The insurance sector’s total assets have risen by N228.24bn in 15 months despite the suspension of the National Insurance Commission’s segmented recapitalisation exercise.
The final phases of the Nigerian insurance industry’s recapitalisation exercise were halted by litigation from aggrieved stakeholders.
National Insurance Commission introduced new and segmented minimum paid-up share capital requirements for insurance companies in Nigeria in June 2020.
Reinsurance firms were ordered to raise their capital to N20bn at the final phase
– Punch