Why Do Many Nigerians Avoid Insurance Until It Is Mandatory?

I learnt about insurance as protection against potential future loss as far back as secondary school. Yet many Nigerians only obtain cover when it is required for vehicle registration or another official process, and may not renew it afterwards. Health insurance can help people manage hospital bills, while life insurance can support families after the loss of a breadwinner. Fire and business insurance can also help entrepreneurs recover after disasters instead of losing everything. Why is insurance still widely ignored in Nigeria? Is it distrust of insurers, high premiums, poor awareness, difficult claims processes, or something else? If you work in insurance or have used it before, please share the pros, cons and your experience.

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