Insurance Regulation and Consumer Protection in the Nigerian Market

This study examines the effectiveness of insurance regulation in protecting consumers in the Nigerian insurance market. Consumer protection in insurance encompasses transparency in policy documentation, fair claims handling, prohibition of deceptive marketing practices, and accessible dispute resolution mechanisms. In Nigeria, NAICOM's regulatory framework includes market conduct rules, minimum policy wording standards, and consumer complaints channels, but the enforcement effectiveness of these mechanisms is debated among practitioners and academics. This research employs a mixed-methods approach combining a survey of 200 insurance consumers in Enugu and Abuja with content analysis of NAICOM enforcement reports and consumer protection guidelines from 2020 to 2024. The survey measures consumer knowledge of their rights under insurance regulations, experience with claims disputes, awareness of NAICOM's consumer complaints portal, and satisfaction with dispute resolution outcomes. Content analysis tracks the frequency and nature of enforcement actions related to consumer protection violations. Descriptive statistics and thematic analysis are applied. Preliminary findings are expected to reveal low consumer awareness of regulatory protections and significant delays in formal dispute resolution. The study recommends establishing an independent Insurance Consumer Ombudsman in Nigeria modeled on similar structures in South Africa and the United Kingdom. Keywords: Insurance Regulation, Consumer Protection, NAICOM, Dispute Resolution, Market Conduct.