TOP 10 INSURANCE COMPANIES IN NIGERIA
An Insurance company is a business that sells Insurance. Buying Insurance is advisable as they help companies and individuals safeguard their properties and investments against possible risks.
The Insurance industry contains various policies. Understanding these policies as well as types of insurance companies and factors to consider can help in making better decisions when shopping for Insurance.
Types Of Insurance Companies
The types of Insurance companies include :
– Standard lines: This type of insurance company is licensed to sell or operate certain lines or types of Insurance in a specific state. They contribute money to a state guarantee fund. It's this fund that pays claims if a company collapses.
– Surplus lines: It is also called non-admitted insurer or excess lines. They are more flexible with the sort of Insurance they sell. Surplus lines cover things like a hurricane, property in flood, an extremely old home, earthquake zone, e.t.c, that standard insurers will or cannot cover.
Surplus lines companies aren't supported by a state guaranty fund. This means claims might go unpaid if any of these companies buckle up.
– Captives: A captive insurer is a wholly owned subordinate of a company that is set up just to insure the possible risk of the parent company. This is a form of self-insurance. It is easier to get and cheaper than getting coverage from the general insurance marketplace.
– Direct sellers: In direct sellers, a customer directly buys a policy from the insurer rather than through an independent agent or broker.
– Domestic: Is licensed and operates in the state of domicile. The company can obtain a licence to operate in other states. But will be considered "foreign" in those states.
– Alien: This is an insurance company that operates in a different country from the one it was incorporated in.
– Lloyds of London: The world's biggest Insurance and reinsurance marketplace is technically not an insurance company. Instead, it brings insurance buyers and sellers who seek to cover unique or big risks together.
– Stock companies: These are corporations with shareholders. A stock company that sells Insurance has one of its main aims to improve profits and return gains to shareholders.
A stock company's policyholder has no say in the way the company is run.
– Mutual companies: They are entirely owned by their policyholders. They are considered shareholders.
Factors To Consider Before Choosing An Insurance Agency
These are some crucial factors to consider before choosing an insurance agency so as not to get swayed by incompetent ones.
1. Legal accreditation
2. The coverage
3. The company's image
4. Price factor and Financial strength
Top 10 Insurance Companies In Nigeria
Self and property protection against unforeseen circumstances is one of the reasons Nigerians purchase Insurance. If you are looking to secure your future from total losses in Nigeria, here are the top 10 insurance companies that can be of help.
1. AIICO Insurance Plc
This is an insurance, asset management and pensions management group. It was established in 1963. It is among the top insurance companies in Nigeria.
The policies they offer are as follows :
- Three payment plan
- Corporate saving plan
- Income investment plan
- Travel Insurance
- Flexible endowment plan
- Electronics equipment policy plan
- Education investment plan
- Term assurance plan
2. Custodian and Allied Insurance
They offer a lot of insurance plans you can choose from.
Policies offered include:
- Tuition protection plan
- Immediate annuity plan
- Auto insurance plan
- Investment plus plan
- Capital plan
- Travel insurance plan
3. Lead Way Assurance Company
The services offered here are general business, pensions and life insurance. It was founded in 1970. They are across various social media channels and are very active online.
To boost effectiveness, they have computerised most of their work.
The policies they offer are as follows :
- Lead way saving plan
- Family benefit plan
- Money policy plan
- Personal saving plan
- Term assurance plan
- Deferred annuity plan
- Educational saving plan
4. AXA Mansard Insurance
The AXA Mansard Insurance is a part of the AXA Group. The AXA Group is very high in Insurance and asset management.
Policies they offer include :
- Autoflex plan
- Student protection plan
- Auto classic plan
- Equity income plan
- Easy care plan
- Money market plan
- Health plan
- Life savings plan
- Instant plan
- General (tourism/business) protection plan
- Retirement savings plan
5. Cornerstone Insurance Plc
Since its commencement, this company has remained committed to putting clients first and coming up with solutions that meet the client's needs.
Policies they offer include :
- Gadget protection plan
- Investment plan
- Motor insurance plan
- School fee guarantee plan
- Home insurance plan
- Halal Takaful plan
- Goods in the transit plan
- Life insurance plan
- Travel insurance plan
- Annuity plan
- Marine insurance plan
6. Goldlink Insurance Plc
This company does both life and general businesses.
Policies they offer include :
- School safety plan
- Oil & Gas plan
- Group life insurance plan
- Compulsory insurance plan
- General accident plan
- Engineering insurance
- Reinsurance plan
- Marine & Aviation plan
- Liability policies plan
- Motor insurance plan
- Individual life insurance plan
7. African Alliance Insurance Plc
It has a reputation for being trustworthy and efficient in life assurance.
Policies they offer include :
- Esusu plan
- Annuity assurance plan
- Group life assurance plan
- Individual assurance plan
- Direct debit form plan
- Investment assurance plan
8. Continental Insurance
This company provides life and non-life Insurance to its clients.
Policies they offer include :
- Auto insurance plan
- Business insurance plan
- Pet insurance plan
- Insurance plan
- Home insurance plan
9. Lasaco Assurance Plc
Policies they offer include :
- Aviation insurance plan
- Fire and special insurance plan
- Motor insurance plan
- Marine insurance plan
- Professional indemnity insurance
- Bond insurance plan
- Householders insurance plan
- Personal accident plan
- Money insurance
10. Industrial and General Insurance Plc
They offer tailor-made insurance solutions that suit clients' unique needs.
Policies they offer include :
- Engineering insurance plan
- Group life products plan
- Marine insurance plan
- General business insurance plan
- Mobile phone insurance plan
- Oil & Energy
- Aviation insurance plan
- Health insurance plan.
