Final seven insurers pass capital test
NAICOM has cleared the last seven insurance companies, bringing the total number of compliant firms to 50 and effectively ending the industry’s recapitalisation programme.
The National Insurance Commission (NAICOM) has confirmed that an additional seven insurance companies have met the minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, effectively bringing the sector’s long-running recapitalisation exercise to a close.
The newly cleared firms include emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Plc. Among these, four are non-life insurers, while three are life insurers. With this latest confirmation, a total of 50 companies — comprising 48 insurers and two reinsurers — have now been verified as compliant with the new capital thresholds.
Notable absentees from the list include Universal Insurance, Staco Insurance, Nigeria Re, NICON and Goldlink. The regulator said the development marks the successful completion of the recapitalisation programme, which strengthens the industry’s capital base and enhances insurers’ capacity to underwrite larger risks.
The conclusion of the recapitalisation exercise represents a significant milestone for Nigeria’s insurance sector. The new capital thresholds — ₦15 billion for life insurers, ₦25 billion for non-life insurers, and ₦45 billion for reinsurers — have weeded out undercapitalised players and positioned the industry for sustainable growth.
The winners: NAICOM, which has successfully enforced the new regulations; the compliant insurers, which are now better capitalised and positioned to take on larger risks; and policyholders, who benefit from stronger protection. The losers: the non-compliant firms, which face regulatory sanctions; and the Nigerian public, who must trust that the stronger sector will deliver better services.
Bottom Line: The insurance recapitalisation is complete. Fifty firms have passed the test. Five have not. The sector is stronger. The question is whether the new capital will translate into better services for Nigerians.