Insurance, Insurance, Insurance,…, You've probably heard that a million times in your years of existence.
But you might or might not know what it entails. However, this article not just informs you on top Insurance companies in Nigeria but provides you with a brief nitty-gritty of the term Insurance. Let's then begin.
The first insurance establishment dates back to the 17th century, when traders, bankers, and insurance underwriters frequented. It has flourished in several nations worldwide, with most insurance companies now located in Nigeria.
The first insurance company in Nigeria was Royal Exchange Assurance Agency, founded in 1918. African Insurance Company Limited, however, was the oldest locally owned insurance company in Nigeria. In 1958, it first started offering services.
Top 10 Nigeria Insurance Companies
Insurance offers financial protection against unforeseen accidents and other risks and brings peace of mind. You might wonder, why should I opt for an Insurance policy?
Firstly, you can safeguard your loved ones in the event of your passing or loss of earning capacity, as well as the desire to protect your house, car, or other assets in the event of theft or disaster.
You either become the insured or the beneficiary once you buy the Insurance. You must pay the insurance provider a sum known as the "premium" in exchange for asking them to assume the risk on your behalf. You may submit a compensation claim if an accident occurs. The contract covers that.
Leading insurance providers in Nigeria assist people looking to protect their future from such misfortune. However, to choose the best insurance agency, you must know what you are looking for and how it operates.
The two broad categories into which Insurance can be divided are Life and General Insurance. The insurance company will pay the beneficiary a lump sum for a life insurance policy after the insured person passes away. Savings are one of the additional components that life insurance can include.
General Insurance, the second category of Insurance, offers protection against losses other than fatalities, such as property damage from accidents or personal injury.
Top 10 Insurance companies in Nigeria
In no particular order, here are some top 10 Nigeria Insurance companies to check out.
AIICO Insurance Company
The Insurance, pension, and asset management group AIICO Insurance Plc was founded in 1963. It is one of the best insurance providers in the nation and an abbreviation for American International Insurance Company.
General Insurance and unique risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main focus areas.
Here are some policies they provide:
- Money-investment Strategy
- Three-payment schedule
- Corporate savings plan
- Education Plan
- Adaptable endowment strategy
- Travel Insurance
- Electronic equipment Policy plan
Lead Way Assurance Company
Since its founding in 1970, LEAD WAY Assurance has provided general business and life and pensions insurance services. The Company also offers ancillary financial services like portfolio management, Bonds, Miscellaneous Financial Losses, and Secured Credit.
They have computerized most of their operations to increase effectiveness and are active on various social media platforms.
They provide the following plans:
- Family Benefits
- Leadway Savings
- Monetary policy
- Term assurance
- Deferred annuities
- Private savings
- Education savings
Custodian and Allied Insurance
A variety of insurance plans are available from Custodian and Allied insurance companies. Every package is customized to the requirements of its customers.
The plan they provide are as follows:
- Capital Plan
- Car Insurance
- Tuition Protection Insurance
- Immediate Annuity
- Travel Insurance
- Investment Plus
AXA Mansard Insurance
The AXA Group includes the business AXA Mansard and leads both in asset management and Insurance. It's available in over 60 countries with 107 million customers.
The Company offers people and businesses national life insurance and other types of Insurance.
They provide the following policies:
- Retirement savings plan
- Life savings plan
- Money market plan
- General ( business/ tourism) protection plan
- Student protection plan
- Equity income plan
- Instant plan
- Health plan
- Auto classic plan
- Autoflex plan
- Easy care plan
Cornerstone Insurance Plc
The Cornerstone Insurance Company was established on July 26, 1991, as a private limited liability company. The Nigerian Stock Exchange (NSE) began to quote it in 1997 after it eventually changed its legal status to Public Limited Liability.
Cornerstone Insurance has remained committed to its mission since it was founded, putting the needs of its customers first. It holds a Life and General Business Insurance license from NAICOM, the National Insurance Commission.
