Continental Reinsurance Plc is leading the charge in transforming Nigeria’s insurance sector! The company recently hosted the 2025 CEO Roundtable themed:
“Recapitalisation & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector” in Lagos, bringing together CEOs from top insurance companies across the country.
The event was lauded by NAICOM, with Deputy Commissioner for Insurance, Technical, Dr. Usman Jankara, delivering a goodwill message on behalf of Commissioner Olusegun Ayo Omosehin. He highlighted that recapitalisation is just the beginning, not the finish line, emphasizing its importance for boosting solvency, underwriting capacity, and investor confidence.
Recapitalisation: Building a Stronger, Competitive Industry
Dr. Jankara outlined several benefits of the ongoing recapitalisation:
- Write bigger policies and retain more risk locally
- Attract public and investor confidence for partnerships
- Encourage mergers and acquisitions for scale and efficiency
- Position Nigerian insurers competitively under the African Continental Free Trade Area (AfCFTA)
He noted that the new minimum capital requirements — N10 billion for life insurers, N15 billion for non-life insurers, and N35 billion for reinsurers — are key to empowering firms to handle larger transactions and expand across Africa.
Insights from Industry Experts
Bismark Rewane, MD of Financial Derivatives Company Limited and lead paper presenter, described recapitalisation as a transformative tool for:
- Strengthening claims-paying ability
- Supporting long-term risk protection
- Enabling underwriting of complex risks
- Boosting investor confidence
- Promoting consolidation, innovation, and technology adoption
Dr. Fatai Lawal, MD of Continental Re, emphasized that the roundtable provided a platform for CEOs to share experiences, assess progress, and strategize for a more resilient and competitive insurance sector.
“It demands that we look forward with clarity and courage, while learning from the foundations already laid,” he said.
Why This Matters
The forum underscores the crucial role of recapitalisation in strengthening Nigeria’s insurance industry, enhancing regional competitiveness under AfCFTA, and driving innovation, technology adoption, and climate resilience. With stronger balance sheets and enhanced capacity, Nigerian insurers are better positioned to compete on a continental scale and support the nation’s economic growth.
