In Nigeria, technology companies are increasingly moving into the insurance space by leveraging digital, fintech-type models. Firms such as Mp‑Platform Ltd, Insurance Hub Nig. Ltd and P2Vest Tech Ltd have already secured approvals from the National Insurance Commission (NAICOM) to distribute insurance products in partnership with insurers. At the same time, applicants like CBI Insuretech Limited and WRAPA Insuretech Limited are seeking licences.
Under the provisions of the Insurance Industry Reform Act 2025 (NIIRA 2025), tech partners are permitted to collaborate with licensed insurers for product distribution and customer outreach. These firms aim to function as web aggregators, that is, digital platforms offering product comparisons across multiple insurance providers, and thereby enhance transparency and convenience for consumers.
During the West African Insurance Companies (WAICA) Education Conference in Nigeria, the Minister of State for Finance, Doris Uzoka‑Anite, emphasised that insurance can only realise its full potential by reaching all segments of society, including farmers, market traders, artisans, and micro-entrepreneurs. “By doing so, we expand coverage, deepen financial inclusion, and strengthen resilience at the grassroots, which remain a priority of the Federal Ministry of Finance.”
NAICOM has introduced operational guidelines for insurtech businesses, effective from August 1, 2025, following consultations with stakeholders. These guidelines aim to provide clarity around licensing, operations, supervision, and product offerings, balancing the need for innovation with consumer protection. According to the newly set rules, partnering insurtechs may transact specific classes of insurance in collaboration with established insurers, while fully licensed standalone insurtechs may handle broader categories, excluding high-risk lines such as oil & gas, marine and aviation, retirement life annuities, and government asset coverages.
Firms in this space must adhere to risk-management, investment, actuarial and outsourcing standards as defined in NAICOM’s prudential guidelines. Existing insurers and insurtech operations were required to be fully compliant with the guidelines by end-September 2025.
From an economic perspective, the broader insurance industry in Nigeria is showing strong momentum: gross written premiums rose to N1.213 trillion in Q2 2025, a 49.3 % increase over the same period in 2024, while total assets climbed to around N4.4 trillion from N2.3 trillion. This growth signals significant opportunities for tech-driven distribution models to tap into an expanding market.
In summary, by applying fintech-style strategies, digital platforms, aggregators, partnerships with insurers, tech firms are positioning themselves to expand insurance penetration across underserved population segments in Nigeria. They are doing so within a clear regulatory framework provided by NIIRA 2025 and NAICOM’s guidelines, which may help accelerate both innovation and growth in the sector.
