TOP INSURANCE COMPANIES IN Nigeria YOU SHOULD KNOW 2024

The role of insurance companies is to assist their clients in risk management. By doing so, they transfer a portion of your financial risk to the insurance company when you purchase insurance through them, and you will be responsible for covering the financial risk if insurance does not cover you.

Because they offer solutions for risk management and financial protection, insurance agencies are vital in Nigeria. We will examine the top insurance companies in Nigeria and talk about their policies in this blog article.

WHY DO YOU NEED INSURANCE COMPANIES IN NIGERIA?

Below are reasons why you need insurance companies in Nigeria:

Risk Mitigation

Insurance gives people and companies a way to lessen their exposure to monetary hazards. Policyholders can shift the financial risk of things like liability, health problems, and property damage to the insurance company by paying a comparatively low premium.

Financial Security

Insurance offers defense against unanticipated expenses. When an insured loss occurs, the insurance provider pays the policyholder or a third party, assisting in their financial recovery from the incident.

Encourages Investment

Because of the risks involved, insurance can persuade people and companies to make investments that they otherwise might have refrained from. Businesses might be more inclined to invest in new projects, for instance, if they are aware that it will insure the endeavors against possible losses.

Encourages Economic

Development Insurance acts as a safety net for both individuals and corporations, which can promote economic growth. People are more inclined to participate in economic activity, make investments, and support the expansion of the economy when they feel financially secure.

Creation of Wealth

Certain insurance products, such as investment-linked policies and life insurance, can be used to build wealth. This insurance frequently has features that let policyholders save money over time, which is advantageous for long-term financial objectives like retirement.

Through a variety of products, such as life and health insurance, insurance companies can support social welfare. In times of illness or death, these products offer financial support, assisting families in meeting the related costs.

TOP INSURANCE COMPANIES IN NIGERIA YOU SHOULD KNOW

The top insurance companies in Nigeria are::

1. AIICO INSURANCE LIMITED

As a leading and one of the top insurance companies in Nigeria, Aiico Insurance Plc provides asset management, health insurance, pension management, life assurance, and annuities, in addition to general insurance and special risk. The company has a diverse clientele that includes businesses, financial institutions, governments, and private citizens. With total premiums, it is the second-largest insurance company in Nigeria.

Annuity plans, corporate savings plans, educational opportunities, flexible endowment plans, group life insurance plans, income investment plans, life celebration plans, mortgage protection plans, term assurance, and three-payment plans are examples of life insurance policies.

Healthcare International Plc and Aiico Capital Plc are minority-owned by Aiico Insurance Plc, which holds a controlling position in Multishield Plc. The headquarters of the corporation is in Lagos, Nigeria.

POLICIES OFFERED BY AIICO INSURANCE COMPANY OFFER

They provide the following policies:

Plan for Investing in Income
Three-month schedule of payments
Corporate savings plan for travel insurance
Investment proposal for education
Adaptable endowment scheme
Plan for Term Assurance
Policy Plan for Electronic Equipment

Visit Aiico Insurance Limited Here

2. LEADWAY INSURANCE COMPANY

Sir Hassan O. Odukale founded Leadway in 1970. It was initially a direct automobile insurer when it first opened for business in 1971. It grew into more general business domains and eventually formed a composite company that underwrote general and life insurance and has been recognized as one of the top insurance companies in Nigeria.

The company’s financial capacity has expanded over time, enabling it to underwrite risks pertaining to heavy industries, including oil and gas, as well as large manufacturing concerns, of an extremely high size. Moreover, it provides fund/portfolio management, bonds, secured credit, and other financial services as subsidiaries.

WHAT ARE THE POLICIES COVERED BY LEADWAY INSURANCE COMPANY?

They provide the following policies:

Plan for Family Benefits
Plan for saving the lead way
Plan for Term Assurance
Plan for financial policy.
Plan for saving for education
Individual savings strategy
Plan deferred annuity

Visit Leadway Insurance Company Here

3. Cornerstone Insurance Company

Nigerian insurance provider, Cornerstone Insurance Company Plc offers plans for both life and non-life classes. For individuals, corporations, and institutional clients, the business offers risk underwriting and associated financial services. Products for cars, aircraft, marine, engineering, all hazards, asset protection, third-party liability, oil and gas, group life, credit life, mortgage protection, term assurance, wealth building, and Islamic insurance are all included in this category.

The first insurance provider in Nigeria to provide clients an internet platform for insurance transactions was Cornerstone Insurance Company Plc. The company’s services are readily available via mobile and internet technologies and is one of the top insurance companies in Nigeria. The headquarters of Cornerstone Insurance Company Plc is located in Lagos, Nigeria.

POLICIES OFFERED BY CORNERSTONE INSURANCE COMPANY

As one of the top insurance companies in Nigeria, they provide the following policies:

Plan for auto insurance
Plan for safeguarding gadgets
Investment strategy
Halal Takaful scheme
Plan for guaranteeing school fees
Plan for Goods in Transit
Plan for home insurance
A life insurance policy
Plan Annuity
Plan for marine insurance
Plan for travel insurance

Visit Cornerstone Insurance Company Here

4. GOLDLINK INSURANCE PLC

Nigerian individuals and corporations can obtain insurance products and services from Goldlink Insurance Plc, a life and general insurance provider. The company as one of the top insurance companies in Nigeria has the authority to insure both life and general classes, which include travel, oil and gas, marine, aviation, fire and special dangers, auto insurance, life and pension, and so on. Its product line includes insurance for marine machinery, cargo, and hull, as well as construction and operation related to oil and gas.

