Recapitalisation: Insurers Association Congratulates Newly Licensed Insurance Firms
Ebere Nwoji The Governing Council of the Nigerian Insurers Association (NIA), has commended the seven additional companies recently issued with operational licenses by the National Insurance Commission (NAICOM) due to
The Nigerian Insurers Association (NIA) has lauded seven newly licensed insurance firms that have completed their recapitalisation requirements, as announced by the National Insurance Commission (NAICOM). This marks the conclusion of a comprehensive industry-wide recapitalisation initiative, according to NIA Chairman, Mrs. Ebelechukwu Nwachukwu.
The seven companies, along with the previously approved 41 insurance companies and 2 reinsurance firms, have showcased remarkable resilience, corporate strength, and financial discipline, emerging as fully capitalized entities poised to provide value to the Nigerian public. Nwachukwu praised NAICOM for its transparent oversight and praised the industry's collective progress towards a robust, competitive, and trusted insurance market.
She emphasized that the recapitalized sector is now well-positioned to settle claims promptly, handle greater risks, and contribute to financial stability, thus advancing President Bola Ahmed Tinubu’s goal of achieving a $1 trillion economy by 2030. NIA pledged ongoing support to member institutions during this transition, reaffirming its commitment to the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and to strengthening the partnership with NAICOM for a sustainable, future-ready sector.
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