BY NGOZI ONYEAKUSI

Insurance companies that successfully raised fresh capital under the latest recapitalisation exercise are expected to gain access to the funds by September 30, 2026, the National Insurance Commission (NAICOM) has said.

The Commissioner for Insurance, Olusegun Omosehin, disclosed this during a media interactive session in Lagos, noting that the 12-month recapitalisation programme had generated N1.079 trillion in additional capital for the industry.

According to Omosehin, the funds are currently being held in escrow accounts with the Central Bank of Nigeria (CBN) and would be released to the respective companies on or before the September 30 deadline.
He described the outcome of the exercise as a significant development for the Nigerian insurance industry, saying the additional capital would strengthen the financial capacity of insurers and reinsurers.
The Commissioner said the increased capital base would position the industry to participate more effectively in the underwriting of large and complex risks associated with major economic projects.
He noted that sectors such as oil and gas, infrastructure, aviation, marine and other strategic areas of the economy require insurers with sufficient financial capacity to retain and underwrite substantial risks locally.
With the capital mobilisation phase largely concluded, attention is now expected to turn to how the companies deploy the funds to expand their businesses, improve risk-taking capacity and deepen insurance penetration.
The development is also expected to support the Federal Government’s economic growth aspirations, particularly its target of building a $1 trillion economy, by ensuring that the insurance industry has the financial strength to support investments and major projects across the country.