NIA Reassures Members Of Continued Support As NAICOM Concludes Recapitalisation Exercise

By Sola Alabadan

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for the successful conduct of the insurance recapitalisation exercise, even as the association reassured its members of continued support at all times.
The Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, praised NAICOM for its fair, transparent and structured implementation of the minimum capital requirements stipulated in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She stated that NAICOM’s structured approach — highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight, provided operators with a credible framework to navigate the recapitalisation exercise successfully.
Mrs. Nwachukwu noted that the exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector.
She assured the insurance regulator of the Association’s unwavering support in leveraging the gains of the recapitalisation process to drive sustainable industry growth, enforce high market conduct standards, elevate consumer trust, and expand the sector’s contribution to the national economy.
The NIA Chairman also congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed Minimum Capital Requirements, commending their resilience, professional discipline, and proactive alignment with evolving regulatory standards.
“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy.
“A well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth,” Mrs. Nwachukwu stated.
She further expressed the association’s solidarity with the eight insurance companies currently undergoing final verification and regulatory review, encouraging them to remain confident as NAICOM concludes the exercise within the stipulated 14-day window.
Reaffirming the association’s commitment to its entire membership, Mrs. Nwachukwu emphasised that the NIA will continue to serve as a robust platform for advocacy, collaboration, and constructive engagement with regulatory authorities throughout the transition period.
She reassured the insuring public and business community that the Nigerian insurance industry emerges from this exercise significantly stronger, more resilient, and fully prepared to drive financial stability across the country.