The development follows the conclusion of the insurance industry’s recapitalisation exercise, after which NAICOM issued new licences to 43 companies that met the requirements under the Nigerian Insurance Industry Reform Act 2025. Eight other insurers that failed to meet the requirements now face the liquidation process.
NAICOM concludes recapitalisation exercise
NAICOM introduced new capital requirements as part of reforms aimed at strengthening the financial capacity of insurance companies operating in Nigeria.
The regulator subsequently announced that 43 insurers had satisfied the applicable requirements and received new licences. It also granted a 14-day grace period to operators that had submitted capital-validation applications late.