Recapitalisation: Seven more insurers clear NAICOM’s final hurdle

The National Insurance Commission (NAICOM) has cleared seven additional insurance companies under the ongoing recapitalisation exercise, bringing the number of verified compliant insurers to 48.

The commission said the latest approvals followed a 14-day period granted to eight companies for final verification and regulatory review.

In a statement, NAICOM said 48 insurance companies and two reinsurance firms had now been confirmed as meeting the minimum capital requirements prescribed under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and other applicable regulatory guidelines.

The latest companies cleared are 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.

With the latest approvals, NAICOM said the industry-wide recapitalisation exercise had been concluded.

The commission did not provide an update on the status of NICON Insurance and Nigeria Reinsurance Corporation.

Meanwhile, the Nigerian Insurers Association (NIA) has backed NAICOM’s handling of the recapitalisation exercise, saying the process was guided by clear regulatory requirements, systematic verification, defined timelines and supervisory oversight.

The Chairman of NIA, Ebelechukwu Nwachukwu, said the exercise represented a significant step towards strengthening the financial capacity, stability and competitiveness of Nigeria’s insurance industry.

She said the process demonstrated the importance of an orderly and transparent regulatory framework in achieving sustainable growth in the sector.

“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,” Nwachukwu said.

According to her, stronger capitalisation would enable insurers to meet their obligations more efficiently, underwrite larger and more complex risks and play a greater role in supporting economic development.

Nwachukwu assured NAICOM of the association’s continued cooperation as the industry builds on the gains of the recapitalisation exercise.

She said the focus should now include strengthening market conduct, improving consumer confidence and expanding the contribution of insurance to the Nigerian economy.