Tech Firms Target Nigeria’s Insurance Market with Fintech-Driven Insurtech Revolution
Nigeria’s insurance industry is entering a new digital era as technology firms seek approval from the National Insurance Commission (NAICOM) to distribute insurance products through fintech-inspired Insurtech platforms. Companies such as Mp-Platform Ltd, Insurance Hub Nig. Ltd, and P2Vest Tech Ltd have already secured their licenses, while CBI Insuretech Limited and WRAPA Insuretech Limited are awaiting approval. These firms aim to leverage the new Insurance Industry Reform Act (NIIRA) 2025, which allows technology-driven partnerships to boost insurance accessibility and market penetration.
The rise of Insurtech platforms—digital aggregators that compare multiple insurance products—marks a turning point for the Nigerian insurance sector. Regulated by NAICOM, these platforms provide transparent product comparisons and help consumers make informed decisions online. The move reflects Nigeria’s growing shift toward digital inclusion and aligns with global trends that merge financial technology and traditional insurance models.
Minister of State for Finance, Doris Uzoka-Anite, emphasized the importance of inclusive insurance during the West African Insurance Companies (WAICA) Education Conference, stressing that insurance must reach farmers, artisans, and small business owners. “By promoting micro-insurance, digital channels, and parametric products that pay out instantly, we can strengthen resilience and financial inclusion at the grassroots,” she said.
The NIIRA 2025, alongside NAICOM’s new Insurtech guidelines effective from August 1, 2025, has been hailed as a milestone reform. Commissioner for Insurance, Olusegun Omosehin, described it as a “transformative catalyst” that encourages innovation, enhances supervision, and prioritizes consumer protection. The guidelines set clear standards for licensing and operations, ensuring responsible innovation while safeguarding consumer interests.
Nigeria’s insurance industry is already showing signs of robust growth. Gross written premiums surged to a record ₦1.213 trillion in Q2 2025, marking a 49.3 percent increase from the previous year. Total industry assets also rose to ₦4.4 trillion, underscoring the sector’s expanding capacity. As Insurtech firms gain traction, experts believe this fintech-driven model could redefine how Nigerians access, compare, and purchase insurance in the years ahead.
source: Business day