Insurance Agent salary in Nigeria

Average Yearly Salary of Insurance Agent in Nigeria is approximately 3,435,721 NGN (4,115 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Insurance Agent do?

An insurance agent is a professional who works for an insurance company or brokerage firm to assist clients in finding suitable insurance policies that meet their specific needs. They are responsible for explaining various insurance options, policies, and coverage details to clients, as well as helping them understand the terms and conditions of their policies. Insurance agents also handle policy renewals, claims, and any modifications or updates required by clients. They may conduct risk assessments, analyze insurance applications, and provide recommendations based on individual circumstances. Additionally, insurance agents often build and maintain relationships with clients, ensuring excellent customer service and addressing any concerns or inquiries.

Skills: Insurance agent, Insurance sales, Policy advisor, Risk assessment, Customer service, Claims handling
Job industry: Insurance

How much does Insurance Agent make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Insurance Agent a well paid job?

Yes, our data show that Insurance Agent is an averagely well paid job that still allows for some yearly savings. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Insurance Agent?

High salary for Insurance Agent would be somewhere between 3,779,293 NGN and 4,981,795 NGN. However this is an estimation based on Gaussian Distribution.

How much can you save working as Insurance Agent in Nigeria?

Living in Nigeria the approximate monthly expenses are: 206 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 3,435,721 NGN
Estimated Monthly Salary: 286,310 NGN
Estimated Weekly Salary: 66,072 NGN per week
Estimated Hourly Salary: 1,652 NGN per hour
By working as Insurance Agent a person can save up to 137 USD per month or 1,648 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Nigeria, see costs of living in Nigeria.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Niger, Chad, Cameroon, Benin.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Insurance Agent

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

Top 10 highest salaries in Nigeria

Data as of 2025

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