The Nigerian Insurers Association (NIA) has applauded the National Insurance Commission (NAICOM) for the disciplined manner in which it has rolled out the minimum capital requirements set out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a statement issued today, NIA Chairman Mrs. Ebelechukwu Nwachukwu commended the regulator’s methodical approach, noting that clear guidelines, careful verification procedures, firm deadlines, and close supervisory oversight gave operators a dependable roadmap for navigating the recapitalisation process.
According to Mrs. Nwachukwu, the exercise highlights how valuable an orderly, well-structured regulatory process can be, and it stands as a major step forward in shoring up the sector’s financial strength, stability, and standing on the global stage. She pledged the Association’s ongoing backing and close collaboration with NAICOM as the industry works to build on the recapitalisation’s gains, driving sustainable growth, upholding strong market conduct, boosting public confidence, and growing the sector’s role in the national economy.
The NIA Chairman also congratulated the 43 insurance and reinsurance firms that have already cleared the new capital thresholds, praising their tenacity, professionalism, and readiness to adapt to changing regulatory expectations.
She described the result as a win that extends well beyond regulators and operators alone, benefiting policyholders, investors, and the broader Nigerian economy.
A stronger-capitalized insurance industry, she added, is far better positioned to meet its obligations on time, take on larger and more complex risks, and act as a dependable engine of economic growth.
She described the result as a win that extends well beyond regulators and operators alone, benefiting policyholders, investors, and the broader Nigerian economy.
A stronger-capitalized insurance industry, she added, is far better positioned to meet its obligations on time, take on larger and more complex risks, and act as a dependable engine of economic growth.
Mrs. Nwachukwu also voiced the Association’s support for the eight companies still going through final checks and regulatory review, urging them to stay confident as NAICOM works to wrap up the process within the announced 14-day review window.
She closed by reaffirming the NIA’s commitment to its full membership, stating that the Association will keep serving as a strong voice for advocacy and cooperative engagement with regulators throughout the transition. She assured both the public and the business community that the Nigerian insurance industry is emerging from this process markedly stronger, more resilient, and well-positioned to support the country’s financial stability.