The Nigerian Insurers Association (NIA) has commended seven additional insurance companies for securing full recapitalisation approval from the National Insurance Commission (NAICOM).
NIA Chairman, Mrs Ebelechukwu Nwachukwu, gave the commendation in a statement on Friday in Lagos.
Nwachukwu said the latest approvals underscored the growing strength and resilience of the insurance industry and would help boost public confidence and deepen insurance penetration.
She said the seven companies, alongside 41 insurance companies and two reinsurance companies earlier approved, had demonstrated financial strength and discipline by successfully completing the final verification process.
“Achieving full compliance amid prevailing macroeconomic and operational challenges underscores the sound leadership, agility and fundamental stability of our member companies,” she said.
The NIA chairman also commended NAICOM for its regulatory oversight and handling of the recapitalisation exercise.
She described the commission’s approach as clear and fair, saying it had helped strengthen the integrity and resilience of the insurance market.
Nwachukwu reaffirmed NIA’s commitment to supporting its members through the transition and ensuring effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She said the association would continue to assist members in meeting regulatory requirements while strengthening its partnership with NAICOM to build a sustainable insurance industry.
The NIA chairman assured policyholders, investors and other stakeholders that the recapitalised industry was better positioned to support economic growth.
“With this recapitalisation complete, the Nigerian insurance sector enters a transformative era.
“The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability,” she said.
Nwachukwu said the successful completion of the exercise would strengthen insurers’ capacity and resilience to provide better value to Nigerians and contribute to broader economic development.