The National Insurance Commission (NAICOM) has officially confirmed that 43 insurance and reinsurance operators have successfully met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The regulatory body announced the development in a public notice released on Monday, confirming that the verified entities span across life, non-life, composite insurance, and reinsurance sectors.
List of Compliant Operators
The 43 companies verified by NAICOM include:
Life & Non-Life Insurers: Zenith General Insurance, Leadway Assurance, Custodian Life Assurance, Custodian and Allied Insurance, NEM Insurance, AIICO Insurance, CHI Life Assurance, Heirs General Insurance, FIN Insurance, Cornerstone Insurance, Mutual Benefits Assurance, Heirs Life Assurance, Tangerine General Insurance, Capital Express Indemnity Insurance, Prudential Zenith Life, Consolidated Hallmark Insurance, Stanbic IBTC Insurance, Sterling Assurance, AXA Mansard Insurance, Unitrust Insurance, Capital Express Life Assurance, Mutual Benefits Life Assurance, NSIA Insurance, Rex Insurance, LASACO Assurance, Linkage Assurance, Anchor Insurance, Enterprise Life Assurance, SUNU Assurances, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance, Fortis Global Insurance, Coronation Life Assurance, Industrial and General Insurance, Coronation Insurance, Prestige Assurance, and Great Nigeria Insurance.
Reinsurers & Joint Ventures: Continental Reinsurance, FBS Reinsurance, Sanlam-Allianz General Insurance Nigeria, and Sanlam-Allianz Life Insurance Nigeria.
Eight Firms Under Final Review
Following the expiration of the July 31 recapitalisation deadline, NAICOM disclosed that an additional eight insurance companies submitted their compliance evidence right before the cutoff.
“The verification process for the eight affected companies is currently undergoing final regulatory review and will be concluded within 14 days,” the Commission stated.
Boosting Capacity and Investor Confidence
NAICOM highlighted several key benefits resulting from the NIIRA 2025 recapitalisation exercise:
Increased Financial Strength: Attracted significant domestic and foreign investments while raising investor confidence across the sector.
Expanded Underwriting Capacity: Positioned local insurers to take on larger, more complex risks and support long-term national infrastructure financing.
Improved Policyholder Protection: Ensured operators are better equipped to honour claims promptly.
Refined Risk-Based Supervision: Aligned regulatory capital more directly with the scale and nature of operational risks.
The Commission expressed its gratitude to the Federal Government, investors, industry stakeholders, and development partners for their support. It described the successful execution of the recapitalisation drive as the cornerstone for a resilient, globally competitive Nigerian insurance industry.
