The National Insurance Commission (NAICOM) says it is committed to preventing the collapse of any licensed insurance company in Nigeria, as part of efforts to strengthen the sector and protect policyholders.
The assurance was given by the Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Omosehin, at the 2026 Awards and Recognition Ceremony of the Nigerian Insurers Association (NIA) held in Lagos on Thursday.
Omosehin’s remarks come as insurance firms continue to navigate an ongoing recapitalisation exercise, with a regulatory deadline set for July 31, 2026, aimed at improving financial stability across the industry.
NAICOM said it has identified financially weak insurance firms and is actively engaging them to ensure their survival through structured interventions.
The Commission explained that this approach forms part of its broader strategy to safeguard policyholders, improve regulatory oversight, and strengthen the financial health of operators.
It added that ensuring the viability of all licensed firms remains a key objective throughout the recapitalisation process.
Insurance companies are currently undergoing a capital verification process, which is a core requirement of the ongoing recapitalisation exercise in the Nigerian insurance industry.
This process is designed to ensure that operators are adequately capitalised to meet obligations and withstand financial shocks within the sector.
The Commission also highlighted its focus on innovation and broader reforms to modernise the insurance industry and improve service delivery.
Omosehin noted that creating an enabling environment for operators is essential for effective regulation and long-term sector growth, adding that ongoing collaboration between regulators and industry players will be critical in sustaining momentum.
NAICOM recently revised the minimum capital requirements for insurance companies as part of efforts to strengthen the sector.
The new framework is aimed at enhancing the industry’s capacity to absorb risks, improve claims settlement, and boost investor confidence in Nigeria’s insurance market.
