Making Insurance Work For Nigeria

Advocating for transparency, fairness, and accessibility in the insurance industry

Bridging Awareness

Educating individuals and businesses about the benefits of insurance coverage

Driving Development

Collaborating with government agencies and stakeholders to advance the insurance sector

Empowering Policyholders

Ensuring settlement of genuine claims

About Us

Transparent Protection Ltd/Gte is a non-profit organization promoting transparency, accountability, and accessibility in Nigeria’s insurance industry. Since 2012, we have been working to raise awareness about insurance, drive industry development, and advocate for policy changes.

Our motivation behind starting this organization is to facilitate widespread insurance adoption, ensure fair claims settlement, and empower individuals and businesses to make informed decisions about their insurance needs.

Our Core Values

Our Initiatives

Driving positive change through our initiatives

Awareness

Raising awareness about insurance education and coverage benefits

Advocacy

Influencing insurance policies and advocating for consumer protection

Partnerships

Fostering collaborations with government agencies and stakeholders for industry growth

Articles

Insurance News Beat

NAICOM Commissioner Highlights Inflation’s Impact on Insurance Sector at IMT 2024 Conference

September 30, 2024

NAICOM Commissioner Olusegun Omosehin highlighted inflation’s impact on the insurance sector, emphasizing the need for digitalization, effective claims management, and stronger collaboration with brokers for industry growth.

South African Reserve Bank (SARB) Sanctions Insurance Firm for Non-Compliance

September 30, 2024

The South African Reserve Bank imposed administrative sanctions and financial penalties on Old Mutual Life Assurance for non-compliance with the Financial Intelligence Centre Act, following a 2020 inspection.

Nigerian Insurance Firms Struggle with High Costs of IFRS 17 Compliance

September 27, 2024

30-Word Summary: Nigerian insurance firms are spending between N50 million and N100 million to comply with IFRS 17. While some companies have succeeded, others are struggling to meet the financial requirements of the new standard.

Understanding the Difference between Market Value and Insured Value

August 8, 2024

This article explains the difference between market value and insured value. Market value is the current price of an asset, while insured value is the maximum payout specified in an insurance policy. Understanding these distinctions helps avoid underinsurance, and overinsurance, and ensures adequate asset coverage.

A Guide to Insurance for People with Pre-Existing Medical Conditions

August 6, 2024

This article provides a comprehensive guide for individuals with pre-existing medical conditions seeking insurance coverage. It covers challenges, types of insurance affected, steps to obtain coverage, tips for managing costs, and legal protections, emphasizing the importance of understanding your needs and exploring various options to find suitable coverage.

Understanding the Concept of Indemnity in Insurance

August 6, 2024

The article explains the principle of indemnity in insurance, which ensures that policyholders are compensated for their losses without financial gain. It details how indemnity works, its purpose, types, examples, and limitations. The principle aims to restore the insured to their pre-loss state, maintaining fairness in insurance practices.