Leading Insurance Companies in Nigeria

What Is Insurance?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.

Basically,  One of the reasons Nigerians buy insurance is to protect themselves in addition to their properties against unforeseen circumstances.

These events can take up a large chunk of their finances, and they’d want to avoid that. Hence, the need for buying insurance.
Insurance helps individuals and companies safeguard their investments and properties against potential risks that could make them lose everything.

There are top insurance companies in Nigeria that help individuals looking to secure their future from such misfortune. However, you have to know what you are looking for, how the insurance agency works and pick the right one. In order to do that, there are factors to take into consideration before choosing an insurance company.
These factors are necessary to avoid being swayed by -for instance- fancy branding.

 

Factors to Consider Before Choosing an Insurer

1. The Company’s Image

You should surf the internet for reviews and top news about the brand. This is because the company’s track record should give you an idea about their strengths and capabilities.

The insurance company you decided to go with must be legally accredited and certified by the Nigerian government.

3. The Coverage

This is a vital and necessary factor in selecting an insurance company. Select the coverage that best suits your needs. For instance, if the insurance company does not cover certain circumstances like business ideas  you’d require, that’s a sign to take your business elsewhere.

4. Financial Strength and Price Factor

It’s important to find out how the insurance company fares during a bad economy and how that can affect you. Go through stock ratings and business resources to get the information you are searching for.
You may also want to consider the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.

 

Leading Insurance Companies in Nigeria

A. 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 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

 

B. Lead Way Assurance company

LEADWAY offers services in both Life and Pensions and

LEADWAY Assurance (founded in 1970) offers insurance services in General business 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 computerised 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

 

C. Custodian and Allied Insurance

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

They offer the following policies:

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

 

D.  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.

They offer the following policies:

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

E. 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 organisations in the country.

 

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.

F. African Alliance Insurance Plc

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficiencies and trustworthy in Life Assurance. In addition, they personalise 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

 

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:

  • School Safety plan
  • Group life insurance
  • 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

 

H. 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

 

I. 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

 

J. 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 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
  • Fire and Special insurance plan
  • Personal accident plan
  • Bond insurance plan
  • Money insurance
  • Householder’s Insurance plan

The companies mentioned above are some of the top insurance companies in Nigeria in no particular order. In other words, you can go with any of these companies, knowing you’re in safe hands.

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