Insurance has taken root in Nigeria. With awareness and trust in the concept of cover driven by a combination of legislation, market competition and technology, Nigeria's Insurance sector, is today, a 500 billion industry.

Thanks to compulsory Third-party vehicle insurance as well as obligatory Retail, Group life, Marine cargo and Employers, Occupiers and Builder's liability insurance, Nigerians have, for some time, experienced the benefits of cover albeit in limited areas.

At the same time, as competition among Insurance companies increased, claims settlement improved along with transparency and ease of use. Insurance solutions bundled with consumer items like covers included in the purchase price of mobile phones or white goods, has also helped demonstrate the value of insurance by allowing people to replace treasured items when damaged or lost.

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