NIGERIA’S INSURANCE INDUSTRY AND ITS MISCONCEPTIONS: CHALLENGES AND PATHWAYS FOR REBUILDING TRUST

Abstract

The Nigerian insurance industry is essential in risks management and supporting economic development. However, it remains underutilized and poorly understood. Despite regulatory reforms and increasing digitalization, public misconceptions, ranging from distrust to religious resistance hinder the sector’s growth. This article explores the structural landscape of Nigeria’s insurance industry, unpacks widespread misconceptions, and suggests strategic interventions to rebuild trust and enhance market penetration. Findings indicate that improving literacy, regulatory enforcement, and technological integration are critical to reshaping public perception and expanding insurance coverage in Nigeria.