Nigeria’s insurance industry is embracing digital transformation, as technology-driven insurance firms—InsurTechs—look to expand product distribution and deepen market penetration.
Several players, including Mp-Platform Ltd, Insurance Hub Nig. Ltd, and P2Vest Tech Ltd, have already secured approvals from the National Insurance Commission (NAICOM), while CBI Insuretech Limited and WRAPA Insuretech Limited have applied for licenses. These firms aim to leverage the Insurance Industry Reform Act (NIIRA) 2025 to operate as insurance web aggregators, providing consumers with accessible, transparent, and comparable insurance products online.
What Are Insurance Web Aggregators?
Insurance web aggregators are digital platforms that allow users to compare insurance products from multiple providers. Regulated by NAICOM, these platforms ensure transparency, accurate information, and fair representation, empowering consumers to make informed insurance decisions.
By facilitating online comparison and instant policy access, InsurTechs are poised to bridge the gap in insurance penetration, especially among underserved groups like farmers, market women, artisans, and micro-entrepreneurs.
Government and Regulatory Support
During the West African Insurance Companies (WAICA) Education Conference, Doris Uzoka-Anite, Minister of State for Finance, emphasized that insurance will achieve its true impact only when it reaches the grassroots. She advocated for micro-insurance, digital distribution channels, and parametric insurance products that pay out instantly based on verified data.
“By expanding coverage through digital platforms, we can deepen financial inclusion and strengthen resilience at the grassroots,” Anite noted.
Following the enactment of NIIRA 2025, NAICOM issued operational guidelines for InsurTechs effective August 1, 2025. The guidelines provide a clear regulatory framework for licensing, operations, and supervision, ensuring that innovation is balanced with consumer protection.
Olusegun Omosehin, NAICOM Commissioner for Insurance, said:
“The NIIRA 2025 is a transformative catalyst that fosters innovation, enabling new products, cutting-edge distribution channels, and elevated consumer protection.”
Objectives of the InsurTech Guidelines
The guidelines aim to:
- Promote the growth and development of InsurTech in Nigeria
- Establish regulatory standards for setup and operations
- Encourage responsible innovation while safeguarding consumer interests
- Define product features specific to InsurTech
- Provide a licensing framework for partnering and standalone InsurTech firms
- Facilitate the transition of eligible operators into fully licensed standalone entities
Partnering InsurTechs may transact specific classes of insurance with licensed insurers, while standalone InsurTechs can offer broader products, excluding specialized risk products like oil & gas, marine, aviation, retirement life annuities, and government assets insurance.
InsurTechs must also comply with risk management, investment practices, actuarial standards, outsourcing, and prudential guidelines as detailed by NAICOM. Existing operators were required to fully comply by September 2025, within 30 days of the effective date.
Industry Growth Signals Opportunity
The move comes as Nigeria’s insurance sector records unprecedented growth:
- Gross Written Premiums (GWP): N1.213 trillion in Q2 2025, a 49.3% increase from Q2 2024
- Total Industry Assets: N4.4 trillion in Q2 2025, up from N2.3 trillion in Q2 2024
With InsurTech adoption, these figures are expected to climb further, driven by digital distribution, micro-insurance solutions, and tech-enabled consumer engagement.
