The development of insurance is one of the priority objectives of the Nigerian government. An agreement has been concluded with the National Insurance Commission (NAICOM), a partnership aiming at introducing some mandatory guarantees in the 36 federal states of the country. A pilot project will initially be introduced in four states (Lagos, Ogun, Gombe and Kaduna) before going nationwide.
Nigerian authorities are also banking on the development of takaful insurance and microinsurance [4], measures that are likely to significantly increase insurance penetration rate, especially in rural areas.
Nigerian insurance market [5] turnover is estimated at 380 billion NGN (1.25 billion USD) in 2016. The country plans on reaching 1000 billion NGN (2.8 billion USD) by 2020.