The Nigerian Council of Registered Insurance Brokers (NCRIB) has stated that over 60 per cent of insurance firms in the country are expected to survive the ongoing recapitalisation exercise in the sector.
This was revealed by the President of the NCRIB, Babatunde Oguntade, at a press conference on Tuesday to mark the end of his tenure.
The PUNCH reports that the signing of the Nigerian Insurance Industry Reform Act 2025 has increased the capital thresholds for insurance operators.
According to NIIRA 2025, the minimum capital base for non-life insurers has been raised to N15bn, while the capital requirement for life insurance firms is now at least N10bn. Reinsurance companies got the steepest increase, with their capital threshold now pegged at N35bn.
Speaking at the press conference, Oguntade said, “The recapitalisation of the industry is long overdue, and we welcome it; we support it. We know already from statistics that over 60 per cent of the existing underwriters in the market will survive. And that is good.”
