Leadway Assurance, in collaboration with PlanB Insurance for Nigerian Women, has launched a set of insurance products specifically tailored for women. The initiative, which has received approval from the National Insurance Commission, is designed to address the unique financial and health concerns of Nigerian women, while also driving financial inclusion and expanding insurance access across the country.
At the launch event, representatives from both organizations emphasized the need to close the gender gap in financial services. Citing data from Women’s World Banking, they highlighted that only 35 percent of Nigerian women currently have access to financial services, compared to 55 percent of men. Health insurance access remains critically low, with fewer than five percent of Nigerians covered, despite the country’s universal health insurance mandate.
According to Leadway Assurance’s Director of Sales, Retail and Partnerships, the goal was to create an all-in-one insurance solution that directly speaks to the everyday needs and concerns of Nigerian women. She explained that the new products were developed to address core areas such as children, health, and business—common concerns among women across the country.
The CEO and Co-founder of PlanB, said the products are the outcome of a one-year sandbox test approved by the insurance regulator to assess whether women in Nigeria would embrace insurance if it were more accessible and better designed to fit their needs. She noted that the offerings were developed by women, for women, and reflect real-life expectations and financial realities.
Also speaking at the event, PlanB Co-founder Babi Subair detailed the structure of the packages, which are organized into SME, corporate, and premier bundles. Each package is further broken down into three tiers: Bloom, Flourish, and Thrive. The design took into account the major barriers women face in accessing insurance, including a lack of understanding, affordability issues, and the complexity of multiple policies.
Subair explained that the products were intentionally bundled to simplify the user experience. She emphasized that affordability was a key priority, with prices designed to be within the monthly budgets of everyday Nigerian women. The result, she said, is a simplified, affordable, and inclusive solution tailored to help women protect their health, families, and businesses.
This development marks a significant move toward gender-responsive financial solutions in Nigeria’s insurance industry, as more women are empowered to participate in formal financial systems through accessible and meaningful insurance products.
