The National Insurance Commission (NAICOM) has approved new operating licences for a fresh batch of insurance companies after confirming they met the minimum capital thresholds set under the Nigerian Insurance Industry Reform Agenda (NIIRA) 2025, the regulator announced on Thursday.
The Commission said the affected firms had gone through a verification process to confirm compliance before licences were issued, describing the move as part of continuing efforts to reposition the sector following months recapitalisation activity across the industry.
Reacting to the development, the Commissioner for Insurance said the newly licensed companies now carry a responsibility to deploy their fresh capital wisely. “Meeting the capital requirement is only the first step. What matters now is how prudently this capital is put to work to guarantee growth and protect policyholders,” he said.
He urged the companies to break from practices that had previously eroded public trust in the sector, stating, “The era of cutting corners must end. Operators are expected to embrace transparency, sound corporate governance and full accountability going forward.”
NAICOM noted that the recapitalisation exercise, which set new minimum capital benchmarks for life, non-life, reinsurance and composite insurers, was designed to strengthen the financial muscle of operators and improve their capacity to settle claims promptly.
The Commissioner added that a credible insurance industry depended on collective commitment from all stakeholders, saying, “We all have a duty to build a sector Nigerians can rely on, one that keeps its promises and earns confidence rather than demanding it.”
NAICOM said further rounds of verification are ongoing, with additional licences expected to be issued to companies still completing their capital compliance processes ahead of the regulator’s final deadline.
The Commission reiterated its commitment to closely monitoring newly licensed operators to ensure sustained compliance, warning that continued supervision would be intensified to safeguard policyholders and maintain stability across the industry.
