A newly released 2023 report has revealed alarmingly low insurance coverage among Nigerian adults, highlighting a concerning gap in financial protection across the country’s geopolitical zones.

According to the data published by StatiSense, referencing the Enhancing Financial Innovation and Access (EFInA) survey, only a small fraction of Nigerians aged 18 and above currently have any form of insurance cover.

The figures show that the South West leads the country, with just 5.17% of adults in the region covered by insurance—still a strikingly low figure in itself.

The South South follows with 4.50%, while the North Central zone comes in third with 3.71%. The North East and North West trail behind with 2.17% and 2.06% respectively. The South East records the lowest insurance coverage in the nation, with a mere 1.60% of adults having any insurance.

The data paints a stark picture of Nigeria’s insurance penetration, suggesting that despite numerous awareness campaigns and policy efforts by regulators and private insurers, uptake remains poor.

Financial experts have frequently linked the low rate of insurance adoption to limited trust in the system, poor public education, low disposable income, and a general lack of understanding of insurance benefits.

These figures may also reflect deeper socio-economic and infrastructural disparities between regions, as well as differing levels of access to formal financial services.

As Nigeria pushes to expand financial inclusion and improve economic resilience, stakeholders in the insurance sector may need to reevaluate their strategies to bridge the coverage gap, particularly in regions like the South East where uptake is near negligible.

The statistics were shared via StatiSense’s official social media handle on August 7 and have since sparked discussions about the urgent need for reforms and innovative approaches to make insurance more accessible and trusted among Nigerians.