The National Insurance Commission (NAICOM) has engaged the services of four global audit firms EY, PwC, KPMG and Deloitte to independently verify the capital position of all insurance and reinsurance companies in Nigeria.
The move, NAICOM said, is a critical step toward safeguarding the credibility and transparency of the industry’s ongoing recapitalisation exercise.
The Commissioner for Insurance, Mr Olusegun Omosehin, disclosed the development during the EY Insurance Summit held in Lagos at the weekend. He was represented at the event by the Deputy Commissioner for Insurance (Finance and Administration), Mr Usman Jankara.
According to Omosehin, the four firms were selected to leverage their unrivalled expertise, capacity and global reputation, noting that they collectively control over 99 per cent of the audit market share among Nigeria’s top listed companies.
He explained that the independent verification exercise would ensure that any insurance operator certified as having met the new Minimum Capital Requirement (MCR) has done so in a transparent, credible and verifiable manner.
“The engagement of these globally respected audit firms is part of NAICOM’s resolve to protect policyholders, investors and the Nigerian insurance market as a whole,” he said.
Omosehin added that the initiative would further strengthen investors’ confidence in the industry and ensure strict compliance with the recapitalisation guidelines.
The NAICOM recapitalisation drive is aimed at strengthening the financial capacity of insurance operators to meet rising industry risks, support economic growth, and improve claims settlement across the sector.
