Insurance recapitalisation: Transforming bigger capital to resilient industry

Nigeria’s insurance industry has emerged from its recent recapitalisation exercise with a substantially stronger capital base, but the real test of the reform is now shifting from how much money insurers raised to what the additional capital delivers for policyholders, businesses and the wider economy. 
The National Insurance Commission (NAICOM) has confirmed that 48 insurance companies and two reinsurers met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, while six insurance licences were cancelled after the affected operators failed to meet the regulatory threshold. NAICOM subsequently began issuing new licences to compliant companie...