By Peter Omopo
The Nigerian Insurers Association has commended the National Insurance Commission for what it described as a structured and transparent implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The NIA Chairman, Ebelechukwu Nwachukwu, said NAICOM’s approach, which included clear guidelines, systematic verification, defined timelines and rigorous supervision, had provided insurance operators with a credible framework to navigate the ongoing recapitalisation exercise.
Nwachukwu described the successful implementation of the exercise as a significant milestone towards strengthening the financial capacity and stability of Nigeria’s insurance industry while enhancing its competitiveness in the global market.
She assured NAICOM of the association’s continued support and constructive engagement as stakeholders work to consolidate the gains of the recapitalisation programme.
According to her, the industry’s priorities going forward will include promoting sustainable growth, strengthening market conduct standards, improving consumer confidence and increasing the contribution of insurance to the national economy.
The NIA chairman also congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
She commended the companies for demonstrating resilience, professional discipline and a proactive response to changing regulatory standards.
“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy,” Nwachukwu said.
She noted that a well capitalised insurance industry would be better equipped to meet its obligations promptly, underwrite complex and large scale risks and provide stronger support for Nigeria’s economic development.
Nwachukwu also expressed the association’s support for the eight insurance companies still undergoing final verification and regulatory review.
She urged the affected firms to remain confident while NAICOM completes the process within the 14 day review period communicated by the commission.
The NIA chairman reaffirmed the association’s commitment to supporting its members through advocacy, collaboration and constructive engagement with regulatory authorities throughout the transition.
She also assured policyholders and the wider business community that the industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to financial stability and sustainable economic growth.
