NAICOM urges insurers: Turn new capital into real service capacity, not just balance sheets
NAICOM has told insurance companies to stop celebrating capital numbers and start using their new funds to build actual capacity - stronger underwriting, faster claims payouts, innovation, and better customer service. Speaking at the 2026 BusinessDay Insurance Conference, NAICOM's Omosehin (represented by Clifford Ndubem) said the July 31, 2026 recapitalisation deadline was never the finish line; it was meant to strengthen insurers' ability to underwrite risks, pay claims promptly, innovate, and support economic growth.
The regulator stressed that financial strength alone means nothing if it doesn't translate to real-world impact. Insurers must now demonstrate tangible results in underwriting larger complex risks, settling claims efficiently, retaining more risks within Nigeria, and creating products for emerging threats. Technology and innovation are necessities now as customers demand faster, more transparent, personalized services. NAICOM emphasized that every successfully settled claim builds public trust - the foundation for the industry's next growth phase.
With 50 insurance and reinsurance companies having met the post-July 2025 law capital requirements, the focus shifts to execution. Success will be measured by how well insurers support major infrastructure projects and inspire consumer confidence - not just by balance sheet strength. Meanwhile, pension operators face a December 31, 2026 deadline to meet PenCom's revised capital requirements.
Will your insurer use its strengthened capital to actually serve you better when you file a claim or need coverage, or just sit stronger on paper while you wait for simple resolutions?