NIA Commends NAICOM on Recapitalisation, Backs Eight Insurers Under Review

By LOVETH-AZODO CHIJIOKE, Lagos

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for what it described as a structured implementation of the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The NIA Chairman, Mrs. Ebelechukwu Nwachukwu, gave the commendation in a statement issued on Tuesday, stressing that clear regulatory guidelines, systematic verification, defined timelines and supervisory oversight provided operators with a credible framework for navigating the recapitalisation exercise.

According to her, the exercise represents a significant milestone in strengthening the financial capacity and stability of Nigeria’s insurance industry, while positioning the sector for greater competitiveness.

Nwachukwu said the Association would continue to support NAICOM and engage constructively with the regulator as the industry seeks to consolidate the gains of the recapitalisation exercise.

She said the focus should now extend beyond meeting the new capital thresholds to achieving sustainable industry growth, stronger market conduct, improved consumer confidence and a greater contribution to the national economy.

The NIA chairman congratulated the 43 insurance and reinsurance companies that successfully met the new Minimum Capital Requirements, commending their resilience, professional discipline and alignment with the Commission’s regulatory requirements.

She described the successful completion of the exercise by the 43 companies as a major development for operators, regulators, policyholders, investors and the wider economy.

“A well-capitalized insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth,” she stated.

Meanwhile, the Association has expressed solidarity with the eight insurance companies currently undergoing final verification and regulatory review by NAICOM.

Nwachukwu urged the affected companies to remain confident as the Commission concludes the verification process within the 14-day review period communicated by the regulator.

She assured the companies that the NIA would continue to support its entire membership through advocacy, collaboration and engagement with regulatory authorities throughout the transition.

The NIA chairman also reassured policyholders and the business community that the insurance industry would emerge from the recapitalisation exercise stronger and more resilient, with improved capacity to support financial stability and economic growth.

The Association’s position comes as the industry enters a new phase following the conclusion of the capital verification process for the 43 companies that have so far satisfied the new minimum capital requirements.