The Nigerian Insurers Association has commended the National Insurance Commission for its fair, transparent and structured implementation of the industry’s recapitalisation exercise.

The chairman of NIA, Ebelechukwu Nwachukwu, gave the commendation in a statement on Thursday in Lagos.

She said that the minimum capital requirements’ review was carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Ms Nwachukwu noted that the clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.

“The exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development. This marks a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector,” she said.

Ms Nwachukwu assured the apex regulator of the association’s unwavering support in leveraging the gains of the recapitalisation process.

She said this was to drive sustainable industry growth, enforce high market conduct and standards, elevate consumer trust and expand the sector’s contribution to the national economy.

The NIA chairman extended warm congratulations to the 43 insurance and reinsurance companies that had successfully met the prescribed minimum capital requirements.

She commended their resilience, professional discipline, and proactive alignment with evolving regulatory standards.

“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators but for policyholders, investors, and the wider Nigerian economy. A well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks and serve as a reliable pillar of national economic growth,” she said.

Ms Nwachukwu expressed the association’s solidarity with the eight insurance companies currently undergoing final verification and regulatory review.

She encouraged them to remain confident as NAICOM concluded the exercise within the stipulated 14-day window.

Reaffirming the association’s commitment to its entire membership, Ms Nwachukwu emphasised that the NIA would continue to serve as a robust platform for advocacy, collaboration and constructive engagement with regulatory authorities throughout the transition period.

She reassured the insuring public and business community that the Nigerian insurance industry would emerge from this exercise significantly stronger, more resilient, and fully prepared to drive financial stability across the country.

(NAN)