The Nigerian Insurers Association (NIA) has praised the National Insurance Commission (NAICOM) for the transparent and structured implementation of the insurance industry’s recapitalisation exercise. NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the process, conducted under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, provided operators with clear guidelines, defined timelines and rigorous regulatory oversight.
Nwachukwu described the exercise as a major milestone in strengthening the financial capacity, stability and global competitiveness of Nigeria’s insurance sector. She said the transparent approach adopted by NAICOM reflected its commitment to fairness and orderly market development.
The NIA also congratulated the 43 insurance and reinsurance companies that successfully met the new minimum capital requirements, commending their resilience and commitment to regulatory standards. She noted that a well-capitalised insurance industry would be better positioned to meet policyholders’ obligations, underwrite larger risks and contribute more effectively to national economic growth.
Nwachukwu expressed support for the eight companies still undergoing final verification and regulatory review, urging them to remain confident as the process concludes. She reaffirmed the association’s commitment to supporting all members and assured policyholders and investors that the recapitalisation exercise would leave the Nigerian insurance industry stronger, more resilient and better equipped to support economic development.
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