Nigeria’s insurance sector has entered a transformative era following the successful completion of a nationwide recapitalisation exercise. The National Insurance Commission (NAICOM) has now approved 48 insurance companies and two reinsurance firms, signaling a shift toward higher capacity and improved service standards. The Nigerian Insurers Association (NIA) stated that the stronger capital bases will enable operators to underwrite larger, complex risks locally, enhance claims settlement efficiency, and deepen market trust. This development is expected to reduce reliance on foreign capacity and bolster the industry’s role in supporting major economic projects.