The National Insurance Commission (NAICOM) has issued new licences to seven additional insurance companies verified as compliant with the new minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025). The commission said the issuance represents another milestone in efforts to strengthen confidence, improve financial stability and promote professionalism within Nigeria’s insurance industry.
The seven companies granted the licences are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.
Speaking on the development, Commissioner for Insurance, Mr. Segun Omosehin, urged the newly licensed companies to deploy their capital prudently and effectively to support sustainable business growth. He also stressed the need for stronger policyholder protection, while charging the companies to move away from unethical practices and embrace high standards of corporate governance, transparency and accountability.
According to Omosehin, building a resilient insurance industry requires collective responsibility among regulators and operators. He emphasised that stakeholders must work towards creating a sector capable of consistently fulfilling its obligations, delivering on its promises and restoring greater trust among Nigerians.
The latest licensing exercise forms part of NAICOM’s phased implementation of higher capital standards for insurance operators. The reform is designed to strengthen the financial capacity and solvency of companies while improving their ability to meet claims and other obligations to policyholders.
A total of 50 insurance companies have so far been declared compliant with the new capital requirements. The issuance of certificates to verified operators marks the commencement of the transition towards the enhanced regulatory framework.
The NAICOM new licences also come ahead of another major regulatory initiative announced by the commission. Omosehin disclosed that NAICOM’s next major focus would be the implementation of the Risk-Based Capital (RBC) framework.
Under the proposed framework, insurers’ capital levels will be aligned with the risks associated with their respective business portfolios. The approach is expected to strengthen the relationship between the risks undertaken by insurance companies and the capital required to support those operations.
For policyholders, the reforms are intended to improve the financial resilience of insurance operators and strengthen their capacity to honour legitimate claims. For the industry, the higher capital requirements and planned risk-based framework represent a broader shift towards stronger financial discipline and regulatory oversight.
NAICOM said the ongoing reforms are aimed at creating a stronger, more credible and resilient insurance sector capable of supporting sustainable growth while improving confidence in insurance services across Nigeria.
