The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for the structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, saying the exercise has laid a foundation for a stronger and more resilient insurance industry.

The association’s position came ahead of the final verification of eight insurance companies that submitted evidence of compliance shortly before the July 31, 2026 deadline. NAICOM said 43 insurance and reinsurance companies had been confirmed to have met the new capital requirements.

The Chairman of the NIA, Ebelechukwu Nwachukwu, said NAICOM’s clear regulatory guidelines, systematic verification, defined timelines and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise.

Nwachukwu described the exercise as a major milestone in strengthening the financial capacity and stability of the sector, while assuring the regulator of the association’s continued support and constructive engagement in consolidating the gains of the reform.

The orderly implementation of the exercise, she said, demonstrated the importance of a clearly defined regulatory process in executing a major industry-wide reform.

She said the NIA would continue to work with NAICOM and other stakeholders to leverage the gains of recapitalisation to promote sustainable industry growth, strengthen market conduct, improve consumer confidence and expand the sector’s contribution to the economy.

Nwachukwu also congratulated the insurance firms and reinsurance companies confirmed by NAICOM to have met the prescribed minimum capital requirements, commending their resilience, professional discipline and proactive alignment with the new regulatory regime.

“The successful outcome of the recapitalisation is a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.

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

Also speaking on the significance of the exercise, the Commissioner for Insurance, Olusegun Omosehin, said the recapitalisation was designed to strengthen the financial capacity and resilience of insurance operators and position the industry to take on large risks.

The commissioner’s position reinforced the regulator’s expectation that the exercise should go beyond mere compliance with the new capital thresholds as insurers are expected to deploy their stronger balance sheets to improve underwriting capacity and economic development.