Nigerians are known for their entrepreneurial spirit and willingness to invest in a wide range of products and services. However, insurance remains a less popular choice. This raises the question: why do Nigerians shy away from insurance when it offers protection against financial loss?

In essence, insurance is a risk-transfer mechanism where, for an affordable fee, a company (insurer) agrees to compensate the policyholder (insured) for financial losses resulting from specific events like accidents, illness, or property damage.

Globally, insurance has been a safety net for many; however, Nigeria presents a drastic contrast. Only 13.4% (CIIN) of its population is insured, equating to approximately 13.4 million individuals out of a total adult population of approximately 100 million.

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