Nigeria insurance sector focuses on capacity following recapitalisation

The National Insurance Commission (NAICOM) has urged Nigerian insurance operators to utilize recent recapitalisation efforts to enhance underwriting capacity, improve claims payments, and foster public trust. Representing Commissioner Olusegun Omosehin, Dr. Julius Odidi emphasized that financial strength should serve as a tool for innovation and economic support rather than being an end in itself.

In line with these regulatory shifts, Prudential Zenith Life Insurance announced it has exceeded NAICOM’s new minimum capital requirement for life insurers by ₦22.1 billion, representing 191 percent above the threshold. The company was among the first group of insurers to receive recertification. Executives noted that this capital strength is intended to provide long-term customer confidence and the ability to manage more complex risks within the Nigerian market.