FRI AUG 14 2026-theGBJournal| The National Insurance Commission (NAICOM) has approved seven more insurance companies as meeting Nigeria’s new minimum capital requirements, effectively bringing the industry’s recapitalisation exercise to a close.
The latest approvals take the number of insurers cleared by the regulator to 50 companies — 48 insurers and two reinsurers — after NAICOM verified their compliance with the new capital thresholds.
In a notice issued on Thursday, August 13, NAICOM said the seven companies had satisfied the minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside other applicable laws and regulatory guidelines.
The newly approved 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.
The approvals span both major segments of the industry. Five are non-life insurers — emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance — while emPLE Life and Tangerine Life operate in the life insurance segment.
The conclusion of the exercise marks a major regulatory milestone for Nigeria’s insurance industry, as NAICOM seeks to strengthen insurers’ balance sheets, improve their capacity to underwrite larger risks and deepen the sector’s ability to support economic growth.
The recapitalisation drive has forced insurers to raise fresh capital, merge, acquire other operators or restructure their businesses to meet the higher thresholds set by the regulator.
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