Nigerian insurers are expanding their product offerings across motor, life and travel-related risks, with new policies targeting motorists, families and visitors to the country as the industry seeks to extend coverage beyond its existing customer base.
The developments come as the industry pursues wider insurance adoption following a recapitalisation exercise that saw total industry capital reach ₦1.079 trillion, according to the National Insurance Commission (NAICOM). However, whether the growing range of products will translate into broader coverage depends on their affordability, accessibility and ability to meet customers’ needs.
Anchor Insurance Company, Leadway Assurance and Lasaco Assurance are among the operators that have introduced or expanded their offerings, targeting different categories of risk and customer needs.
Anchor Insurance recently introduced an enhanced third-party motor insurance policy alongside a mobile application designed to improve access to its retail insurance services.
Ebose Osegha, managing director of Anchor Insurance, said at the product launch that the enhanced policy was developed to address the gap between conventional third-party motor insurance and comprehensive cover. According to him, some motorists require protection beyond the basic third-party policy but may be unable or unwilling to pay for comprehensive insurance.
The company said the enhanced policy provides additional protection at a more affordable cost, with individuals, families, institutions and small businesses identified among its prospective customers.
Alongside the policy, Anchor launched a mobile application through which eligible retail customers can purchase insurance products, make payments through supported digital channels and receive policy documents electronically, subject to verification and underwriting requirements.
The digital channel provides another route for customers to access the company’s offerings, although its contribution to wider insurance adoption will depend on usage and the extent to which it reaches people who have previously been uninsured.
Leadway Assurance, meanwhile, has introduced products addressing different financial needs, ranging from long-term family protection to insurance for temporary visitors to Nigeria.
In August 2026, the insurer introduced its Lifetime Plan, a whole-of-life insurance solution designed to extend financial protection to eligible members of the wider family.
The company said the product responds to the financial responsibilities of working adults who support children and ageing parents while also planning for their own financial future.
Under the plan, eligible policyholders and their spouses can access up to 50 percent of the current sum assured following the diagnosis of a covered critical illness, subject to policy conditions and after five years of complete premium payment.
Olufunmilayo Amanwa, executive director, technical and operations at Leadway Assurance, said the product was developed in response to changing family structures and the financial demands placed on people supporting several generations.
In September, the insurer introduced its Arrival Pack, a short-term insurance solution designed for diaspora Nigerians, tourists, business travellers, students and other visitors to the country, as well as businesses serving them.
Kikelomo Fischer, executive director, retail and partnership at Leadway Assurance, said the offering was developed in response to risks associated with temporary visits and increased travel and commercial activity.
Fischer said international passenger movements into Nigeria increased from 4.33 million in 2024 to 4.85 million in 2025, representing growth of approximately 12 percent. She also identified airports, hotels, event centres, restaurants and transport operators among the businesses exposed to increased activity during busy travel periods.
The product’s introduction adds a travel-related offering to the insurer’s portfolio, although its potential reach will depend on the cover provided, its cost and the extent to which visitors and businesses take it up.
Lasaco Assurance has also expanded its product portfolio, receiving regulatory approval earlier in 2026 for six products covering areas including estate planning, future financial security and personal belongings.
Three enhanced third-party motor insurance variants were also included, offering additional protection for fire, theft and own damage. The approval represents another example of product development across different risk categories, although the extent of their commercial availability and customer uptake would need to be established separately.
Taken together, the offerings show how selected insurers are extending their portfolios across motor, life and travel-related risks. They do not, however, provide a complete picture of product development across an industry comprising numerous insurers serving different customer segments.
The broader challenge is whether these developments can help advance Nigeria’s efforts to increase insurance coverage. NAICOM has set a target of raising insurance penetration to 10 percent by 2031 under its Insurance Sector Growth and Development Plan, alongside objectives relating to insurance literacy, financial education and the inclusion of more small and medium-sized businesses.
According to the commission’s insurance growth plan, 78 percent of Nigerians lack a basic understanding of insurance products, while people aged 18 to 35 account for less than 20 percent of insurance customers. The figures highlight the barriers that could limit wider participation in the insurance market.
NAICOM has also emphasised the need for insurers to translate stronger financial positions into products and services that respond to customers’ needs.
Olusegun Ayo Omosehin, commissioner for insurance and chief executive officer of NAICOM, has said the industry’s progress should be assessed not only by the capital raised by operators but also by improvements in underwriting capacity, claims payment, customer experience and product innovation.
He has also identified convenience, speed, transparency and simplicity as important consumer expectations, urging insurers to use technology to improve service delivery and make insurance more accessible.
These priorities place product development within a broader industry challenge. While new offerings give customers more options, their contribution to wider coverage will depend on whether the policies address relevant risks, carry affordable premiums and are accessible to people who have traditionally remained outside the insurance market.
The products introduced by Anchor, Leadway and Lasaco reflect different approaches to meeting insurance needs, spanning motor protection, long-term family security and risks associated with travel. Whether such efforts contribute to NAICOM’s coverage ambitions will depend on their ability to attract new policyholders and provide protection that customers can afford and maintain.
