Frequently Asked Questions On Insurance



What is the name of the first insurance company in Nigeria?

Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria. However, the oldest indigenous insurance company in Nigeria was called African Insurance Company Limited. It started providing services in 1958.


What are the types of insurance companies?

They include standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London and more.


How did insurance begin?

Insurance began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters.


Is there health insurance in Nigeria?

There are free health care provided. This is provided through a special health insurance scheme for government employees as well as private firms entering contracts with private health care providers.


What is NHIS in Nigeria?

This is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 constitution by the Federal Government of Nigeria to subsidize health care for Nigerians.


When did NHIS started in Nigeria?

It was launched on the 6th of June, 2005 . Till date, the scheme has issued 4 million identity cards, registered and accredited 62 HMOs.


How can I register NHIS in Nigeria?

You can register online. Go to and click on ‘Register’. However, details such as surname, NHIS number and date of birth are required in order to register online. That way, you will be able to manage your account and see the information of your dependants.


What is the role of NHIS?

It protects families from the financial hardships of huge medical bills, limits the rise in the cost of health care services, and ensures equitable distribution of health care costs among different income groups.


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