The National Insurance Commission (NAICOM) has concluded the recapitalisation exercise for Nigeria’s insurance industry, confirming seven additional companies as compliant with the new minimum capital requirements.

The latest approvals bring the total number of insurance companies verified by the regulator to 48, in addition to two reinsurance companies, marking a significant restructuring of the industry’s financial capacity.

NAICOM announced the development in a public notice dated August 13, 2026, stating that the newly verified firms had met the prescribed capital thresholds and complied with relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as well as applicable regulatory guidelines.

The seven companies are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.

Five of the newly confirmed companies operate in the non-life insurance segment, while the remaining two are life insurers.

The commission said the completion of the exercise represents a major step towards strengthening insurers’ balance sheets, increasing their ability to underwrite larger risks and creating a more resilient industry capable of supporting Nigeria’s economic expansion.

The recapitalisation exercise, which lasted 12 months, prompted companies across the sector to explore various funding options, including private placements, rights issues, mergers, acquisitions and other capital-raising arrangements to meet the regulator’s requirements.

NAICOM had earlier announced on August 2 that 43 insurance and reinsurance companies had fully satisfied the new capital requirements. It subsequently began final verification of firms that submitted evidence of compliance close to the statutory deadline.

The exercise followed the enactment of the NIIRA 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025. The commission subsequently issued implementation guidelines covering minimum capital requirements, eligible capital instruments, admissible assets, reporting requirements and verification procedures.

NAICOM said it conducted extensive reviews and validation of submissions throughout the transition period to ensure that the recapitalisation process was transparent, credible and orderly.

According to the regulator, the exercise has improved the financial resilience of insurance companies, attracted additional domestic and foreign investment and strengthened investor confidence in the sector.

The commission said the successful completion of the recapitalisation would position the insurance industry to take on larger and more complex risks, increase its underwriting capacity and provide greater long-term financing for key sectors of the Nigerian economy.