The National Insurance Commission has confirmed 43 insurance and reinsurance companies as compliant with Nigeria’s new minimum capital requirements following the July 31, 2026 recapitalisation deadline.
The News Chronicle reports that the approved operators include life, non life, composite and reinsurance companies. NAICOM said the exercise is expected to strengthen the industry, improve insurers’ ability to absorb larger risks and boost confidence among policyholders and investors.
The recapitalisation programme began after the Nigerian Insurance Industry Reform Act 2025 came into force, giving operators a 12 month transition period to meet the revised requirements.
NAICOM also disclosed that eight companies which submitted evidence shortly before the deadline remain under final verification and regulatory review, which is expected to take up to 14 days.
FULL LIST OF COMPLIANT COMPANIES
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Insurance Companies
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Zenith General Insurance Company Ltd.
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Leadway Assurance Company Ltd.
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Custodian Life Assurance Ltd.
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Custodian and Allied Insurance Plc
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NEM Insurance Plc
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AIICO Insurance Plc
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CHI Life Assurance Ltd.
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Heirs General Insurance Ltd.
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FIN Insurance Company Ltd.
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Cornerstone Insurance Plc
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Mutual Benefits Assurance Plc
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Heirs Life Assurance Ltd.
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Tangerine General Insurance Ltd.
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Capital Express Indemnity Insurance Ltd.
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Sanlam Allianz General Insurance Nigeria Ltd.
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Prudential Zenith Life Insurance Ltd.
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Consolidated Hallmark Insurance Plc
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Stanbic IBTC Insurance Ltd.
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Sanlam Allianz Life Insurance Nigeria Ltd.
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Sterling Assurance Nigeria Ltd.
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AXA Mansard Insurance Plc
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Unitrust Insurance Company Ltd.
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Capital Express Life Assurance Ltd.
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Mutual Benefits Life Assurance Ltd.
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NSIA Insurance Ltd.
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Rex Insurance Ltd.
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LASACO Assurance Plc
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Linkage Assurance Plc
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Anchor Insurance Company Ltd.
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Enterprise Life Assurance Company Nigeria Ltd.
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SUNU Assurances Nigeria Plc
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KBL Insurance Ltd.
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International Energy Insurance Plc
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Veritas Kapital Assurance Plc
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NPF Insurance Company Ltd.
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Fortis Global Insurance Plc
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Coronation Life Assurance Ltd.
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Industrial and General Insurance Plc
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Coronation Insurance Plc
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Prestige Assurance Plc
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Great Nigeria Insurance Plc
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Reinsurance Companies
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Continental Reinsurance Plc
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FBS Reinsurance Ltd.
The regulator said the stronger capital base should help operators settle claims more effectively, underwrite larger and more complex risks and support long term investment across the economy. NAICOM is now expected to shift its focus towards post recapitalisation supervision, consumer protection and risk based regulation.
