By Bisi Bamishe
As at the close of business on August 13, 2026 National Insurance Commission (NAICOM) has confirmed and verified a total of 48 insurance companies and 2 reinsurance firms to transact insurance business in Nigeria.
When the deadline for recapitalisation given to insurance companies ended on July 31st, only 41 insurance companies and 2 reinsurance firms successfully recapitalised. Thirteen days later (today) additional seven insurance companies that fully completed their recapitalisation were verified.
Names of the seven companies are in NAICON circular below –
With the addition of these seven firms, a total of 48 insurance companies and two reinsurance companies have now met the minimum capital threshold.
According to the Commission, this latest verification officially brings the Nigerian insurance industry recapitalisation exercise to a successful conclusion.
The companies earlier confirmed by NAICOM as compliant with the minimum capital requirements were Zenith General Insurance Company Limited, Leadway Assurance Company Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, AlICO Insurance Plc, CHI Life Assurance Limited, Heirs General Insurance Limited, Fin Insurance Company Limited, Cornerstone Insurance Plc, and Mutual Benefits Assurance Plc.
Others include Heirs Life Assurance Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, Continental Reinsurance Plc, FBS Reinsurance Limited, Sanlam-Allianz General Insurance Nigeria Ltd, Prudential Zenith Life Insurance Ltd, Consolidated Hallmark Insurance Limited, and Stanbic IBTC Insurance Limited.
Equally fully compliant are Sanlam-Allianz Life Insurance Nigeria Limited, Sterling Assurance Nigeria Limited, AXA Mansard Insurance Plc, Unitrust Insurance Co. Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, NSIA Insurance Limited, Rex Insurance Limited, LASACO Assurance Plc, Linkage Assurance Plc, Anchor Insurance Company Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd. Insurance
Others are International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Fortis Global Insurance Plc, Coronation Life Assurance Limited, Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc, and Great Nigeria Insurance Plc.
The exercise established the following minimum capital requirements:
Life Insurance: ₦10 billion
Non-Life (General) Insurance: ₦15 billion
Composite Insurance: ₦25 billion
Reinsurance: ₦35 billion
However, fate of remaining seven companies – Staco Insurance Plc, NICON Insurance Plc, Goldlink Insurance Plc, Universal Insurance Plc, Royal Exchange Prudential Life Plc and Nigerian Agricultural Insurance Corporation (NAIC) is yet unknown since they failed to meet the Minimum Capital Requirements (MCR) stipulated under the Insurance Industry Reform Act (NIIRA) 2025 and applicable regulatory guidelines.
