FIVE INSURERS INTENSIFY EFFORTS TO MEET NAICOM CAPITAL REQUIREMENTS

Five Nigerian insurance companies have stepped up efforts to comply with the National Insurance Commission (NAICOM) recapitalisation requirements as the industry works towards strengthening its financial capacity.

The insurers are pursuing various strategies, including raising fresh capital, attracting new investors, restructuring operations, and exploring strategic partnerships to meet the regulatory thresholds.

Industry stakeholders said the recapitalisation exercise is expected to improve the financial resilience of insurance companies, enhance their underwriting capacity, and increase confidence among policyholders and investors.

Analysts noted that stronger capital bases will enable insurers to underwrite larger and more complex risks, improve claims settlement, and support the growth of key sectors of the economy.

They added that successful recapitalisation could also deepen insurance penetration in Nigeria by creating stronger, more competitive firms capable of delivering innovative products and services.NAICOM has maintained that the recapitalisation programme is aimed at building a more stable and globally competitive insurance industry that can better support Nigeria’s economic development.