Nigeria Gives Insurers a Year to Boost Capital Fivefold

Nigeria increased capital requirements for insurance businesses fivefold and gave operators a year to comply or risk losing their licenses.

The capital threshold for non-life insurers was raised to 15 billion naira ($9.8 million) from 3 billion naira that of life insurers to 10 billion naira from 2 billion naira and reinsurers to 35 billion naira from 10 billion naira, according to the industry law emailed by the National Insurance Commission, the regulator.