Continental Reinsurance Plc (Continental Re) has thrown its weight in strengthening the Nigerian insurance market for resilience and competitiveness towards exploring opportunities for growth.
At the Continental Re 2025 CEO Roundtable themed “Recapitalization & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector,” the National Insurance Commission commended the reinsurer for convening the forum, describing it as timely and vital to the industry’s transformation.
The event which took place in Lagos drew a large gathering of chief executives of insurance companies across Nigeria.
Usman Jankara, deputy commissioner for Insurance, Technical expressed optimism that the ongoing recapitalisation exercise will reposition Nigerian insurers for stronger competitiveness under AfCFTA.
He stated, “Recapitalisation is the foundation for growth, not the finish line. It will strengthen solvency and underwriting capacity, enabling insurers to write bigger tickets and retain more risk locally; build public and investor confidence to attract capital and partnerships; encourage mergers and acquisitions for scale and efficiency; and position Nigerian insurers for regional competitiveness, especially under AfCFTA.”
Jankara added that Continental Re’s efforts to drive industry dialogue align with NAICOM’s reform agenda, which focuses on enhanced capacity, stronger solvency and innovation.
He reaffirmed the new minimum capital requirements of N10bn for life insurers, N15 billion for non-life companies and N35 billion for reinsurer, stressing that they are crucial for developing firms capable of handling larger transactions and expanding across African markets.
Bismark Rewane, the Lead Paper Presenter/ MD, Financial Derivatives Company Limited, described recapitalisation as a transformative tool that will strengthen the industry’s role in economic growth, climate resilience and capital market development.
According to him, it will enhance claims-paying ability, support long-term risk protection, enable underwriting of more complex risks, boost investor confidence, promote consolidation and encourage innovation and technology adoption.
Fatai Lawal, managing director of Continental Reinsurance the theme reflects a central challenge and opportunity for the industry. “It demands that we look forward with clarity and courage, while learning from the foundations already laid,” he said.
He noted that Continental Re convened the roundtable to bring industry leaders together to assess progress, share experiences and identify strategies for achieving a stronger, more resilient sector.