to improve solvency and claims-paying capacity, with a Risk-Based Capital framework planned as the next major regulatory initiative.