Climate Insurance Gap: Why Most Nigerian Businesses Are Underinsured for the Risks That Matter Most
When more than 12 hours of continuous rainfall submerged parts of Lagos on 30 June 2026, the damage was not confined to roads and homes. Shops closed. Warehouses took in water. Deliveries stopped. Staff could not reach work. The Centre for the Promotion of Private Enterprise estimated business and infrastructure losses from that flooding episode […]
Best Insurance for Construction Companies in Nigeria
Insurance for construction companies in Nigeria is governed by the Nigerian Insurance Industry Reform Act 2025 (NIIRA), the Employee Compensation Act 2010, and the Pension Reform Act 2014. These statutes make several covers compulsory for contractors and property owners, while commercial exposures such as plant damage and design error require additional policies. This article sets […]
Nigeria Insurance Industry Reform Act 2025: What Buyers Should Know
The Nigeria Insurance Industry Reform Act 2025 (NIIRA 2025) is the law that now governs how every insurer, reinsurer and broker operates in Nigeria. President Bola Ahmed Tinubu signed it on 31 July 2025. This article explains what the Act changed, how the recent recapitalisation exercise affects the insurers your business relies on, and the […]
Health Insurance in Nigeria: Plans, HMOs, and Coverage Guide
Health insurance is a financial arrangement under which an individual, employer, or government agency pays premiums to a licensed health maintenance organization (HMO) or insurer in exchange for defined medical benefits. Nigeria’s health insurance market operates under a dual regulatory framework: the National Health Insurance Authority (NHIA), established by the NHIA Act 2022, accredits and […]
Group Life Insurance Requirements in Nigeria: Employer Obligations & Compliance Checklist
Group life insurance is a statutory obligation for most employers in Nigeria. This guide highlights the Group Life Insurance Requirements in Nigeria – who must provide it, what the law requires, and the penalties for non-compliance. Is Group Life Insurance Mandatory in Nigeria? Yes. Section 4(5) of the Pension Reform Act 2014 requires every […]
Group Life Insurance Cost, Coverage and Claims in Nigeria
This guide explains how group life insurance premiums are determined in Nigeria, what a policy covers, what it excludes, and how claims are processed and paid. How Much Group Life Insurance Coverage Is Required? The minimum coverage is three times each employee’s annual total emolument. This is set by Section 4(5) of the Pension […]
Group Life Insurance Nigeria: What Employers Must Know
Group Life Insurance is a core part of statutory employee benefits in Nigeria. For employers, it is both a legal obligation and a means of providing financial protection for employees’ beneficiaries and dependants in the event of an employee’s death while in service. This guide explains what Group Life Insurance Nigeria is, how it works, […]
Comprehensive Motor Insurance in Nigeria: A Complete Guide
Comprehensive Motor Insurance Policy in Nigeria is a type of motor insurance policy that covers accidental damage, theft, fire, third-party bodily injury, and third-party property damage under a single contract. The National Insurance Commission (NAICOM) licenses and supervises all motor insurance underwriters operating in Nigeria under the Insurance Act 2003 and the Nigerian Insurance […]
Business Insurance in Nigeria 2026: How to Insure Your Business
Nigeria’s commercial sector operates across industries with varying degrees of financial, operational, and legal risk. From manufacturing and logistics to healthcare and professional services, businesses face exposures that can result in significant financial loss without adequate risk protection in place. For SMEs, startups, and large enterprises alike, business insurance in Nigeria is both a regulatory […]
Types of Insurance in Nigeria: A Complete Guide
Nigeria’s insurance industry is one of the fastest-growing financial services sectors in sub-Saharan Africa, covering individuals, SMEs, and large corporations across life, health, motor, marine, and commercial risk classes. Despite a historically low penetration rate, the sector has expanded in scope and regulatory sophistication following successive reforms under the Insurance Act 2003 and the National […]