Eighteen insurance companies have so far indicated readiness for capital verification under the ongoing industry recapitalisation.

The National Insurance Commission (NAICOM) disclosed in a lead paper delivered at the EY Insurance summit in Lagos, held recently.

The Commissioner for Insurance, Olusegun Omosehin, who was represented by the Deputy Commissioner for Insurance (Finance and Administration), Usman Jankara, said the response from the industry had been encouraging.

According to him, capital verification remains a critical pillar of the ongoing recapitalisation exercise aimed at strengthening the sector.

Industry data suggest that Nigeria currently has over 50 licensed insurance operators, comprising about 30 non-life insurers, about 15 life insurers and five reinsurers.

The readiness of only 18 firms underscores the widening gap between early movers and laggards as the July 30 compliance deadline draws closer.
Capital verification, NAICOM officials insisted, is not a routine regulatory exercise.

Omosehin said the commission had put in place a robust verification framework to ensure transparency and credibility.

As part of this process, NAICOM is partnering with global audit firms, including EY and other members of the Big Four, to independently confirm compliance with the new minimum capital thresholds.

Under the revised framework introduced in August 2025, non-life insurers were raised from N2 billion to N10 billion and reinsurers from N10 billion to N35 billion.

An insurance sector analyst said the readiness of the 18 firms sends a strong signal to the market.

“Capital verification is effectively separating well-capitalised operators from those that have relied on thin buffers. Investors will naturally gravitate towards companies that complete the process early because it reduces balance-sheet risk and improves long-term earnings visibility,” he said.

Industry operators also see the development as the beginning of an inevitable consolidation wave.

Speaking to The Guardian at the weekend on the development, the Executive Secretary/Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Daramola, said persistent delays in claims payments had hurt public perception of insurance for years.

“If recapitalisation is done properly, policyholders will feel the impact. Better capital means better ability to pay claims and that is what ultimately grows the market,” he said