A 12-month clock, capital floors of N10bn–N35bn, and a sector that must raise, merge or fade.
Nigeria’s insurance industry is set for a shake-up as the Nigeria Insurance Industry Reform Act (NIIRA) introduces tougher capital requirements. Insurers now need N15 billion to operate non-life business, N10 billion for life, and N35 billion for reinsurance, or risk losing their licences within 12 months.
The move mirrors the Central Bank’s recent banking recapitalisation drive, which pushed many lenders to the capital market through public offe
