By Ukumbi Afrika Monday, 3rd August 2026
LAGOS – Forty-three Nigerian insurance and reinsurance companies have successfully met the country's new minimum capital requirements, marking a significant milestone in the transformation of Nigeria's insurance industry under sweeping regulatory reforms.
The National Insurance Commission (NAICOM) announced on Sunday that the firms complied with the recapitalisation requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The legislation, signed into law by President Bola Tinubu last year, is aimed at strengthening the financial resilience and competitiveness of the sector.
According to the regulator, eight additional insurers that submitted evidence of compliance shortly before the July 31 deadline are still undergoing final verification and regulatory review. NAICOM expects the review process to be completed within the next 14 days.
The commission said stronger capital positions will enable insurers to better meet policyholder obligations, absorb emerging risks, and support long-term investments that contribute to Nigeria's economic development.
Before the recapitalisation exercise, Nigeria had around 60 licensed insurance and reinsurance companies. Under the new framework, firms are required to maintain minimum capital based on their business category:
Life insurers: ₦15 billion
Non-life insurers: ₦25 billion
Reinsurers: ₦45 billion
Naicom described the successful recapitalisation exercise as a defining moment for the industry.
"The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria's insurance industry, " the regulator said in a statement.
Nigeria's insurance industry has long struggled with low insurance penetration and inadequate capital, limiting the ability of domestic insurers to underwrite large and complex risks in strategic sectors such as oil and gas, aviation, and infrastructure. Industry stakeholders believe the new capital framework will improve financial stability, enhance public confidence, and reduce reliance on foreign insurers for major risks.
Naicom did not disclose the total amount of capital raised during the recapitalisation exercise.
Exchange Rate: $1 = ₦1, 360.83
Source: Reuters
Reporting: Isaac Anyaogu
Editing : Susan Fenton