Nigeria Approves 43 Insurance Firms Fulfilling New N10bn-N35bn Capital Base (SEE FULL LIST)

Nigeria Approves 43 Insurance Firms Fulfilling New N10bn-N35bn Capital Base (SEE FULL LIST)

Nigeria’s insurers’ regulator, the National Insurance Commission (NAICOM), says 43 insurance and reinsurance companies have complied with the new minimum capital requirements in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Compliant firms comprise 23 non-life insurers, 10 life insurers, eight composite insurers, and two reinsurers.

TheNewsGiant reports that the specific minimum paid-up capital limits required for each sector category include:

• Life Insurance: ₦10 billion (from ₦2 billion)
• General (Non-Life) Insurance: ₦15 billion (from ₦3 billion)
• Composite Insurance: ₦18 billion (from ₦5 billion)
• Reinsurance Companies: ₦35 billion (from ₦10 billion)

FULL LISTING BY TheNewsGiant:

INSURANCE COMPANIES (LIFE, NON-LIFE, COMPOSITE)

1. AIICO Insurance Plc (Composite)
2. Anchor Insurance Company Ltd (Non-Life)
3. AXA Mansard Insurance Plc (Composite)
4. Capital Express Indemnity Insurance Limited (Non-Life)
5. Capital Express Life Assurance Limited (Life)
6. CHI Life Assurance Limited (Life)
7. Consolidated Hallmark Insurance Limited (Non-Life)
8. Cornerstone Insurance Plc (Composite)
9. Coronation Life Assurance Limited (Life)
10. Custodian and Allied Insurance Limited (Non-Life)
11. Custodian Life Assurance Limited (Life)
12. Enterprise Life Assurance Company (Nigeria) Ltd (Life)
13. Fin Insurance Company Limited (Non-Life)
14. Fin Insurance Company Limited (Non-Life)
15. Fortis Global Insurance Plc (Composite)
16. Great Nigeria Insurance Plc (Composite)
17. Heirs General Insurance Limited (Non-Life)
18. Heirs Life Assurance Limited (Life)
19. Industrial and General Insurance Plc (Composite)
20. International Energy Insurance Plc (Non-Life)
21. KBL Insurance Ltd (Non-Life)
22. LASACO Assurance Plc (Composite)
23. Leadway Assurance Company Limited (Composite)
24. Linkage Assurance Plc (Non-Life)
25. Mutual Benefits Assurance Plc (Non-Life)
26. Mutual Benefits Life Assurance Ltd (Life)
27. NEM Insurance Plc (Non-Life)
28. NPF Insurance Company Ltd (Non-Life)
29. NSIA Insurance Limited (Non-Life)
30. Prestige Assurance Plc (Non-Life)
31. Prudential Zenith Life Insurance Ltd (Life)
32. Rex Insurance Limited (Non-Life)
33. Sanlam-Allianz General Insurance Nigeria Ltd (Non-Life)
34. Sanlam-Allianz Life Insurance Nigeria Limited (Life)
35. Stanbic IBTC Insurance Limited (Life)
36. Sterling Assurance Nigeria Limited (Non-Life)
37. Sunu Assurances Nigeria Plc (Non-Life)
38. Tangerine General Insurance Ltd (Non-Life)
39. Unitrust Insurance Co. Limited (Non-Life)
40. Veritas Kapital Assurance Plc (Non-Life)
41. Zenith General Insurance Company Limited (Non-Life)

REINSURANCE

42. Continental Reinsurance Plc (Reinsurance)
43. FBS Reinsurance Limited (Reinsurance)

NAICOM gave the update and the listing of compliant firms in a public notice on Monday in Lagos.

The government had set a July 31 deadline for insurance and reinsurance companies to meet the recapitalisation requirements.

According to the regulator, the verified companies comprised life, non-life, composite insurance firms as well as reinsurance operators that successfully met the statutory capital requirements.

The commission urged members of the public and stakeholders to take note of the list of compliant operators.

NAICOM disclosed that eight insurance companies which submitted evidence of compliance shortly before the statutory July 31 deadline were still undergoing final verification and regulatory review, which would be concluded within 14 days.

The commission said the recapitalisation had enhanced the financial strength of operators, attracted significant domestic and foreign investments and boosted investor confidence in the insurance sector.

It noted that the exercise had also positioned insurers to underwrite larger and more complex risks, honour policyholder obligations promptly and support infrastructure financing and other long-term investments.

According to the commission, the higher capital base will further strengthen risk-based supervision by ensuring that regulatory capital is aligned with the nature, scale and complexity of the risks undertaken by licensed operators.

The commission expressed appreciation to the Federal Government, regulatory agencies, shareholders, investors, insurance operators, professional bodies, development partners and other stakeholders for their support during the exercise.

It described the completion of the recapitalisation programme as the foundation for building a stronger, more resilient and globally competitive insurance industry capable of delivering greater value to policyholders and the Nigerian economy.