The policies they provide are as follows:
- Travel insurance plan
- Investment plan
- Annuity plan
- Goods in a transit plan
- Marine insurance plan
- School fee guarantee plan
- Halal Takaful plan
- Home insurance plan
- Life insurance plan
- Motor insurance plan
- Gadget protection plan
Continental Reinsurance
Incorporated in Nigeria in 1985, Continental Reinsurance was founded as a private reinsurance firm. Continental Reinsurance is a composite reinsurer with a well-diversified customer base and business mix that provides treaty and facultative life and non-life reinsurance.
They offer the subsequent plans:
- Pet Insurance plan
- Business Insurance plan
- Auto Insurance plan
- Home Insurance plan
- Insurance plan
African Alliance Insurance plc
Munich Reinsurance Company supported the incorporation of African Alliance Insurance plc, formerly known as African Alliance Insurance Limited, on May 6, 1960.
They provide an innovative medley of Investments, Savings, and Protection Products (Term Assurance and Group Life).
They offer the subsequent plans:
- Esusu plan
- Direct debit form plan
- Group life assurance plan
- Individual assurance plan
- Investment assurance plan
- Annuity assurance plan
Goldlink Insurance plc
A license to conduct business as a full-fledged insurance company was issued to Goldlink Insurance Plc on September 8, 1993. The Company was established as a Private Limited Liability Company on April 15, 1992.
Goldlink Insurance plc provides life and general business insurance, such as Insurance against fire and other special perils, automobiles, energy, and pensions, Insurance against oil and gas, and travel insurance, among others.
What they offer
- Motor Insurance plan
- Group Life Insurance plan
- Marine & Aviation plan
- School Safety Plan
- Liability Policies plan
- Compulsory Insurance plan
- Oil & Gas plan
- Reinsurance plan
- Individual Life Insurance plan
- Engineering Insurance
- General Accident plan
Lasaco Insurance Plc
Lagos State Assurance Company Limited (Lasaco) was established on December 20, 1979, following the Companies Decree of 1968. They finally received their insurance license on July 7, 1980, and they started doing business on August 1.
They provide the following insurance coverages:
- Aviation insurance plan
- Marine insurance plan
- Motor insurance plan
- Householder's Insurance plan
- Money insurance
- Professional indemnity insurance
- Personal accident plan
- Fire and Special insurance plan
Industrial and General Insurance Plc
The insurance company was established on October 31, 1991, as a private limited liability company. However, a public limited liability company for the Company was registered in 2007.
In addition to starting operations in January 1992 for Pensions and Special Risks, they then started operating in Life and General Insurance. Industrial and General Insurance Plc's custom insurance solutions cater to each of its clients' unique needs.
Their policies include the following:
- Oil & Energy
- Group Life Products plan
- Marine Insurance plan
- Mobile Phone Insurance Plan
- Health Insurance Plan
- Aviation Insurance plan
- General Business Insurance plan
- Engineering Insurance plan
Having known some of these Insurance companies, you may as well be confused about which to go for. However, there are things to consider before selecting an insurance provider to achieve that. These elements are necessary to prevent being influenced by, for example, flashy branding.
Things to consider before selecting Insurance provide
The Company brand
You should search the internet for brand reviews and the latest news. This is so that you can determine the Company's strengths and capabilities based on its past performance.
Legal Assurance
The insurance provider you selected must hold legal accreditation and certification from the Nigerian government.
The Coverage
When choosing an insurance provider, this is a necessary consideration. Choose the level of protection that best meets your needs. For instance, it's a sign to take your business elsewhere if the insurance provider does not cover specific circumstances like the business ideas you'd need.
The Price and Financial Strength Aspect
It's critical to understand how the insurance company performs during a challenging economic climate and how that might impact you. To find the information you need, check stock ratings and business resources.
Consider considering the cost when looking for and ultimately selecting your insurance provider. In other words, buy it if the price is reasonable. If it's not, move on.
