Industry leaders gather in Lagos to rethink risk, capacity, and collaboration for a resilient insurance sector
The National Insurance Commission (NAICOM) has praised Continental Reinsurance Plc for hosting the 2025 CEO Roundtable, describing the forum as timely and critical to the ongoing transformation of Nigeria’s insurance industry.
The high-level event, themed “Recapitalization & Beyond: Rethinking Risk, Capacity and Collaboration for a Resilient Insurance Sector,” was held in Lagos and attracted chief executive officers of insurance and reinsurance companies from across the country.
Recapitalisation Key to AfCFTA Readiness — NAICOM
Speaking on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Deputy Commissioner, Technical, Dr. Usman Jankara, expressed confidence that the current recapitalisation exercise will reposition Nigerian insurers for stronger competitiveness within the African Continental Free Trade Area (AfCFTA).
Dr. Jankara emphasized that recapitalisation should be seen as a foundation for sustainable growth rather than an end goal. According to him, the exercise will:
- Strengthen insurers’ solvency and underwriting capacity, enabling them to handle larger risks and retain more business locally
- Build public and investor confidence, attracting new capital and strategic partnerships
- Encourage mergers and acquisitions to achieve scale and operational efficiency
- Position Nigerian insurance companies for regional expansion and competitiveness under AfCFTA
He added that Continental Re’s initiative aligns with NAICOM’s broader reform agenda, which prioritizes enhanced capacity, strong solvency standards, and innovation across the industry.
New Capital Requirements Remain Crucial
Reaffirming NAICOM’s position, Dr. Jankara restated the new minimum capital thresholds: ₦10 billion for life insurers, ₦15 billion for non-life insurers, and ₦35 billion for reinsurers. He noted that these requirements are essential for building insurance firms capable of underwriting larger transactions and expanding their footprint across African markets.
Recapitalisation as a Catalyst for Growth
Delivering the lead paper at the roundtable, Mr. Bismark Rewane, Managing Director of Financial Derivatives Company Limited, described recapitalisation as a transformative tool for the insurance sector.
According to Rewane, stronger capital bases will improve claims-paying capacity, support long-term risk protection, enable underwriting of complex and emerging risks, boost investor confidence, promote industry consolidation, and accelerate innovation and technology adoption.
Continental Re Calls for Forward-Thinking Leadership
In his remarks, the Managing Director of Continental Reinsurance Plc, Dr. Fatai Lawal, said the roundtable theme reflects both the challenges and opportunities facing the industry.
“It demands that we look forward with clarity and courage, while learning from the foundations already laid,” he said.
Dr. Lawal explained that the forum was convened to provide a platform for industry leaders to review progress, share insights, and identify practical strategies for building a stronger, more resilient Nigerian insurance sector.
