NAICOM concludes Nigerian insurance recapitalisation exercise

The National Insurance Commission (NAICOM) has concluded its recapitalisation exercise for the Nigerian insurance industry. The regulator confirmed seven additional companies as compliant with the new Minimum Capital Requirements mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The seven newly cleared firms consist of two life insurers—emPLE Life Assurance Limited and Tangerine Life Insurance Limited—and five non-life insurers: emPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc.

With these additions, a total of 50 companies have been verified as financially sound and compliant, comprising 48 insurance companies and two reinsurance firms. Several companies, including Universal Insurance, Staco Insurance, Nigeria Re, NICON, and Goldlink, did not meet the requirements.