LASACO ASSURANCE MEETS NAICOM CAPITAL REQUIREMENT

Lasaco Assurance Plc has met the minimum capital requirement set by the National Insurance Commission (NAICOM), strengthening its position within Nigeria’s insurance industry.

The achievement comes as insurance companies continue to work towards meeting the recapitalisation requirements introduced by the industry regulator to improve the financial capacity and resilience of insurers.

Lasaco Assurance said meeting the requirement reflects its commitment to maintaining a strong financial position and supporting the long-term growth of its business.

The company noted that adequate capital is essential for insurers to underwrite larger risks, meet claims obligations, improve operational capacity, and remain competitive in a changing market.

NAICOM’s recapitalisation exercise is aimed at strengthening the insurance sector and ensuring that operators have sufficient financial capacity to meet their obligations to policyholders.

Industry stakeholders have described the exercise as an important step towards improving confidence in Nigeria’s insurance market and encouraging greater participation in insurance products.

Analysts said better-capitalised insurers could also play a stronger role in supporting businesses and infrastructure projects by providing coverage for larger and more complex risks.

Lasaco Assurance’s compliance places the company among insurers that have successfully met the regulator’s capital expectations, although operators are expected to continue maintaining the required financial standards.

The development comes amid broader efforts to deepen insurance penetration in Nigeria, where industry stakeholders have continued to call for greater public awareness and innovative products.

The company reaffirmed its commitment to delivering insurance solutions while maintaining compliance with regulatory requirements.