20 Insurers Submit To NAICOM’s Recapitalisation Verification Amid Tight Deadline

Twenty insurance companies have submitted for verification in Nigeria’s ongoing industry recapitalisation exercise, the National Insurance Commission (NAICOM) has revealed.

NAICOM engaged global auditors—PricewaterhouseCoopers, KPMG, Deloitte, and Ernst & Young—to ensure transparency in checking the firms’ compliance. The process is set to wrap up by month’s end.

NAICOM’s commissioner for Insurance/CEO, Olusegun Omosehin, shared this during a media briefing in Lagos.

Omosehin emphasised that the exercise prioritises policyholder protection through credible, transparent handling.

“Firms yet to show recapitalisation progress may be summoned by month-end to explain their plans and face potential consequences for missing the deadline,” he stated.

He reaffirmed NAICOM’s unwavering commitment to safeguarding policyholders, vowing no shortcuts in validating the process.

Under the Nigeria Insurance Industry Reform Act (NIIRA) 2025, insurers must increase their minimum capital to prescribed levels by July 30, 2026, or forfeit licences.

New thresholds include: N15 billion for general insurers (up from N3 billion); N10 billion for life insurers (from N2 billion); N25 billion for composites (from N5 billion); and N35 billion for reinsurers (from N10 billion).

Omosehin highlighted NIIRA 2025 as the backbone of reforms to bolster regulation, governance, and consumer safeguards, aligning the sector with President Bola Ahmed Tinubu’s economic agenda.

NAICOM’s strategy includes a NIRA Implementation Working Group targeting compulsory insurance, digitalisation, financial inclusion, and ties with regulators like the SEC, CAC, PenCom, and CBN.

The commission also partnered with the Bureau of Public Procurement to weave insurance bonds—such as bid, performance, and advance payment guarantees—into government contracts, opening new avenues for insurers.

For consumer protection, NAICOM is launching an Insurance Policyholders Protection Fund to cover claims if firms fail.
Also, stricter KYC rules will link all policies to the National Identification Number (NIN) by April’s end, curbing fraud and matching anti-money laundering norms.

Omosehin said, rebuilding trust remains central, with NAICOM pushing claims efficiency, governance, and policyholder rights to draw investment and fuel sustainable growth.