The House of Representatives has passed the Nigerian Insurance Industry Reform Act Bill, 2025, following in the footsteps of the Senate that did so in December 2024. The vote last week took the Bill one step closer to being signed into law.
Nearly four in 10 (37%) of young Nigerians polled in a recent survey said that they had never heard of health insurance before, revealing an alarming gap in healthcare awareness in this demographic group.
Key challenges in the Nigerian insurance market include sluggish growth, low penetration rates, and the under-utilisation of technology, according to a report launched by the Financial Institutions Training Centre (FITC).
The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to develop and introduce cyber insurance products in response to increasing digital risks.
The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to expand their footprint outside Nigeria.
The National Insurance Commission (NAICOM) Nigerian Police Force (NPF) begun nationwide enforcement of the Motor Third Party Liability (MTPL) Insurance regulations on 1 February 2025.
The Senate has passed the 2024 Nigerian Insurance Industry Reform Bill, designed to provide a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria.
The next big transformation in Africa's insurance industry will likely be driven by digitalisation, product innovation, and financial inclusion, according to Mr Emmanuel Mokobi, the CEO of Prudential Africa.
Nigeria's medical costs are rising due to a complex interplay of economic and healthcare factors, says WTW, a leading global advisory, broking and solutions company.
Nigeria's insurance commissioner, Mr Olusegun Omosehin, has said that although takaful currently represents 1-2% of the insurance market, the future outlook is promising, considering the average annual growth rate of over 34% in contribution generated by the segment in the last four years.