Regulator Lauds Continental Re, As Recapitalisation Positions Insurers For Continental Free Trade Competitiveness

The National Insurance Commission (NAICOM) has commended Continental Reinsurance Plc for convening the 2025 CEO Roundtable themed ‘Recapitalisation & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector,’ describing the forum as timely and vital to the industry’s transformation.

The event, which took place in Lagos on Wednesday, drew a large gathering of chief executives of insurance companies across Nigeria.

Delivering a goodwill message on behalf of the commissioner for Insurance, Olusegun Ayo Omosehin, the deputy commissioner, Technical, Dr. Usman Jankara, expressed optimism that the ongoing recapitalisation exercise will reposition Nigerian insurers for stronger competitiveness under the African Continental Free Trade Area (AfCFTA).

He stated that, “recapitalisation is the foundation for growth, not the finish line. It will strengthen solvency and underwriting capacity, enabling insurers to write bigger tickets and retain more risk locally; build public and investor confidence to attract capital and partnerships; encourage mergers and acquisitions for scale and efficiency; and position Nigerian insurers for regional competitiveness, especially under AfCFTA.”

Jankara added that, Continental Re’s efforts to drive industry dialogue align with NAICOM’s reform agenda, which focuses on enhanced capacity, stronger solvency and innovation.

He reaffirmed the new minimum capital requirements of N10 billion for life insurers, N15 billion for non-life companies and N35 billion for reinsurers, stressing that they are crucial for developing firms capable of handling larger transactions and expanding across African markets.

The lead paper presenter and managing director, Financial Derivatives Company Limited, Bismark Rewane, described recapitalisation as a transformative tool that will strengthen the industry’s role in economic growth, climate resilience and capital market development.

According to him, it will enhance claims-paying ability, support long-term risk protection, enable underwriting of more complex risks, boost investor confidence, promote consolidation and encourage innovation and technology adoption.

Managing director of Continental Reinsurance Plc, Dr. Fatai Lawal said, the theme reflects a central challenge and opportunity for the industry. “It demands that we look forward with clarity and courage, while learning from the foundations already laid,” he said.