The Nigerian Insurers Association (NIA) described the outcome of the recapitalisation exercise as a significant milestone for the industry, commending the National Insurance Commission (NAICOM) for implementing what it called a fair, transparent and well-structured recapitalisation process.
Speaking in a statement on Thursday, NIA Chairman, Mrs. Ebelechukwu Nwachukwu, said NAICOM’s clear regulatory guidelines, systematic verification process, defined timelines and effective supervisory oversight provided operators with a credible framework to successfully navigate the exercise.
She said the recapitalisation marks a new phase in strengthening the financial capacity, stability and competitiveness of Nigeria’s insurance industry while reinforcing public confidence in the sector.
‘The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy,’ Mrs. Nwachukwu said.
‘A well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth.’
The Association congratulated the 43 insurance and reinsurance companies that met the new minimum capital requirements, praising their resilience, professionalism and commitment to aligning with evolving regulatory standards.
Nwachukwu also expressed confidence in the eight insurance companies currently undergoing final verification and regulatory review, noting that NAICOM’s 14-day verification window demonstrates its commitment to due process and regulatory fairness.
She reaffirmed the Association’s commitment to supporting all member companies throughout the transition, stressing that the NIA would continue to provide a platform for advocacy, collaboration and constructive engagement with the regulator.
According to her, the industry is emerging from the recapitalisation exercise significantly stronger, more resilient and better positioned to deepen insurance penetration, inspire consumer confidence and contribute more meaningfully to Nigeria’s economic development.