Nigeria’s insurers may have crossed the recapitalisation hurdle, but the bigger test is only beginning: whether they can turn higher capital into stronger credit profiles, according to DataPro.
With the National Insurance Commission (NAICOM) clearing 48 insurance companies and two reinsurance companies that met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA), attention is now shifting from capital mobilisation to the quality and resilience of the businesses behind the numbers.
DataPro, in its latest report “Insurance Today: RAAC Capital & Ratings”, said meeting the regulatory threshold does not automatically translate into stronger ratings, as rating assessments will also consider the quality and sustainability of capital and an insurer’s ability to withstand changing operating conditions.
The analysis followed the recently concluded Risk Audit and Compliance Committee (RACC) 2026 annual retreat, themed: “Capability: Driving Resilience, Innovation & Trust through Governance, Risk & Compliance”.
DataPro said the key post-recapitalisation question is no longer simply whether an insurer has enough capital, but whether it has the capability to protect and deploy that capital effectively.
A central framework highlighted by the agency is the resilience chain: governance, risk, controls, data, capability, trust.
“Capital gets in the room. Capability keeps you in business,” DataPro stated.
The agency identified counterparty and credit risk, underwriting risk and operational risk among the exposures capable of testing insurers’ strengthened balance sheets.
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