Money & Insurance Product Usage Poll Whole Nigeria

What stops you from buying insurance: cost, trust, or lack of awareness?

Insurance is designed to provide financial protection against unexpected events such as accidents, illness, property damage, or business losses. Yet, despite the risks individuals and businesses face daily in Nigeria, insurance penetration remains relatively low. Many Nigerians still choose not to purchase insurance coverage, raising important questions about the barriers preventing wider adoption.

This poll seeks to explore the primary reasons why people hesitate or refuse to buy insurance. For some, the issue may be affordability, especially in a challenging economic environment where competing financial priorities limit disposable income. Others may question whether insurance companies can be trusted to honor claims fairly and promptly, leading to skepticism about the true value of coverage.

There are also individuals who may not fully understand how insurance works, what products are available, or how policies can benefit them, pointing to a possible awareness gap.

Understanding the dominant barrier is essential for strengthening Nigeria’s insurance sector and improving financial protection nationwide. If cost is the main obstacle, insurers may need to introduce more flexible, affordable, or microinsurance products. If trust is the primary concern, improving transparency, communication, and claims settlement efficiency becomes critical. If lack of awareness is the key issue, then financial education and public sensitization campaigns may be the most effective solution.

The findings from this poll will provide valuable insights for insurance companies, regulators, policymakers, and financial inclusion advocates. By identifying what truly prevents people from purchasing insurance, stakeholders can design targeted strategies to increase adoption, enhance public confidence, and expand financial security across Nigeria.

Ultimately, this poll aims to answer a fundamental question: what is the real reason many Nigerians remain uninsured, and what must change to build a stronger culture of risk protection and financial resilience?

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Important Notice

This poll is conducted strictly for research, public opinion analysis, and informational purposes. The responses gathered do not represent verified facts, professional advice, or official statements from any insurance company, regulator, or industry body in Nigeria.

Participation in this poll is voluntary, and all responses are anonymous. The results reflect the personal opinions and experiences of respondents at the time of participation and should not be interpreted as definitive evidence of industry-wide practices.

The findings from this poll are not intended to promote, discredit, or make allegations against any specific insurance company, financial institution, or regulatory authority. Readers and stakeholders are encouraged to conduct independent research and seek professional advice before making financial or insurance-related decisions.

By participating in this poll, respondents acknowledge that the information provided is based on their personal views and that the organizers bear no liability for decisions made based on the published results.

Poll Image
1 Do you currently have any form of insurance policy? *
2 What is the main reason you have not purchased insurance (or hesitate to purchase more)? *
3 How much do you trust insurance companies in Nigeria to pay valid claims? *
4 How would you rate your level of understanding of insurance products (health, motor, life, business, etc.)? *
Please select one option for each statement in the grid below.
Statement Poor Fair Good Excellent
Health Insurance
Motor Insurance
Life Insurance
Business Insurance
5 What would most likely convince you to buy insurance? *
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Ikechukwu Anaekwe
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Mar 04, 2027
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Ikechukwu Anaekwe

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Created
Mar 04, 2026
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Mar 04, 2027
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