Less than 1% of the Nigerians are insured

Despite the law making some insurance covers compulsory, less than 1% out of the 150 million Nigerians are currently insured. Lack of control and compliance with regulation are the main causes accounting for the population apathy in this area. Not receiving sufficient support from banks, insurers cannot afford to increase the insurance penetration rate. The supervisory authorities called for the creation of products that would better meet the needs of the population.