NAICOM Applauds Continental Re as Recapitalisation Positions Nigerian Insurers for AfCFTA Competitiveness
The National Insurance Commission (NAICOM) has commended Continental Reinsurance Plc for convening the 2025 CEO Roundtable, themed “Recapitalisation & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector.”
The regulatory body described the forum as timely, strategic, and central to shaping the future of Nigeria’s insurance industry as the sector enters a new phase of capital strengthening and regional competition.
Held in Lagos on Wednesday, the event brought together chief executives from insurance and reinsurance companies across the country, creating one of the industry’s most significant leadership platforms for discussing the implications of ongoing recapitalisation and emerging opportunities within the African Continental Free Trade Area (AfCFTA).
Delivering a goodwill message on behalf of the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, the Deputy Commissioner, Technical, Dr Usman Jankara, reiterated NAICOM’s confidence that the recapitalisation exercise will reposition insurers for a more competitive and resilient future.
He stressed that capital enhancement is not merely a compliance requirement but a strategic catalyst for transformation.
According to Jankara, recapitalisation is “the foundation for growth, not the finish line.”
He explained that stronger capital bases will: Improve solvency margins and underwriting capacity, enabling companies to write bigger-ticket risks and retain more business locally;
– Strengthen public trust and investor confidence to attract long-term capital and technical partnerships; Encourage mergers and acquisitions, which will consolidate fragmented market players and boost operational efficiency; Equip Nigerian insurers to compete meaningfully under AfCFTA, where cross-border underwriting capacity and balance-sheet strength will determine market relevance.
He added that Continental Re’s initiative aligns seamlessly with NAICOM’s broader reform agenda, which prioritises enhanced industry capacity, stronger solvency frameworks, and innovation-driven competitiveness.
Reaffirming the new minimum capital thresholds, N10 billion for life insurers, N15 billion for non-life insurers, and N35 billion for reinsurers, Jankara said the revised structure is essential for building companies that can undertake large transactions, support specialised risks, and expand their footprint across African markets.
The Lead Paper presenter and Managing Director of Financial Derivatives Company Limited, Mr Bismark Rewane, described recapitalisation as a transformative tool that will redefine the insurance industry’s contribution to national development.
He noted that with stronger capitalisation, insurers will be better positioned to enhance claims-paying capacity, support long-term risk protection systems, underwrite more complex and evolving risks, and deepen the sector’s integration with the financial markets.
Rewane further highlighted that recapitalisation would stimulate investor interest, accelerate consolidation among smaller operators, and unlock new investments in technology and innovation, critical elements for competing in a data-driven insurance landscape.
In his remarks, the Managing Director of Continental Reinsurance Plc, Dr Fatai Lawal, said the theme of the roundtable reflects both the challenge and the unique opportunity before the industry. “It demands that we look forward with clarity and courage, while learning from the foundations already laid,” he said.
Lawal explained that Continental Re convened the roundtable to provide a platform where industry leaders could evaluate progress, share experiences, and identify practical strategies for building a stronger and more resilient insurance sector capable of meeting Nigeria’s economic aspirations and Africa’s expanding risk landscape.
With recapitalisation gaining momentum and the insurance industry preparing for deeper regional integration, stakeholders agree that the sector stands on the threshold of a historic shift, one that could unlock growth, strengthen resilience, and elevate Nigerian insurers as competitive players within the continental market.
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