NIA Assures Stakeholders Recapitalised Insurers Ready To Drive Economic Growth

By Sola Alabadan

The Nigerian Insurers Association (NIA) has assured policyholders, investors, and key economic stakeholders that the recapitalised insurance market is ready to drive economic growth
The Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, stated that “with this recapitalisation complete, the Nigerian insurance sector enters a transformative era. The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030.”
She congratulated the additional seven insurance companies that have secured full recapitalisation approval from the National Insurance Commission (NAICOM), marking the successful conclusion of the industry-wide recapitalisation exercise.
The NIA boss said this development reflects the sector’s collective progress toward building a robust, competitive, and trusted market designed to boost public confidence and deepen insurance penetration nationwide.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and 2 reinsurance companies have demonstrated exceptional resilience, corporate fortitude, and financial discipline. They have also emerged stronger, healthier, and fully capitalised to deliver value to the Nigerian public,” Mrs. Nwachukwu stated.
“Achieving full compliance amid prevailing macroeconomic and operational challenges underscores the sound leadership, agility, and fundamental stability of our member companies,” she added.
Commending the regulatory oversight during the exercise, the NIA Chairman expressed profound appreciation to NAICOM for its clear vision, fairness, and commitment to market integrity.
“NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market,” Mrs. Nwachukwu remarked.
She further reaffirmed the Association’s commitment to supporting member institutions during this transitional phase.
“The NIA remains dedicated to driving the seamless implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. We will continue to assist members in fulfilling evolving regulatory obligations and strengthen our strategic partnership with NAICOM to build a sustainable, future-ready sector.”