We recently conducted a study and interviewed 150 individuals who work in the insurance industry, including analysts, executives, and staff who have a deep understanding of policies and receive employee discounts. The results? Less than half own voluntary insurance. One in three has never purchased coverage. Nearly one in five who did have dropped it entirely.
If the people who sell insurance can’t justify buying it themselves, something is fundamentally broken.
96% of insurance workers believe coverage provides valuable financial protection. They recommend it to others. Yet they still don’t buy it. The gap isn’t about knowledge; it’s about a system that makes it impossibly difficult to act. Only 36% feel confident navigating insurance processes. A ₦5,000 premium competes with transport costs and school fees, not luxuries. Without claims, customers feel they’re throwing money into a void. And products designed for homeowners don’t work for young renters.
When it works, it’s powerful: “Once I saw my baby go through surgery covered by insurance, everything paid, I became a believer.” These moments prove what’s possible when the system aligns with real life.
Nigeria’s insurance penetration won’t grow through more education. It will grow when the claims process is in days, not months. When claim-free years earn rewards. When coverage can be modified from a banking app. When the system is designed for how Nigerians actually live, earn, and decide.
The data is clear. The barriers are known. The opportunity is massive.
Want the full picture? Download the complete Consumer Market Insight Report for detailed findings and comprehensive recommendations for insurers, regulators, and policymakers.
