Book details

This first chapter of Doing Business in Nigeria provides a detailed exploration of Nigeria’s insurance industry, outlining the legal, regulatory, and operational framework governing insurance business in the country. It introduces readers to the key laws, institutions, and compliance requirements that shape how insurers, brokers, and reinsurers operate within Nigeria’s dynamic financial sector.

The chapter explains the roles of major regulatory bodies such as the National Insurance Commission (NAICOM), examines licensing and capitalization requirements, and discusses the procedures for establishing insurance companies. It also highlights issues surrounding policyholder protection, reinsurance arrangements, claims handling, and dispute resolution.

By combining legal analysis with practical insight, this chapter serves as both a primer and a professional reference for investors, lawyers, and practitioners interested in the Nigerian insurance market. Its clear structure and authoritative content make it an essential part of the Doing Business in Nigeria series — a guide designed to illuminate the country’s evolving business landscape.