Top Insurance Companies in Nigeria
Nigerians purchase insurance, among other things, to safeguard not only their homes but also themselves from unanticipated events.
They would want to avoid having to spend a lot of money on these events. Consequently, getting insurance is necessary.
Insurance enables people and businesses to protect their assets against potential hazards that could cause them to lose everything.
Leading insurance providers in Nigeria assist anyone wishing to protect their future from such a disaster.
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 its strengths and capabilities.
2. Legal Accreditation
The insurance company you decide to go with must be legally accredited and certified by the Nigerian government.
When choosing an insurance provider, this is a crucial consideration. Choose the level of protection that best meets your needs. For instance, it’s a warning to take your business elsewhere if the insurance provider does not cover specific scenarios like the business ideas you’d need.
4. The Price and Financial Strength Aspect
It’s critical to understand how the insurance business performs within a difficult economic climate and how that might impact you. To find the information you need, check stock ratings and business resources.
When looking for and ultimately selecting your insurance provider, you might also wish to take the cost into account. In other words, buy it if the price is reasonable. If it’s not, move on.
The Top 10 Insurance Companies in Nigeria
The top 10 insurance companies in Nigeria include:
1. AIICO Insurance Plc
AIICO Insurance Plc is an insurance, pension management, and asset management Group established in 1963. It is among the top insurance providers in Nigeria. General insurance and special risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main areas of focus.
2. Lead Way Assurance Company
LEADWAY offers services in both Life and Pensions and
LEADWAY Assurance is one of the Top Insurance Companies in Nigeria (founded in 1970) and offers insurance services in General business insurance and Life and pensions. The Company also offers allied financial services such as Secured Credit, Bonds, 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.
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.
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 its clients 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.
5. AXA Mansard Insurance
The AXA Mansard Company 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 non-life insurance solutions to individuals and organizations in the country.
6. African Alliance Insurance Plc
African Alliance Insurance plc is one of the Top Insurance Companies in Nigeria. It was incorporated on May 6, 1960. The African Alliance Insurance Plc Company has a reputation for being efficient and trustworthy in Life Assurance. In addition, they personalize their insurance products tailored to each stage of their clients’ lives.
7. Goldlink Insurance Plc
On April 15, 1992, this insurance firm was established as a Private Limited Liability firm. On May 11, 2007, it changed its status to a Public Liability Company, and on February 12, 2008, it was listed on the NSE.
The general and life business licenses for Goldlink Insurance Plc are the same. Plans including automobile insurance, fire and special hazard insurance, oil and gas insurance, life and pension plans, and travel insurance are among them.
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.
9. Industrial and General Insurance Plc
The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company was 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.
10. Lasaco Assurance Plc
On December 20, 1979, Lasaco Assurance Plc was established by the Companies Decree of 1968.
The Company’s previous name was Lagos State Assurance Company Limited. They finally received their insurance license on July 7, 1980, and they started doing business on August 1 of that same year.
In no particular order, the aforementioned businesses are among the best insurance providers in Nigeria. In other words, you can go with any of these companies, knowing you’re in safe hands.
Some others worthy of mention include;
- African Alliance Insurance Company Ltd
- AIICO Insurance Plc. 004
- Alliance & General Insurance Plc.
- ALLIANZ NIGERIA INSURANCE PLC
- Anchor Insurance Company Ltd
- ARM Life Plc.
- AXA Mansard Insurance plc.
- Capital Express Assurance Limited
- Consolidated Hallmark Insurance Plc.
- Continental Reinsurance Company Plc.
- Cornerstone Insurance Plc.
- Custodian & Allied Insurance Limited
- Custodian Life Assurance Limited
- FBN General Insurance Limited
- FBN Insurance Limited
- Fin Insurance Company Limited
- Mutual Benefits Assurance Plc.
- Mutual Benefits Life Assurance Ltd
- NEM Insurance Plc.
- NICON Insurance Plc.
- Niger Insurance plc.
- Nigeria Reinsurance Corporation
- Nigerian Agricultural Insurance Corporation
- NSIA Insurance Ltd
- Old Mutual Nigeria General Insurance Company Limited
- Old Mutual Nigeria Life Assurance Company Limited
- Prestige Assurance Plc.
- Prudential Zenith Life Assurance Company Limited
- Regency Alliance Insurance Plc.
- Royal Exchange Prudential Life
- Royal Exchange Prudential Life
- Unitrust Insurance Nigeria Limited
- Sovereign Trust Insurance Plc.
- GOXI Microinsurance
- NOOR Takaful Plc.
- Cornerstone Takaful Insurance Co. Ltd
- Great Nigeria Insurance Plc.
- Guinea Insurance Plc.
- Goldlink Insurance Plc.
- International Energy Insurance Plc.
- Industrial & General Insurance Plc.
- JAIZ TAKAFUL INSURANCE PLC
- KBL Insurance Limited
- LASACO Assurance Plc.
- Law Union & Rock Insurance Plc.
- Leadway Assurance Company Limited
- Linkage Assurance Plc.
- Tangerine Life Insurance Ltd
- STACO Insurance Plc.
- Standard Alliance Insurance Plc.
- Sterling Assurance Nigeria Ltd
- SUNU Assurance Plc.
- UNIC Insurance Plc.
- Universal Insurance Plc.
- Veritas Kapital Assurance Plc.
- Coronation Insurance
- Coronation Life Assurance Lt
- Zenith General Insurance Company Limited