The Nigerian Senate recently approved a revised capital base for insurance companies, setting new benchmarks for operators in the sector:
While the move is expected to enhance risk management and bolster industry resilience, it also raises the bar for undercapitalized players.
A review of audited 2024 financial statements reveals that 16 listed insurance companies had combined shareholders’ funds of N452.77 billion; a 41% increase from N320.67 billion in 2023.