Insurers in Nigeria are broadening their range of motor, life and travel insurance products, introducing new policies aimed at drivers, households and foreign guests as the sector overall works to reach beyond its existing customer base.
Competitors Introduce New Policies
Recent industry moves follow a recapitalization effort that boosted total capital to ₦1.079 trillion, as reported by the National Insurance Commission (NAICOM). However, the success of new products in expanding coverage hinges on their cost, ease of access, and relevance to consumer needs.
Anchor Insurance unveiled an upgraded third-party motor insurance policy, along with a mobile app aimed at enhancing access to its retail services. Ebose Osegha, the company’s managing director, explained at the launch that this policy bridges the gap between basic third-party coverage and full insurance. He noted that some drivers need more protection than the minimum but may not afford or choose full coverage.
The enhanced policy offers extra safeguards at a lower cost, targeting individuals, families, institutions, and small businesses. Alongside this, Anchor introduced a mobile app allowing eligible customers to buy insurance, pay digitally, and receive electronic policy documents, subject to verification and underwriting.
Leadway Assurance has launched products addressing various financial needs, from long-term family security to coverage for temporary visitors to Nigeria. In August 2026, they introduced the Lifetime Plan, a whole-life insurance product offering financial protection to extended family members.
The company said the product responds to the financial responsibilities of working adults who support children and ageing parents while also planning for their own financial future. Under the plan, eligible policyholders and their spouses can access up to 50 percent of the current sum assured following the diagnosis of a covered critical illness, subject to policy conditions and after five years of complete premium payment. Olufunmilayo Amanwa, executive director, technical and operations at Leadway Assurance, said the product was developed in response to changing family structures and the financial demands placed on people supporting several generations.
In September, the insurer introduced its Arrival Pack, a short-term insurance solution designed for diaspora Nigerians, tourists, business travellers, students and other visitors to the country, as well as businesses serving them. Kikelomo Fischer, executive director, retail and partnership at Leadway Assurance, said the offering was developed in response to risks associated with temporary visits and increased travel and commercial activity.
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Fischer said international passenger movements into Nigeria increased from 4.33 million in 2024 to 4.85 million in 2025, representing growth of approximately 12 percent. She also identified airports, hotels, event centres, restaurants and transport operators among the businesses exposed to increased activity during busy travel periods.
Regulators Push for Broader Adoption
Taken together, the offerings show how selected insurers are extending their portfolios across motor, life and travel-related risks. They do not, however, provide a complete picture of product development across an industry comprising numerous insurers serving different customer segments.
The broader challenge is whether these developments can help advance Nigeria’s efforts to increase insurance coverage. NAICOM has set a target of raising insurance penetration to 10 percent by 2031 under its Insurance Sector Growth and Development Plan, alongside objectives relating to insurance literacy, financial education and the inclusion of more small and medium-sized businesses.
According to the commission’s insurance growth plan, 78 percent of Nigerians lack a basic understanding of insurance products, while people aged 18 to 35 account for less than 20 percent of insurance customers. The figures highlight the barriers that could limit wider participation in the insurance market.
NAICOM has also emphasised the need for insurers to translate stronger financial positions into products and services that respond to customers’ needs.
Olusegun Ayo Omosehin, commissioner for insurance and chief executive officer of NAICOM, has said the industry’s progress should be assessed not only by the capital raised by operators but also by improvements in underwriting capacity, claims payment, customer experience and product innovation.
He has also identified convenience, speed, transparency and simplicity as important consumer expectations, urgi
