Lagos, Aug. 3, 2026 – The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have met the new prescribed minimum capital requirements for operators in the sector.
NAICOM disclosed this in a statement on Sunday.
It said the completion of the exercise signaled the beginning of a new era for insurance in the country
The statement said the exercise, which was carried out in pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aligned with the economic agenda of the federal government to build a one trillion dollar economy by 2030.
It listed the successful non-life insurers as Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, and Sanlam-Allianz General Insurance Nigeria Ltd.
Others are Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, Prestige Assurance Plc and Additionally, Mutual Benefits Assurance Plc.
In the life insurance, the successful companies are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.
Successful composite insurers, operating both life and non-life insurance, are Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc, and Great Nigeria Insurance Plc.
The successful operators in the reinsurance category are Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant.
NAICOM said the completion of the recapitalization exercise represented a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth.
It stressed that the exercise was guided by explicit regulatory directives issued by NAICOM to guarantee an orderly, transparent, and verifiable transition.
