NAICOM clears seven more insurers in NIIRA 2025 recapitalisation hurdle

By Onu Okorie

National Insurance Commission NAICOM has confirmed seven additional insurance companies as having met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act NIIRA 2025, bringing the total number of insurance and reinsurance companies verified under the recapitalisation exercise to 50.
The latest companies cleared by the regulator 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.
The seven firms were assigned licence numbers LIC 042 to LIC 048 respectively. Five are non-life insurers, while two operate in the life insurance segment. The development brings to 48 the number of insurance companies confirmed and verified as compliant, alongside two reinsurance companies, Continental Reinsurance Plc and FBS Reinsurance Limited.
NAICOM said the latest verification marks the successful conclusion of the industry’s recapitalisation exercise, which was introduced to strengthen the financial capacity, resilience and competitiveness of insurance operators in Nigeria.
The new capital regime, introduced following the enactment of NIIRA 2025, raised the minimum capital requirement to N10 billion for life insurers, N15 billion for non-life insurers, N25 billion for composite insurers and N35 billion for reinsurance companies. Operators were given until July 30, 2026, to comply with the new requirements.

The latest seven companies join a group of established operators that had earlier scaled the regulatory hurdle.
Among those previously confirmed are Zenith General Insurance Company, Leadway Assurance Company, Custodian Life Assurance, Custodian and Allied Insurance, NEM Insurance, AIICO Insurance, CHI Life Assurance, Heirs General Insurance, FIN Insurance Company, Cornerstone Insurance, Mutual Benefits Assurance, Heirs Life Assurance, Tangerine General Insurance, Capital Express Indemnity Insurance, Sanlam-Allianz General Insurance, Prudential Zenith Life, Consolidated Hallmark Insurance, Stanbic IBTC Insurance, Sanlam-Allianz Life Insurance, Sterling Assurance, AXA Mansard Insurance and Unitrust Insurance Company.
Other companies that successfully passed the verification process include Leadway Assurance Company, AIICO Insurance, Cornerstone Insurance, AXA Mansard Insurance, LASACO Assurance, Fortis Global Insurance, Industrial and General Insurance and Great Nigeria Insurance under the composite category.
The two reinsurance companies on the verified list are Continental Reinsurance Plc and FBS Reinsurance Limited.
The final seven cleared by NAICOM include emPLE General Insurance, emPLE Life Assurance, Sovereign Trust Insurance, Tangerine Life Assurance, Alliance & General Insurance, Guinea Insurance and Regency Alliance Insurance.

While confirming the companies’ compliance, the Commission stressed that meeting the minimum capital threshold should not be treated as an end in itself.
The Commissioner for Insurance urged the newly licensed operators to deploy their capital prudently and effectively in ways that would support sustainable growth and strengthen protection for policyholders.
The regulator also warned insurers against unethical practices, urging them to embrace high standards of corporate governance, transparency and accountability.
According to NAICOM, the success of the reform programme will depend on the collective commitment of regulators and industry stakeholders to building a stronger, more credible and resilient insurance sector.
The Commission further stressed that insurers must consistently meet their obligations and deliver on their promises to policyholders, noting that improved claims settlement and dependable service would be critical to restoring public confidence in the industry.

The completion of the exercise represents a major change in the structure of Nigeria’s insurance market.
The reform is expected to give compliant insurers greater capacity to underwrite larger risks, absorb financial shocks and participate more effectively in major economic activities. Analysts have also noted that stronger domestic capital could improve the industry’s ability to retain more risks locally and reduce excessive dependence on foreign reinsurance capacity.
However, regulatory compliance with minimum capital requirements does not by itself guarantee profitability, claims-paying ability or long-term financial strength. The focus will now shift towards how effectively the companies deploy their enlarged capital, maintain solvency and meet their obligations to policyholders.
With 48 insurers and two reinsurers now verified, NAICOM has effectively closed the recapitalisation chapter under NIIRA 2025 and moved the industry into a new phase of continuous supervision, stronger corporate governance and greater emphasis on consumer protection.
For policyholders, investors and other stakeholders, the final list provides greater clarity on the companies that have successfully crossed the new regulatory capital threshold.
The challenge, however, remains for the newly strengthened industry to translate higher capitalisation into better service, stronger claims-paying capacity and renewed confidence in insurance as a critical pillar of Nigeria’s financial system.