There are many top insurance companies in Nigeria which assist individuals who want to secure their future from the risk of uncertainty. However, you must know what you are looking for, how the insurance agency works, and how to choose the best one. There are several factors to consider before choosing insurance company in order to this.
We all know that one of the reasons people buy insurance policies is for the protection of risk of unforeseen consequences at the occurrence of specific accidents insured against. However, Nigeria is not an exception.
Nigerian have seen that insurance helps protect them and their properties from the risk of an unfortunate events, hence the rise of insurance (companies) in Nigeria.
However, not minding the need to get an insurance policy, there are some factors you must put into consideration before buying an insurance policy.
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What Are the Factors To Consider Before Choosing An Insurer?
There are several factors that one must be mindful of when choosing an Insurer.
They are as follows:
1. The image of the company
You should always look up reviews and facts about the brand on the internet. This is due to the fact that the company’s history and track record should provide you with information about it’s up to and what insurance policy to go for.
2. Legal Certification
Your chosen insurance company must be legally recognized and accredited by the Nigerian government.
3. Policy Coverage
Before you buy an insurance from an insurance company, you must first of all know the policy which they offer. This is because, you are to choose what coverage that best suits your need. When you want to get your car insured, you don’t have to go for an insurer whose main coverage is homeowners. You just have to get with an auto insurance company for your safety.
4. Financial Stability and the Price Factor
It is good to learn how the insurance company performs during a bad economy and how this can affect you. Evaluate stock ratings and business resources to find the information you’re looking for.
When searching for and ultimately selecting an insurance company, you may also want to consider price. In other words, if the price is reasonable, buy it. If it isn’t, look elsewhere.
The Top Insurance Companies in Nigeria 2023
1. AIICO Insurance Plc.
AIICO Insurance Plc was established in 1963 as an insurance, pensions management, and asset management Group. However, It is known to be one of the country’s top insurance companies with its overwhelming features and Policy.
AIICO Insurance Plc focuses mainly on general insurance and special risks, life assurance and annuities, health insurance, asset management, and pension administration.
AIICO Insurance Plc offer the following policies:
- Three payment plan
- Education investment plan
- Electronics equipment policy plan
- Income investment plan
- corporate saving plan
- Term assurance plan
- corporate saving plan
- Travel insurance
- Flexible endowment plan
2. Lead Way Assurance company
LEADWAY provides services in both life insurance and pensions.
LEADWAY Assurance was established in 1970. It provides insurance services in the areas of general business insurance and life and pensions. In moreover, the company provides supplementary financial services such as secured credit, bonds, miscellaneous financial losses, and portfolio management.
They are very active on various social media channels and have computerized the majority of their operations to increase steadiness and efficiency.
Lead Way Assurance company offers various insurance policies which includes the following:
- Lead way saving plan
- Family Benefit plan
- Money policy plan.
- Deferred annuity plan
- Term assurance plan
- Personal saving plan
- Educational saving plan
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3. Custodian and Allied Insurance
Custodian and Allied insurance companies offer a huge number of insurance plans from which clients are given the options to choose. Each plan is customized to meet the needs of its clients.
Their policies includes the following:
- Immediate annuity plan
- Tuition protection plan
- Capital plan
- Auto insurance plan
- Investment plus plan
- Travel insurance plan
4. Cornerstone Insurance Plc
Cornerstone Insurance Company was first formed as a private limited liability company on July 26, 1991, and it was later transformed into a Public Limited Liability Company and was listed on the Nigerian Stock Exchange (NSE) in 1997.
Cornerstone Insurance has held fast since its inception, putting their clients first and developing solutions that meet their needs.
NAICOM, the National Insurance Commission, has licensed it to provide both life and general business insurance.
Their policies includes the following:
- Investment plan
- Gadget protection plan
- Marine insurance plan
- Motor insurance plan
- Annuity plan
- Travel insurance plan
- Goods in transit plan
- School fee guarantee plan
- Halal Takaful plan
- Life insurance plan
- Home insurance plan
- Annuity plan
5. AXA Mansard Insurance
AXA Mansard is known to be a subsidiary of the AXA Group. AXA Group is one of the top insurance companies in Nigeria and a major player in both insurance and asset management. The company group has maintained deligency serving 107 million customers in over 60 countries.
Individuals and businesses in the country can rely on the company for life insurance and on-life insurance solutions.
