Purpose: The study investigated human capital expenditure and market value of listed insurance companies in Nigeria. Methodology: A descriptive survey design was used in the study. Out of the 21 listed insurance firms in Nigeria as at December 31, 2022 (per the Nigerian Exchange Bulletin), the study chose and evaluated two (2) of them. These insurance providers were LASACO Assurance Plc. and AXA Musard Insurance. The study used secondary data obtained from the annual reports of the relevant insurance companies for the years 2015 through 2021, giving us a 14-year period of annual observation. Out of the twenty-one (21) listed insurance b firms in Nigeria, the study employed judgmental sample technique to select two insurance companies. Findings: The researchers came to the conclusion that there is a substantial positive association between human capital expenditure and EPS of insurance companies in Nigeria. Additionally, the study concluded that there is a strong correlation between human capital expenditure and BVPS of insurance companies in Nigeria. Contribution: This suggests that health/safety, training, and development are important aspects of human capital that can increase earnings per share and book value per share to raise the market value of insurance businesses in Nigeria. The study therefore advised that in order to achieve better EPS and BVPS, management of insurance companies should continue to prioritise employee training, health, and safety. Accounting standard setters should also create a specific standard that will address the concept of human resources accounting. Limitation: One of the limitations encountered in this study is that the chosen sample size was limited to only two insurance companies in Nigeria which may not represent the nature of others not included in the study