School Guide

Best Universities to Study Insurance in Nigeria

Insurance is a form of risk management that often forms a contract between a
customer and a supplier. The customer pays a certain amount and in return receives some form of leverage or relief
upon the occurrence of certain events.
This is a four-year bachelor’s program  and graduates of this course have career  opportunities in the insurance industry. 

In today’s article, we’ll be looking into the  best universities to study insurance in Nigeria. If you’re  interested in studying insurance at  university in Nigeria, you have some great  options.

Best Universities to Study Insurance in Nigeria

Insurance is a form of risk management that often forms a contract between a customer and a supplier. The customer pays a certain amount and in return  receives some form of leverage or relief upon the occurrence of certain events.

Below are the best universities to study insurance in Nigeria 

1. University of Lagos

When it comes to studying insurance in Nigeria, the University of Lagos should be at the top of your list. Their insurance program is the oldest and most prestigious in the country.

Hands-on opportunities include internships, field trips to insurance companies, and interaction with industry leaders. The program also participates in regional case study competitions to give students real-world experience.

The university has an active insurance students association and strong industry partnerships. Many top insurance companies recruit directly from the program. According to a recent graduate survey, over 85% of students had job offers before graduating.

Studying insurance at the University of Lagos will provide you a robust education, valuable experience, networking opportunities, and a path to an exciting career. If you’re serious about insurance, there’s no better place in Nigeria to build your future.

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2. Covenant University

Covenant University is one of the top private universities in Nigeria and an excellent option if you want to study insurance. Located in Ota, Ogun State, Covenant University has a reputation for excellence and is well-resourced with quality facilities and lecturers.

Covenant University’s Department of Business Management offers an undergraduate program in Insurance. The program equips you with knowledge in risk management, underwriting, claims assessment, and loss adjustment.

Covenant University has an active Insurance Students Association which organizes seminars, conferences and networking events with industry professionals. This exposes you to career opportunities and helps build connections in the insurance field.

3. University of Ibadan

The University of Ibadan is Nigeria’s premier university and one of the best places to study insurance. Established in 1948, UI has a long history of excellence in business and finance education.

UI offers undergraduate and postgraduate programs in insurance, including B.Sc., M.Sc., and Ph.D. degrees in Insurance. The Department of Actuarial Science and Insurance is renowned for its highly qualified faculty and hands-on approach to learning.

A highlight of UI’s insurance program is the opportunity for real-world experience. You can participate in internships, take field trips to major insurance companies, and work on practical case studies. Recent graduates report feeling well-prepared to start successful careers in Nigeria’s growing insurance sector.

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4. Nigerian Defense Academy

The Nigerian Defense Academy (NDA) offers a unique training program for future military officers that includes insurance education.

At NDA, cadets pursuing a degree in insurance take specialized courses in risk management, underwriting, and claims assessment. These practical, hands-on courses prepare cadets to serve as military insurance officers upon commissioning.

NDA’s insurance program is highly competitive, accepting only the top performing cadets. If you have a keen interest in insurance and desire to serve your country, NDA may be an excellent path to launch your career. Their specialized program will equip you with the knowledge and experience to become a leader in Nigeria’s growing insurance sector.

5. Obafemi Awolowo University

OAU is another top choice for insurance studies. They offer a B.Sc. in Insurance and Actuarial Science. This program has a strong actuarial focus, covering advanced topics like life contingencies, stochastic processes, and risk theory. OAU also has an M.Sc. in Insurance for students interested in research or academia.


An education from any of the above listed universities can open up opportunities for an exciting and rewarding career at the intersection of insurance.

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1. Do I need a degree to work in insurance in Nigeria?

To work in insurance in Nigeria, a university education is typically required, usually a bachelor’s degree in insurance, actuarial science, or related fields like finance, economics or business administration.

2. What universities offer insurance programs in Nigeria?

Some of the top universities for insurance studies in Nigeria include:

  • University of Lagos
  • Redeemer’s University
  • Bayero University
  • Nnamdi Azikiwe University

3. What careers are available in the insurance field?

There are many rewarding career paths in insurance, including:

  • Insurance Underwriter: Reviews applications and determines risk levels to set policy terms and premiums.
  • Actuary: Uses statistics and financial theory to analyze risks and determine appropriate premium rates.
  • Claims Adjuster: Investigates insurance claims and determines the amount to be paid out.

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