Insurance companies in Nigeria

Insurance companies in Nigeria

In this article, we shall be looking at the top 10 Insurance Companies in Nigeria. The decision to put down this post is just to the fact that most persons around have been asking whats insurance and most of them being Nigerians, it will be great and helpful to give it some explanation and let them know the one presently in Nigeria.

By the time you have read to the bottom line, you will know what’s Insurance, the types of insurance generally and once practiced in Nigeria, how it works, and its policy components.

Before we forge ahead, it will be right if justice is being done to the subject matter which is insurance.

What is Insurance?

Insurance is defining by the Oxford dictionary as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

This is a written contract or let’s say a policy whereby there is an insurer(the insurance company) who indemnifies another against losses from specific contingencies or perils.

Common Insurance types

There are plenty of types of insurance policies scattered all over the globe, and almost everyone or individual or even a business can get an insurance company to insure him, her, or a business. Knowing very well how important and crucial it is to know about the types of insurance in today’s World, let’s look at the common ones we have.

  • health insurance
  • Life assurance
  • Auto insurance
  • Home insurance
  • Travel insurance

Things you should consider  Before Choosing an Insurer in Nigeria

1. The Company’s Image

Check on the internet for what people are saying about the insurance company as a brand before choosing them. It’s only when you find their track records that you will know their straight and capabilities.

Make sure such an insurer is legally accredited and certified by the Nigerian government. Don’t do this at your own peril.

3. The Coverage

Always go for insuring company with the coverage that best suits your case. Don’t choose them only because of the reviews about them or simply because they are legally accreditated.

4. Financial Strength and Price Factor

You don’t need a seer to tell you that financial muscle is very important here. Will they be able to fare well during a bad economy? Their stock ratings and business resources are the right places to get the information you need to know what you need to know here. You should also check the price factor, is their price affordable? if yes then, go for them.

Top 10 Insurance companies in Nigeria

1. AIICO Insurance Plc

AIICO Insurance Plc is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country its key focus is on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

They offer the following policies:

  • Income investment plan
  • Three payment plan
  • Travel insurance
  • corporate saving plan
  • Education investment plan
  • Flexible endowment plan
  • Term assurance plan
  • Electronics equipment policy plan

2. Lead Way Assurance company

LEADWAY offers services in both Life and Pensions and

LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management.
They are very active online, across various social media channels and have computerized most of their operations to boost effectiveness.

They offer the following policies:

  • Family Benefit plan
  • Lead way saving plan
  • Term assurance plan
  • Money policy plan.
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan

3. Custodian and Allied Insurance

Custodian and Allied insurance companies provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of its clients.

They offer the following policies:

  • Investment plus plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan

4.  Cornerstone Insurance Plc

Cornerstone Insurance company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.

Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs.
It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.

They offer the following policies:

  • Motor insurance plan
  • Gadget protection plan
  • Investment plan
  • Halal Takaful plan
  • School fee guarantee plan
  • Goods in the transit plan
  • Home insurance plan
  • Life insurance plan
  • Annuity plan
  • Marine insurance plan
  • Travel insurance plan

5. AXA Mansard Insurance

AXA Mansard is a member of the AXA Group. AXA Group is a top player in insurance as well as asset management. The group of companies serves 107 million clients in over 60 countries.
The Company provides life insurance as well as on-life insurance solutions to individuals and organizations in the country.

Related Post: The Best Health Insurance Companies in Nigeria

They offer the following policies:

  • Student protection plan
  • Autoflex plan
  • Equity income plan
  • Auto classic plan
  • Money market plan
  • Easy care plan
  • Life savings plan
  • Instant plan
  • Health plan
  • Retirement savings plan
  • General ( business/ tourism) protection plan

6. African Alliance Insurance Plc

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficient and trustworthy in Life Assurance. In addition, they personalize their insurance products tailored for each stage of their clients’ lives.

They offer the following policies:

  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan
  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan

The list of the

This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.
Goldlink Insurance Plc is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance.

The insurance policies they offer include:

  • Group Life Insurance plan
  • School Safety plan
  • Compulsory Insurance plan
  • Oil & Gas plan
  • Engineering Insurance
  • General Accident plan
  • Individual Life Insurance plan
  • Reinsurance plan
  • Liability Policies plan
  • Marine & Aviation plan
  • Motor Insurance plan

8. Continental Insurance

Continental Insurance is the private sector leader of the pan-African insurance industry. The Company provides life and non-life insurance solutions to its clients across the continent.

They offer the following policies:

  • Business Insurance plan
  • Insurance plan
  • Auto Insurance plan
  • Home Insurance plan
  • Pet Insurance plan

9. Industrial and General Insurance Plc

The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.

Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

  • Group Life Products plan
  • Mobile Phone Insurance Plan
  • Aviation Insurance plan
  • Engineering Insurance plan
  • General Business Insurance plan
  •  Health Insurance Plan
  • Marine Insurance plan
  • Oil & Energy

10. Lasaco Assurance Plc

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company was called Lagos State Assurance Company Limited. Eventually, they got a License as an Insurer on July 7, 1980, and commenced operations on August 1, 1980.

The insurance policies they offer include:

  • Motor insurance plan
  • Aviation insurance plan
  • Marine insurance plan
  • Professional indemnity insurance
  • Fire and Special insurance plan
  • Personal accident plan
  • Bond insurance plan
  • Money insurance
  • Householder’s Insurance plan

The list of the top 10 Insurance companies in Nigeria as given above is in no particular order so you can go with any of them. With them, you are in safe hands.

Components of Insurance Policy of Insurance companies in Nigeria

We have a lot of component one need to know about when he or she is going into and insurance policy. It’s very important you understand these components because it will go a long way in helloing you get the best policy that suits your needs.  For the purpose of this article, I shall be dealing with the 3 components. These are the ones any insurance policy must carry.

1. Premium

An insurance policy’s premium is the price, typically charged on a monthly basis by the insurer based on your or your business’s risk profile.  A person who owns many expensive cars with a history of reckless driving will definitely have to pay more for an automobile insurance policy.

2. Policy Limit

This is the maximum amount an insurer(The insurance company) will pay under a policy for a covered loss. This can be set annually, per loss or injury,  over the policy term which is known as the lifetime maximum. You should note that higher limits carry higher premiums.

3. Deductible

This is a specific amount policyholder must pay out-of-pocket before the insurer pays a claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.

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