Godfrey George For Nigerians to overcome the burden of out-of-pocket payment for healthcare amid the rising cost of living, health insurance remains an effective tool to enjoy affordable healthcare. Unfortunately.Unfortunately, underserved populations—especially children and the elderly—face significant barriers when it comes to obtaining adequate healthcare coverage.
Ensuring health insurance for underserved children and the aged is not just an equity issue; it is a critical investment in the future and the dignity of those who have served society the longest. Insurance penetration in Nigeria remains relatively low, though the industry has experienced growth in recent years. In 2023, the Nigerian insurance sector recorded notable progress, with a retention rate of approximately 66.
7 per cent, signalling a level of stability in the market. Life insurance businesses retained 87.7 per cent of premiums, while non-life sectors, led by oil and gas, accounted for about 54 per cent.
The industry’s total assets reached N2.67tn, while capitalisation increased to N851bn. These figures reflect the sector’s potential for growth and its solid foundation for future development.
One regulatory measure contributing to this growth is the “no-premium, no-cover” policy. Yet, despite these advancements, insurance penetration remains limited, particularly among low-income populations. According to the National Insurance Commission, insurance penetration is less than one per cent of Ni.