Lasaco Assurance Plc has completed its recapitalisation programme after receiving approval from the National Insurance Commission (NAICOM), marking an important step in the company’s plans to strengthen its financial position and expand its operations.
The insurer was among 43 insurance companies recently cleared by NAICOM following the regulator’s review of firms that participated in the industry-wide recapitalisation exercise.
The approval confirms that Lasaco Assurance has met the new capital requirements introduced by the insurance regulator. The exercise was designed to give insurance companies stronger financial capacity, improve their ability to meet claims and make the industry better prepared for economic challenges.
Under the new requirements, insurers operating life businesses are expected to maintain a minimum paid-up capital of N8 billion, up from N2 billion. General insurance companies now require N10 billion, compared with the previous N3 billion.
For composite insurance companies, the minimum capital requirement has increased from N5 billion to N18 billion, while reinsurance companies must now have at least N20 billion, compared with the former requirement of N10 billion.
NAICOM’s recapitalisation policy is aimed at building a stronger and more resilient insurance industry. It is also expected to improve confidence among policyholders and investors while giving insurers greater capacity to take on larger risks.
For Lasaco Assurance, meeting the new requirements provides a stronger platform for future growth.
The company’s Managing Director, Ademoye Shobo, described the successful completion of the exercise as a major achievement for the organisation. He said the outcome reflected the commitment and determination of the company’s employees while reinforcing its focus on innovation, quality service and sustainable growth.
Shobo also expressed confidence in the company’s future, noting that Lasaco Assurance would continue working to provide better value for customers and contribute to the development of Nigeria’s insurance sector.
With the recapitalisation now completed, Lasaco Assurance plans to use its improved financial position to pursue new opportunities in the market.
One major area of focus will be digital distribution. The company intends to strengthen the ways customers can access its insurance products through digital platforms, making its services more convenient and accessible.
Lasaco also plans to improve its claims settlement process as part of efforts to provide faster and better service to policyholders.
The company said it would further expand its presence across Nigeria while exploring opportunities to increase its market share.
The successful recapitalisation comes at a time when Nigeria’s insurance industry is undergoing significant changes. For companies that meet the new capital requirements, the stronger financial base could provide greater room to compete, innovate and attract new customers.
For Lasaco Assurance, the regulatory clearance represents not just compliance with NAICOM’s rules but a new opportunity to build a stronger business and deepen its role in Nigeria’s evolving insurance market.
