The Nigerian Council of Registered Insurance Brokers (NCRIB) has projected that Nigeria's insurance penetration could reach 3% in the next three years. In comparison, the current insurance penetration rate in the country is estimated at 0.5%.
Nigeria's insurance regulator, the National Insurance Commission (NAICOM), has urged West African countries to strengthen financial instruments and deepen regional collaboration to address escalating climate change risks.
The Federal Airports Authority of Nigeria (FAAN) has said that all federal airports it manages are fully insured, with insurance coverage up to date and back-up records maintained.
Capital flight of about $2bn takes place in Nigeria each year as multinationals purchase health insurance for their employees from international insurers, according to the National Insurance Commission (NAICOM).
emPLE Group, the insurance subsidiary of African conglomerate EverCorp Industries, has acquired 100% of Metropolitan Ghana from South Africa's Momentum Group, which leaves the Ghanaian market following the divestment.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has reiterated the importance of digital adoption across the insurance industry and stressed his commitment to positioning the sector at the forefront of digital transformation.
The life and general insurance units of the Nigerian insurance group, Heirs Insurance Group, have received strong ratings from Agusto & Co, a Lagos-headquartered pan-African credit rating agency.
The Nigerian Insurers Association (NIA) has launched its Innovation Lab, a six-week accelerator programme designed to transform Nigeria's insurance sector through cutting-edge technology, strategic partnerships and startup-driven solutions.
The National Insurance Commission (NAICOM) has issued a circular that will ban co-insurance arrangements between takaful companies and conventional insurers with effect from 1 January 2026.
Insurance companies in Nigeria have been given 12 months to July 2026 to comply with new minimum capital requirements set out under the new Insurance Sector Reform Act signed in early August by President Bola Ahmed Tinubu.