Nigeria's NAICOM Grants Licences After Insurance Recapitalisation

The National Insurance Commission (NAICOM) has issued new operating licence certificates to 43 insurance companies that satisfied the revised minimum capital requirements set out in the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The licences, presented in Abuja by Commissioner for Insurance Olusegun Omosehin, signal the completion of a 12‑month recapitalisation programme aimed at strengthening insurers’ financial resilience, governance and capacity to underwrite larger risks.

Companies such as Heirs Insurance Group, AIICO Insurance Plc, Rex Insurance Limited and African Alliance Insurance Plc have announced that they met the capital thresholds, positioning them for expanded local and international engagements. AIICO highlighted that it retained its composite licence without needing additional capital raising, while Heirs Insurance Group cited the reforms as a catalyst for deeper market participation.

Conversely, Nigeria Reinsurance Corporation had its operating licence revoked after failing to meet the statutory capital floor, with the regulator appointing a receiver to oversee liquidation. NAICOM indicated that the next regulatory phase will be the implementation of a Risk‑Based Capital (RBC) framework to align capital levels with insurers’ risk profiles.