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Is insurance a scam in Nigeria

Distrust of insurance deserves a factual response: verify the insurer, read the contract, pay through official channels and understand the complaints route before buying.

What to check

Check NAICOM licensing, product documents, exclusions, surrender terms, claims requirements, service contacts and evidence of every payment.

What could change the answer

Regulation does not make every policy suitable, and a known brand does not replace due diligence. Be wary of verbal promises that are absent from the contract.

A practical next step

Ask three written questions—what is guaranteed, what can stop payment and how do I complain—then keep the answers with the policy.

Reviewed 2026-09-09