Insurance is a financial risk management tool that transfers the risk of potential loss from an individual or entity to an insurance company. In essence, it involves pooling the risks of many individuals into a collective fund, allowing the insurance company to pay for losses incurred by a small number of policyholders.

Insurance products cover a wide range of risks, including property damage, health issues, liability, and life events. These products are designed to provide financial protection and peace of mind in case of unforeseen circumstances.

The insurance industry plays a crucial role in the economy by providing financial stability and security. It enables individuals and businesses to manage risks effectively and focus on their core activities.

Insurance professionals, such as underwriters, actuaries, and claims adjusters, play vital roles in assessing risks, pricing insurance policies, and managing claims. The insurance industry is also heavily regulated to protect policyholders’ interests and ensure the financial soundness of insurance companies.

If you are interested in Studying Insurance & Risk Management in one of Nigeria Universities, below we have a list of universities offering Insurance & Risk Management in Nigeria.