Insurance sector recapitalisation nets N810bn, as NAICOM clears 7 more firms

The insurance sector recapitalisation exercise pushed by the National Insurance Commission (NAICOM) has created a capital base of about N810 billion, even as the regulator cleared the final seven insurance companies.

The latest clearance takes the number of operators confirmed and verified to have met the new Minimum Capital Requirements (MCR) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to 48 insurance companies and two reinsurance companies.

NAICOM, in its latest public notice dated August 13, confirmed emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc as the final seven companies to meet the regulatory capital threshold.

The Commission said the development brings the industry’s year-long recapitalisation exercise to a successful conclusion.

The latest development effectively pushes the industry’s aggregate capital standing beyond the N715 billion recorded from the earlier batch of compliant operators.

Based on the new regulatory thresholds, the seven newly cleared companies represent a minimum additional capital requirement of N95 billion to N75 billion for the five non-life insurers at N15 billion each and N20 billion for the two life insurers at N10 billion each.

This puts the combined minimum capital represented by the 50 confirmed operators to at least N810 billion, although the actual capital position could be higher because NAICOM’s latest notice does not disclose the individual capital positions of the seven companies.

NAICOM had initially announced that 43 insurance and reinsurance companies had satisfied the new capital requirements at the July 31 deadline, while companies that submitted their…