The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has announced that the National Insurance Commission (NAICOM) has concluded its review of recapitalisation plans submitted by insurance companies ahead of the transition to a new capital regime.
Omosehin disclosed this during the Insurance Directors’ Annual Conference organised by the College of Insurance and Financial Management (CIFM) in Ogun State.
He said NAICOM would soon begin official communication to individual firms on the outcome of its review, as part of the ongoing recapitalisation exercise initiated to strengthen the financial resilience and competitiveness of the insurance sector.
“NAICOM has completed its review of the recapitalisation plans submitted by operating firms and will commence communication to each firm very soon,” Omosehin stated.
The recapitalisation programme, which formally commenced following the assent of President Bola Tinubu on July 31, 2025, provides a 12-month compliance window ending on July 31, 2026.
Under the new Nigeria Insurance Industry Recapitalisation Agenda (NIIRA 2025), insurance firms are required to migrate to significantly higher minimum capital thresholds:
- Life underwriting firms: ₦10 billion (from ₦2 billion)
- General business firms: ₦15 billion (from ₦3 billion)
- Composite firms: ₦25 billion (from ₦5 billion)
- Reinsurers: ₦35 billion (from ₦10 billion)
Omosehin explained that the recapitalisation was designed to enhance financial soundness, market stability, and investor confidence, while positioning Nigerian insurers to compete more effectively within the African and global insurance landscape.
He noted that NAICOM remains committed to ensuring a transparent and orderly recapitalisation process that prioritises policyholder protection and sustainable industry growth.
