Marine insurance is a crucial protection plan for importers, exporters, and logistics companies in Nigeria. Whether you are shipping goods through Lagos, Port Harcourt, or Tin Can Island, marine insurance shields you from financial loss due to damage, theft, or accidents during transit.
But how much does marine insurance actually cost in Nigeria? Let’s break it down in simple terms.
Average Cost of Marine Insurance in Nigeria (2025)
The average cost of marine insurance in Nigeria typically ranges between ₦5,000 and ₦100,000 or more, depending on several key factors such as:
Value of the goods or cargo
Type of shipment (import/export, inland, coastal, or international)
Mode of transport (ship, air, or road)
Insurance coverage type (All-Risk or Named Perils)
Shipping destination and route risk
For example:
Shipping goods worth ₦2,000,000 internationally may attract a premium of ₦30,000 to ₦50,000.
Local inland shipping of ₦500,000 cargo might only cost ₦5,000 to ₦10,000.
Types of Marine Insurance Policies in Nigeria
Before buying a policy, it’s essential to understand the main categories:
- Marine Cargo Insurance – Covers goods while being transported by sea, air, or land.
- Marine Hull Insurance – Covers loss or damage to ships or vessels themselves.
- Freight Insurance – Protects shipowners or freight companies from losing freight revenue.
- Liability Insurance – Covers third-party damages arising from marine operations.
Factors That Affect Marine Insurance Premiums.
When calculating your premium, insurance companies in Nigeria consider:
Cargo nature and fragility
Voyage distance and risk exposure
Packaging quality
Past loss records
Currency exchange rate and inflation
Insurance companies like AIICO Insurance, Leadway Assurance, AXA Mansard, and Cornerstone Insurance Plc all offer flexible marine insurance plans in Nigeria.
Example Cost Estimate
Cargo Value Policy Type Transport Route Estimated Premium
₦1,000,000 Marine Cargo (All Risk) Lagos → Port Harcourt ₦7,000
₦5,000,000 Marine Cargo (Named Perils) Lagos → UK ₦35,000
₦20,000,000 Marine Hull Coastal Route ₦120,000+
Why Marine Insurance Is Important
Without marine insurance, you could face massive financial loss if your cargo is damaged, stolen, or lost at sea.
Having coverage means:
Peace of mind during shipping
Compliance with Nigerian port and trade regulations
Easier access to trade finance or bank loans
Improved credibility in global trade
❓FAQ on Marine Insurance Cost in Nigeria
Q1: What is the minimum cost of marine insurance in Nigeria?
A: The minimum premium starts around ₦5,000, depending on the cargo value and distance.
Q2: Is marine insurance compulsory in Nigeria?
A: Yes. For import/export through Nigerian ports, marine cargo insurance is mandatory under the Insurance Act 2003.
Q3: Can I buy marine insurance online in Nigeria?
A: Absolutely. Many insurers like Leadway Assurance and AXA Mansard offer online marine insurance quotes and purchase options.
Q4: What does marine cargo insurance not cover?
A: It doesn’t cover poor packaging, inherent defects, or loss due to delay.
Q5: How long does it take to process a marine insurance claim?
A: Depending on the documentation, most claims are resolved within 2–4 weeks.
Final Thoughts
Marine insurance in Nigeria is not just a legal requirement — it’s a smart investment for any business moving goods. Whether you’re a small importer or a major shipping company, having the right coverage keeps your operations safe and compliant.
Protect your shipment today and ship with confidence.
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