The Nigeria guide in full
Who regulates insurance in Nigeria
NAICOM licenses and supervises insurers, reinsurers, brokers, loss adjusters, web aggregators and insurtechs. The Nigerian Insurance Industry Reform Act 2025 (NIIRA) replaced the Insurance Act 2003, the Motor Vehicles (Third Party Insurance) Act and three other laws, raised minimum capital and created a policyholders' protection fund (NAICOM). More: NAICOM and NIIRA 2025.
Health insurance has its own regulator: the National Health Insurance Authority (NHIA), which accredits HMOs (NHIA Act 2022). Work injury is covered by NSITF's Employees' Compensation Scheme.
The Nigerian insurance market in figures
From NAICOM's Bulletin of the insurance market performance, Q2 2026:
| Indicator | Figure |
|---|---|
| Gross premium written | ₦1,285.2 billion (+5.9% year on year) |
| Life business | ₦434.8 billion (33.8%) |
| Motor insurance | ₦162.4 billion (19.1% of non-life) |
| Net claims paid | ₦279.1 billion |
| Total assets of insurers | About ₦5.5 trillion |
Where to start
| You want to… | Read |
|---|---|
| Check a motor certificate | Verify motor insurance on NIID |
| Insure a car | Motor insurance · Third-party vs comprehensive · Premium calculator |
| Get health cover | NHIA registration · HMOs · NHIA · State schemes |
| Meet your duties as an employer | NSITF · Group life · Business insurance |
| Protect a family or travel | Life insurance · Travel insurance and the ECOWAS Brown Card |
| Check an insurer or complain | Insurance companies · Check an insurer · Complaints to NAICOM |
Frequently asked questions
Is car insurance compulsory in Nigeria?
Yes, at least third-party motor insurance, re-enacted by the Nigerian Insurance Industry Reform Act 2025. NAICOM's rate for a private car is ₦15,000 a year. See motor insurance.
Who regulates insurance companies in Nigeria?
NAICOM, the National Insurance Commission. Health insurance schemes and HMOs are regulated by the NHIA.
How many insurance companies are there in Nigeria?
NAICOM confirmed 48 insurance companies and 2 reinsurers as compliant with the new minimum capital in July and August 2026; it also lists 5 takaful operators and 18 microinsurance companies. See the list.
How do I verify my insurance in Nigeria?
A motor certificate: on askniid.org or by dialling *565*11#. An insurer: on NAICOM's lists. See verify on NIID.
Sources
- NAICOM — The dawn of a new era as President Bola Ahmed Tinubu signs the Nigerian Insurance Industry Reform Act 2025 into law (14 August 2025)
- NAICOM — Circular NAICOM/CFI/DCT/NIIRA2025-RECAP/001: implementation of the new minimum capital requirement prescribed by NIIRA 2025 (12 August 2025)
- NAICOM — Notice to the general public: insurance and reinsurance companies confirmed as compliant with the minimum capital requirements under NIIRA 2025 (31 July 2026)
- NAICOM — Notice to the general public: additional seven insurance companies confirmed as compliant with the minimum capital requirements under NIIRA 2025 (13 August 2026)
- NAICOM — Circular NAICOM/DPR/CIR/46/2022: new premium rates for motor insurance, effective 1 January 2023 (22 December 2022)
- Nigerian Insurance Industry Database (NIID) — askNIID verification platform: Nigerian Insurers Association
- National Health Insurance Authority Act 2022 (Act No. 17, Official Gazette No. 95, Vol. 109, 24 May 2022) — NHIA gazetted copy
- NSITF — Services: employer registration, contributions (1% of total monthly payroll), claims, certificate of compliance
- NAICOM — Bulletin of the insurance market performance, second quarter 2026 (tables 1 and 5)