The National Insurance Commission (NAICOM) has applauded Continental Reinsurance Plc for hosting the 2025 CEO Roundtable, themed “Recapitalization & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector.” The forum, held in Lagos, brought together chief executives from insurance companies across Nigeria and was described by NAICOM as both timely and crucial for industry transformation.

Delivering a goodwill message on behalf of the Commissioner for Insurance, Deputy Commissioner, Technical, Dr. Usman Jankara, emphasized that the ongoing recapitalisation exercise is essential for positioning Nigerian insurers competitively under the African Continental Free Trade Area (AfCFTA).

He noted that recapitalisation is the foundation for growth, highlighting its benefits:

• Strengthening solvency and underwriting capacity to enable insurers to handle larger policies and retain more risk locally.
• Building public and investor confidence to attract capital and partnerships.
• Encouraging mergers and acquisitions to enhance scale and efficiency.
• Positioning Nigerian insurers for regional competitiveness, particularly under AfCFTA.

Jankara reaffirmed the new minimum capital requirements—₦10bn for life insurers, ₦15bn for non-life insurers, and ₦35bn for reinsurers—stressing that these thresholds are crucial for developing firms capable of handling larger transactions and expanding across African markets.

Mr. Bismark Rewane, Lead Paper Presenter and Managing Director of Financial Derivatives Company Limited, described recapitalisation as a transformative tool that enhances the insurance industry’s role in economic growth, climate resilience, and capital market development. He added that it also supports claims-paying ability, encourages innovation and technology adoption, and fosters consolidation within the sector.

Dr. Fatai Lawal, Managing Director of Continental Reinsurance Plc, noted that the roundtable provided an opportunity for industry leaders to assess progress, share experiences, and identify strategies for a stronger, more resilient insurance sector. He emphasized that the theme reflects both a challenge and an opportunity for the industry, requiring forward-looking clarity while building on established foundations.

Through such initiatives, NAICOM and industry stakeholders are driving capacity-building, innovation, and regional competitiveness in Nigeria’s insurance sector.