The National Insurance Commission (NAICOM) expects insurers to demonstrate tangible benefits from their stronger balance sheets, following the completion of an industry-wide recapitalisation exercise.
Mr Olusegun Omosehin, Insurance Commissioner and NAICOM CEO, said that one major expectation is increased capacity for insurers to mobilise domestic savings and participate more actively in long-term financing, including infrastructure development, as reported by the news website BusinessAMLive.
“We would like to see a situation where the enablement of infrastructure financing, for instance, through domestic mobilisation of savings by insurers, comes to the table,” he said.
NAICOM expects the following outcomes from recapitalised insurers:
-
investments in long-term bonds and other instruments that can support infrastructure financing and contribute to economic development
-
faster claims settlement and improved liquidity across the sector
-
greater product innovation, addressing the changing needs of households and businesses
-
increased investments in technology, particularly digital distribution and other channels that can expand access to insurance
-
higher levels of corporate governance in operations, higher levels of risk management and improved market conduct.
NAICOM announced last week that 43 insurance and reinsurance companies had met new minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025, while several other companies that submitted evidence of compliance close to the 31 July deadline remained subject to final verification.
The regulator announced on 5 August 2026 that it had issued new certificates to insurance companies that have met the new minimum capital requirements.