One report from Statista says Insurance penetration rate in Nigeria is only 0.5% compared to that of South Africa 17%, Namibia 7%, Zimbabwe 4%.
Among Sub-Saharan Only 5 countries, only 5 countries (Central Africa, Congo, Chad, Guinea, Equatorial Guinea) are below Nigeria.
Nigerian economy is the biggest in Africa, but insurance is last but 5.
Large part of 0.5% is made of motor insurance which is compulsory in the country.
And it is also notable that even rich people are not usually buying insurance.

What are the factors of low insurance rate, do you think?
It is also questioned, while low income people have no extra money to pay for insurance, WHY the richer people are not buying insurance?

Life is more challenging in Naija for citizens to start thinking of insurance. Na person wey chop belleful come get saving join fit dey reason insurance.

Getting insured is not the problem, paying premiums isn't a problem either, it's getting your money from the insurance company when you need it, that's the issue. Heard a lot of stories that give me cold feet when I think of insurance.