Spread the wordThe National Insurance Commission (NAICOM) has announced the successful completion of the insurance sector recapitalisation exercise, disclosing that 43 insurance and reinsurance companies have met the new minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. In a statement issued on Monday, NAICOM described the completion of the 12-month recapitalisation programme as a landmark achievement that signals a new phase in the development of Nigeria’s insurance industry. NAICOM noted that the recapitalisation exercise marks the beginning of a stronger and more resilient insurance industry with enhanced capacity to underwrite larger and more complex risks across critical sectors of the economy. The Commission also said the exercise provides a stronger foundation for the implementation of its Risk-Based Capital Framework, enabling regulatory capital requirements to align more closely with the size, complexity and risk profile of individual operators. Reaffirming its commitment to policyholder protection and market development, NAICOM said it would continue to modernise Nigeria’s insurance ecosystem through innovation, technology and digitalisation while promoting sound market conduct and expanding insurance penetration nationwide.