The Nigerian film industry may be the largest in Africa and third largest in the world for the production of home videos, but it is not the biggest film industry in Africa. South Africa has the biggest film industry in Africa.
http://nfvf.co.za/home/22/files/Baseline%20study.pdf
http://www.gov.za/sites/www.gov.za/files/mso1a2_0.pdf
The Nigerian film industry is not as organized as the South African film industry that has functional professional bodies.
From Kannywood to Nollywood, the Nigerian film industry does not have any insurance policy.

Project ACT Nollywood has been able to help many filmmakers and film distributors with capacity development of their film production and film distribution companies to qualify for the grants. But it is still the more you look, the less you see in Nollywood and Kannywood.

The South African film industry makes more revenue from the box office than the Nigerian film industry.
Oscar winner "Tsotsi" (2005) made over US$9,879,971.
See "The top ten highest grossing films shot in South Africa" on http://www.thesouthafrican.com/the-top-ten-highest-grossing-films-shot-in-south-africa/
The highest grossing Nollywood movie so far is Ayo Makun's "30 Days in Atlanta" that almost made US$1 million from the cinemas in Nigeria, but never got any major distributor even in Atlanta and the rest of America. And it did not escape from piracy.
I don't know if the film producers and distributors have any insurance against piracy.
Film insurance is a billion dollar business.
Film insurance covers the following:
Private or Hired in Equipment cover
Business Interruption Insurance
Public liability Insurance
Employer’s Liability Insurance

Front Row Insurance Brokers, the largest film insurance broker in Canada have insured in excess of 5 billion dollars worth of production budgets over the last five years covering film production insurance to cover the risks associated with production for features, television series, docs, commercials, music videos, webisodes and other productions intended to be distributed on mobile devices: any content created by the producer worldwide.
Insurance coverages include the following:
Costs associated with death or sickness to your cast
Damage and loss to your negative or hard drive
Faulty stock / Faulty camera / Faulty processing
Props / Sets / Wardrobes
Filming equipment – loss or damage
Production office
Rented production vehicles
Location liability
http://www.frontrowinsurance.com/film-production-insurance

Nigerian actors and actresses don't have any insurance in case of accidents during productions.
I don't know how many of them sign legal contracts on productions.

The cases of several actors and producers going broke are common and some have died from poverty and not from the illnesses they suffered.
They would not have died if they had good medical treatment in Nigeria or abroad.
In normal film industries, insurance policy is a must for the security and welfare of both cast and crew. But there is none in the Nigerian film industry.
The insurance companies don't even have any relationship with the Nigerian film industry and the film producers seem to be happy that they don't have to be responsible for the safety of any member of the cast and crew during production.

In fact, some years back, whilst on the set of a Nollywood movie, the welfare for the cast and crew was very bad.
The film producers provided bottled water for the A-List actors, but gave cheap sachets of pure water for the others. Buying snacks and drinks for them was a luxury! They had no trailer or any place to relax and rest in-between shots. Famous Nollywood actor, Francis Duru and I simply rested on the bonnet of a car whilst waiting for the director to call the shots.
There are several cases of other poor welfare for the cast and crew and insurance coverage is not in any contract.

The professional guilds should demand for insurance for both cast and crew if they want the best for themselves and the sustainable development of the Nigerian film industry.

Read the trending topic of the moment on Nollywood on http://blogs.indiewire.com/shadowandact/nollywood-needs-an-insurance-policy-20150924, http://m.imdb.com/news/ni59040072/ https://lockerdome.com/6799749944854593/8060987056212244