Nigeria’s insurance industry’s recapitalisation push has received a major boost as the Securities and Exchange Commission (SEC) and the National Insurance Commission (NICOM) have committed to working with operators to ease compliance and accelerate reforms.

At the Insurers’ Committee briefing in Lagos, the Chairman of the Communication and Stakeholders Engagement Sub-Committee, Eblechukwu Nwachukwu, said SEC has granted nine regulatory concessions to support insurers’ capital-raising efforts.

According to her, SEC’s Director-General, Dr Emomotimi Agama, assured operators that a dedicated desk has been created for insurance firms, with approvals to be processed within 14 days once applications are complete.

On its part, NAICOM is finalising the much-anticipated minimum capital requirement guidelines after reviewing industry feedback.

Nwachukwu said the commission has also rolled out new insurtech and Takaful guidelines to steer innovation while strengthening ethical practices.

The Commissioner for Insurance, Segun Omosehin, commended insurers for improved responsiveness to claims settlement, citing the full payment of four major claims in recent weeks.

He also confirmed that NAICOM has intensified risk-based supervision with nationwide inspection to enforce compliance and safeguard policyholders.

Key reform milestones highlighted at the meeting include the operationalisation of the Policyholders’ Protection Fund, completion of a mortality table being developed with AfricaRe and preparations for the Insurance Directors’ Forum scheduled for November.

The forum is to deepen governance readiness under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

The industry is also revamping digital initiatives through the Nigerian Insurance Industry Database (NIID) and the Nigeria Integrated Insurance Platform (NIIP) designed to improve policy verification and enforce proper pricing of third-party motor insurance.

Both SEC and NAICOM urged operators to submit recapitalisation plans promptly, stressing that the goal of the exercise goes beyond raising fresh capital.

“The real objective is to transform the industry narrative, strengthen ethical conduct, improve transparency and build consumer trust,” Nwachukwu said.