Forty-three insurance and reinsurance firms have successfully met Nigeria’s new Minimum Capital Requirements following a thorough verification process, the National Insurance Commission (NAICOM) confirmed in a statement on Sunday.
The successful completion of the year-long recapitalisation drive was carried out under Section 15 and associated provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which President Bola Tinubu enacted on 31 July 2025. According to the regulator, the initiative forms a key pillar of the Federal Government’s economic strategy to expand the national economy to $1 trillion by 2030.
Throughout the implementation window, NAICOM enforced clear regulatory guidelines governing eligible capital instruments, admissible assets, evaluation protocols, and supervisory standards, ensuring a structured and transparent process.
Describing the completion as a milestone that “signals the beginning of a new era for insurance in the country,” NAICOM highlighted that the exercise serves as “a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth.”
Breakdown of Compliant Underwriters
Non-Life Insurers (22 firms): Zenith General Insurance, Custodian and Allied Insurance, NEM Insurance, Heirs General Insurance, Fin Insurance, Tangerine General Insurance, Capital Express Indemnity Insurance, Sanlam-Allianz General Insurance Nigeria, Consolidated Hallmark Insurance, Sterling Assurance Nigeria, Unitrust Insurance, NSIA Insurance, Rex Insurance, Linkage Assurance, Anchor Insurance Company, Sunu Assurances Nigeria, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance Company, Coronation Insurance, and Prestige Assurance. (Mutual Benefits Assurance also satisfied the non-life threshold).
Life Insurers (10 firms): Custodian Life Assurance, CHI Life Assurance, Heirs Life Assurance, Prudential Zenith Life Insurance, Stanbic IBTC Insurance, Sanlam-Allianz Life Insurance Nigeria, Capital Express Life Assurance, Mutual Benefits Life Assurance, Enterprise Life Assurance Company (Nigeria), and Coronation Life Assurance.
Composite Insurers (8 firms): Leadway Assurance, AIICO Insurance, Cornerstone Insurance, AXA Mansard Insurance, LASACO Assurance, Fortis Global Insurance, Industrial and General Insurance, and Great Nigeria Insurance.
Reinsurance Operators (2 firms): Continental Reinsurance and FBS Reinsurance.
An additional eight operators submitted proof of compliance just prior to the statutory deadline. These filings are currently under final regulatory review, with decisions expected within 14 days.