NAICOM drives Nigeria insurance reform
Nigeria’s insurance regulator has accelerated sector transformation between May 2024 and October 2025 through strategic partnerships and enforcement measures designed to integrate the industry into national economic planning. The National Insurance Commission launched a recapitalization program on July 31, 2025, establishing higher minimum capital thresholds, including 10 billion naira for life insurers and 15 billion naira for non-life companies, with compliance required by July 2026. Regulatory chief Olusegun Ayo Omosehin advanced compulsory motor insurance enforcement through collaborations with the police and Federal Road Safety Corps, while securing agreements with anti-fraud agencies to combat money laundering.
The commission restructured internally in June 2024 by creating eight directorates and promoting five directors to strengthen oversight capacity. Initiatives included mandating comprehensive insurance coverage for public-private infrastructure projects exceeding five billion naira and establishing data-sharing protocols with the Nigerian Data Protection Commission. Industry assets surpassed 2.8 trillion naira by 2025, earning presidential recognition for boosting investor confidence.
