- Life Insurance was increased from N2, 000, 000, 000.00 (Two Billion Naira) to N8, 000, 000, 000.00 (Eight Billion Naira),
- General Business was increased from N3, 000, 000, 000.00 (Three Billion Naira) to N10, 000, 000, 000.00 (Ten Billion Naira), and
- Composite Insurance was increased from N5, 000, 000, 000.00 (Five Billion Naira) to N18, 000, 000, 000.00 (Eighteen Billion Naira).
The National Insurance Commission (NAICOM) has announced the recapitalization of insurance and reinsurance companies, an exercise that was last carried out between years 2005/2007 in the insurance industry. This was disclosed in a circular released yesterday, Monday, the 20th of May, 2019 in Abuja. The minimum capital base for the following lines of insurance businesses were reviewed as follows: