Magazine date:
Jun 2020 
Due to Coronavirus, the National Insurance Commission (NAICOM) is to extend recapitalization deadline for Nigerian insurers [4] and reinsurers.
Primarily set for June 2020, the deadline is extended to 30 September 2021. However, insurance companies are expected to hold 50% of the capital set by the regulator by 31 December 2020.
It is expected that by the end of June 2020, reinsurers will have to increase their capital to 60% of the required ceiling set at the end of September 2021.
New requirements set by NAICOM
| Class of business | Minimum avalable capital in June 2020 | Minimum required capital by 31 December 2020 | Minimum required capital by 30 september 2021 | |||
|---|---|---|---|---|---|---|
| In billion NGN | In billion USD | In billion NGN | In billion USD | In billion NGN | In billion USD | |
Life | 2 | 5,15 | 4 | 10,31 | 8 | 20,61 |
Non-life | 3 | 7,73 | 5 | 12,88 | 10 | 25,77 |
Composite | 5 | 12,88 | 9 | 23,19 | 18 | 46,38 |
Reinsurance | 10 | 25,77 | 12 | 30,92 | 20 | 51,53 |
It is noteworthy that NAICOM will be restricting the scope of activity of companies that do not comply with these requirements by the end of December 2020.