Despite considerable research on firm market value and dividend policies, there remains limited insight into how dividend payout and dividend yield specifically influence the market value of listed insurance firms in Nigeria. This study addresses this gap by investigating the impact of dividend payout ratio and dividend yield ratio on the market value of Nigerian listed insurance companies. Employing a longitudinal research design, the study analyzed data from ten insurance firms that consistently published audited annual reports between 2009 and 2023. Using panel multiple regression analysis via E-Views 12, the findings reveal that the dividend payout ratio has a negative but statistically insignificant effect on market value, whereas the dividend yield ratio shows a positive and significant influence. These results underscore the complex role dividend policies play in shaping investor perceptions and firm valuation. While higher dividend yields appear to bolster market confidence and valuation, the impact of payout ratios on Price to Book Value (PBV) is less straightforward and may be influenced by other contextual factors. Consequently, the study recommends that firms with high dividend payout ratios communicate their growth and reinvestment plans clearly to investors, mitigating concerns about limited growth prospects and potentially improving market valuation. Additionally, listed insurance firms should capitalize on the positive association between dividend yield and market value by maintaining stable and attractive dividend policies to signal financial strength and enhance investor confidence.