In 2017, the World Health Organisation, estimated that about 11% of the world’s population spent over 10% of their annual income on medical related expenses, while about 100 million people were pushed into poverty after incurring huge medical expenditure in 2017. As dire as these global numbers may be, the Nigerian scenario paints a worse picture. Agusto & Co estimates that only about 5% of Nigerians have health insurance. Consequently, an estimated 83% of Nigerians pay their medical bills out-of-pocket, which represents a major drag on disposable income of most Nigerian families. Despite the significant benefits of health insurance, which has been proven globally as the most efficient means to finance medical expenses, the Industry performance has remained lethargic in Nigeria.
