By Favour Pius
An underwriter, Universal Insurance Plc has reassured insurance brokers and other stakeholders of its readiness to meet the 2026 industry recapitalization requirements, amid growing scrutiny over the financial strengthen of underwriting firms.
The assurance comes as the sector prepares for a major regulatory shift following the Presidential assent to the Nigeria Insurance Industry Reform Act (NIIRA), which raised capital thresholds for operators. The reform is aimed at strengthening the regulatory framework, improving claims-paying capacity, deepening insurance penetration, and enhancing policyholders protection.
Speaking at the 2026 Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, the Managing Director/Chief Executive Officer of Universal Insurance, Dr. Japhet Duru, expressed appreciation for brokers’ contributions to the company’s growth, describing them as central to its distribution network.
“Brokers remain the backbone of insurance distribution. They are not just intermediaries but trusted advisors and critical drivers of our growth,”Duru said.
He noted that the company has taken deliberate steps to strengthen its engagement with brokers through improved service delivery channels, enhanced communication, streamlined underwriting processes, and faster claims settlement.
Addressing concerns over the recapitalization exercise, Duru disclosed that the insurer is already making significant progress toward meeting regulatory requirements.
“We are putting in place all necessary documentation to commence rights issue and privale placement. We have secured strong commitments from shareholders, many of who are willing to retain and even increase their stakes. In fact, the level of commitment suggests we may have to refund excess subscriptions at the end of the exercise, “he said.
Industry observers say firms that successfully scale up capital ahead of the deadline are more likely to feature on the final list of compliant insurers to be released by the National Insurance Commission (NAICOM).
In her remarks, the President/Chairman of Council of NCRIB, Barr. (Mrs.) Ekeoma Ezeibe, commended Universal Insurance for sponsoring the event, noting the high turnout as evidence of its relevance.
Ezeibe also highlighted the broader economic context shaping opportunities for the insurance sector, pointing to ongoing government reforms and rising capital inflows.
“Reforms are unlocking value across the economy. Infrastructure development, tax reforms, and initiatives such as the Presidential CNG programme are creating new insurable assets at scale. Insurance must position itself as economic infrastructure,” she said.
She urged brokers to leverage emerging opportunities in areas such as construction liability, motor insurance for CNG fleets, SME risk coverage, and performance guarantees tied to infrastructure projects.
The event attracted key industry stakeholders, including past NCRIB presidents such as Mr. Sola Tinubu and Prince Babatunde Oguntade, as well as the immediate past president of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti.
The gathering also featured a light entertainment segment, with Nigerian comedian Igwe providing comic relief to participants.
As the recapitalisation deadline draws closer, stakeholders say sustained collaboration between insurers and brokers will be critical to building a more resilient and growth-driven insurance industry in Nigeria.