Their policies includes the following:
- Student protection plan
- Life savings plan
- General ( business/ tourism) protection plan
- Money market plan
- Instant plan
- Retirement savings plan
- Equity income plan
- Autoflex plan
- Easy care plan
- Auto classic plan
- Health plan
6. African Alliance Insurance Plc
African Alliance Insurance plc. was founded on May 6, 1960. The insurance Plc company is known for its efficiency and dependability in Life Assurance. Furthermore, the company has customize their insurance products to each stage of their clients’ lives.
Their policies includes the following:
- Group life assurance plan
- Esusu plan
- Investment assurance plan
- Individual assurance plan
- Annuity assurance plan
- Direct debit form plan
7. Goldlink Insurance Plc
This insurance company was founded on April 15, 1992, as a Private Limited Liability Company. It was later changed to a Public Limited Liability Company on May 11, 2007, and was listed on the NSE through an introduction on February 12, 2008.
Goldlink Insurance Plc is authorized to conduct both life and general business. These plans include Motor Insurance, Fire and Special Perils Insurance, Oil & Gas Insurance, Life & Pension Insurance, and Travel Insurance.
They offer the following insurance policies which include:
- School Safety plan
- Compulsory Insurance plan
- General Accident plan
- Motor Insurance plan
- Reinsurance plan
- Marine & Aviation plan
- Group Life Insurance plan
- Oil & Gas plan
- Engineering Insurance
- Individual Life Insurance plan
- Liability Policies plan
8. Continental Insurance
Continental Insurance is the pan-African insurance industry’s private sector leader. The company offers its clients across the continent life and non-life insurance solutions.
They offer the following insurance policies which include:
- Business Insurance plan
- Auto Insurance plan
- Pet Insurance plan
- Insurance plan
- Home Insurance plan
9. Industrial and General Insurance Plc
the insurance company was formed as a private limited liability company on October 31, 1991. In 2007, the Company was incorporated as a public limited liability company. In January 1992, they began operations in Life and General insurance, as well as Pensions and Special Risks.
Industrial and General Insurance Plc provides customized insurance solutions to meet the specific needs of their clients.
They offer the following insurance policies which include:
- Group Life Products plan
- Aviation Insurance plan
- Health Insurance Plan
- Oil & Energy
- Engineering Insurance plan
- Marine Insurance plan
- Mobile Phone Insurance Plan
- General Business Insurance plan
10. Lasaco Assurance Plc
Lasaco Assurance Plc is one of the top 10 insurance companies in Nigeria which was established on December 20, 1979, in accordance under the Companies Decree of 1968.
The company was known as Lagos State Assurance Company Limited at the time. They were eventually licensed as an insurer on July 7, 1980, and started operating as an insurance company on August 1, 1980.
They offer the following insurance policies which include:
- Aviation insurance plan
- Motor insurance plan
- Householder’s Insurance plan
- Personal accident plan
- Money insurance
- Fire and Special insurance plan
- Marine insurance plan
- Fire and Special insurance plan
- Professional indemnity insurance
- Bond insurance plan
The above mentioned insurance companies are the top 10 best insurance companies in Nigeria which you can buy your insurance policy and feel safe.
Frequently Asked Questions – Top Insurance Companies in Nigeria
The most Frequently Asked Questions about insurance include:
What is the name of the first insurance company in Nigeria?
The first insurance company in Nigeria is the Royal Exchange Assurance Agency which was created in 1918 in the Nigeria’s insurance history.
However, African Insurance Company Limited was Nigeria’s first and the oldest indigenous insurance company. It began offering services in 1958.
What are the types of insurance companies?
They include the following:
- standard lines,
- Excess lines,
- Captives,
- Direct sellers,
- Domestic,
- Alien,
- Mutual companies,
- Stock companies,
- Lloyds of London, and ETC.
How did insurance begin?
Insurance started a way little as a coffeehouse in the 17th century, patronized by bankers, merchants, and insurance underwriters.
Is there health insurance in Nigeria?
Yeah of course, there is free health care available. This is provided through a special health insurance scheme for both government employees and private companies that enter into contracts with private health care providers.
What is NHIS in Nigeria?
This is an abbreviation for the National Health Insurance Scheme. It is an organization formed by the Federal Government of Nigeria under Act 35 of the 1999 constitution to help fund health care for Nigerians.
When did NHIS enter Nigeria?
It was first launched on June 6, 2005. The scheme has so far provided 4 million identity cards and registered and accredited 62 HMOs.
How can I register NHIS in Nigeria?
You can sign up and register online. Navigate to nhisonline.com.ng and click the ‘Register’ button. However, in order to register online, you must provide information such as your surname, NHIS number, and date of birth. You will be able to manage your account and view the information of your dependents in this manner.
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