Nigeria's National Insurance Commission completes sector recapitalisation

The National Insurance Commission (NAICOM) has concluded a sector-wide recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025. A total of 48 insurance companies and two reinsurance companies have met the new minimum capital requirements. Recent verifications cleared seven additional firms, including emPLE General Insurance, emPLE Life Assurance, Sovereign Trust Insurance, Tangerine Life Insurance, Alliance & General Insurance, Guinea Insurance, and Regency Alliance Insurance.

The new capital thresholds require life insurers to maintain ₦10 billion, non-life insurers ₦15 billion, composite insurers ₦25 billion, and reinsurance companies ₦35 billion. While the industry expected significant mergers, most firms maintained independence through internal restructuring and capital raising efforts exceeding ₦130 billion.

In a parallel development, NAICOM hosted experts from the Islamic Financial Services Board (IFSB) following a diagnostic assessment of Nigeria’s takaful sector. Commissioner Olusegun Ayo Omosehin emphasized the role of takaful as a strategic tool for increasing insurance penetration and financial inclusion. The IFSB mission focused on strengthening the legal, regulatory, and supervisory frameworks for the Shariah-compliant insurance model in Nigeria.