In table 1, Nigeria is ranked in comparison with ten top African countries in premium income, in 2011, in which Nigeria ranked the fourth position trailing behind Egypt, Morocco and South Africa. By land mass, population and insurable assets, Nigeria is first among all African countries. This is buttressed by Akingbola (2006) when he stated that though the Nigerian Insurance Industry boomed until the mid – 80s…the industry soon fell into turbulent times, particularly from the early 90s as a result of the following: Undercapitalization of most insurance companies in the country; Poor product mix/pricing strategy; Gross inefficient service delivery channels; Low integrity of many insurance firms; Low insurance awareness among Nigerians; Poor labour practices; Poor information technology infrastructure; Poor regulatory mechanism, and Poor enforcement mechanism.