Insurance is a vital tool for managing financial risk. It involves paying a fee (premium) to an insurer who, in return, agrees to compensate the insured party in the event of loss, damage, or injury.
This system provides a safety net against unexpected events, helping individuals and businesses maintain financial stability.
The Nigerian insurance market has shown remarkable growth. In the first quarter of 2025, the industry generated N769.2 billion in gross premiums, an impressive 63.4% increase compared to the same period in 2024.