In addition, Goldlink Insurance Plc provides engineering insurance products for consequential loss resulting from machinery, erection and contractor risks, plants and machinery breakdown, computer and boiler risks, electronic equipment, bonds, share certificate indemnity, counter indemnity, and professional indemnity insurance. In 1992, the company was established. Lagos, Nigeria, is home to its headquarters.

POLICIES OFFERED BY GOLDLINK INSURANCE COMPANY

Plan for School Safety
Mandatory insurance program
Plan for Oil and Gas
Engineering Liability
Plan for General Accidents
Personal Life Insurance Policy
Plan for reinsurance
Plans for Liability Policies
Plan for Marine and Aviation
Plan for Motor Insurance

5. CONTINENTAL INSURANCE COMPANY

The pioneer of the pan-African insurance market in the private sector is Continental Insurance. The company offers its clients around the continent alternatives for both life and non-life insurance and has also been noted as a top insurance company in Nigeria.

The head office of Continental Insurance Brokers Limited, an insurance brokerage business, is located in Lagos, Nigeria. The organization comprises a team of committed, skilled, and seasoned professionals that have continuously proven to our numerous clients how knowledgeable we are about insurance and how well-run we can be. They have also had the honor of acting as brokers for insurance for a wide range of business and industry interests.

POLICIES OFFERED BY CONTINENTAL INSURANCE COMPANY

They provide the following policies:

Plan for Business Insurance
Plan for Auto Insurance
Plan for Home Insurance
Plan for Pet Insurance

Visit Continental Insurance Company Here

6. MUTUAL BENEFITS ASSURANCE

Through investments, partnerships, and strategic alliances, the Mutual Benefit Assurance Plc (MUTUAL) has developed into a conglomerate of value-adding businesses with a range of interests in many sectors of the Nigerian economy. Presently, MUTUAL stands as a prominent name in the Nigerian insurance sector, employing more than 3,000 employees and marketing executives.

Founded in 1995, Mutual Benefit Assurance Plc is a reputable insurance company. They provide a range of insurance services, such as travel, auto, marine, and life insurance.

Mutual Benefit is also renowned for providing outstanding customer service and settling disputes quickly.

POLICIES OFFERED BY MUTUAL BENEFITS ASSURANCE

They provide the following policies:

Fire and unique dangers.
Vehicle motor.
Health insurance for travel.
Plan for children’s education.
Mutual protection and individual savings plan.
Partner multi-life protection.
Term assurance by mutual.

7. Industrial and General Insurance

October 31, 1991, saw the incorporation of the insurance company as a private limited liability company. In 2007, the corporation filed to become a public limited liability corporation. Following that, they started offering life and general insurance in January 1992, along with pensions and special risks.

To meet the specific demands of each of their clients, industrial and General Insurance, a top insurance companies in Nigeria provides customized insurance solutions.

POLICIES OFFERED BY INDUSTRIAL AND GENERAL INSURANCE

The following are the policies they provide:

Plan for Group Life
Plan for Mobile Phone Insurance
Plan for aviation insurance
Strategy for engineering insurance
Plans for General Business Insurance
Plans for Health Insurance
Plans for Marine Insurance
Petroleum & Energy

8. AXA Mansard Insurance

In Nigeria, AXA Mansard Insurance Plc is an asset management and one of the top insurance companies in Nigeria. The company provides investment consulting services, financial advising services, portfolio and risk management services, and solution packages for commercial, life, travel, commercial, and auto insurance. Lagos, Nigeria is home to the headquarters of AXA Mansard Insurance Plc.

AXA Mansard is a firm under the AXA Group. Leading player in both asset management and insurance is AXA Group. The conglomerate companies cater to more than 60 countries and 107 million customers.

The company offers the nation’s consumers and organizations alternatives for both life insurance and on-life insurance.

POLICIES OFFERED BY AXA MANSURD INSURANCE

They provide the following policies:

Plan for student safety
Plan Autoflex
Plan for Equity Income
Classic auto plan
Plan for the money market
Simple maintenance schedule
Plan for life savings
Quick plan
Health care strategy
Plan for retirement savings
General protection plan for business and tourism

FREQUENTLY ASKED QUESTIONS

Are there any top insurance companies in that prioritize creative solutions?

Companies like Leadway Assurance and AIICO Insurance are experimenting with new methods for customer service and product development as the business changes.

In Nigeria, what kinds of insurance are required?

In Nigeria, it is mandatory to carry third-party vehicle insurance, and the Pension Reform Act mandates group life insurance for certain employee groups.

Are farm insurance policies offered by Nigerian insurance companies?

Yes, to shield farmers against a range of dangers, some insurance companies—like Leadway Assurance and AIICO Insurance—offer agricultural insurance.

Do insurance firms in Nigeria provide loyalty programs or discounts?

In Nigeria, certain insurance providers provide savings for combining policies or keeping a claim-free history. As loyalty schemes differ, it is best to check with specific insurance providers.

In Nigeria, is it easy to change insurance providers?

In Nigeria, it is possible to change insurance providers, but before doing so, it is crucial to weigh aspects, including policy coverage, cancellation costs, and ease of transition.

CONCLUSION

Now that you are aware of the reasons you should get any of the top insurance companies in Nigeria and have access to the list of the top 8 insurance companies in Nigeria, you should sign an insurance policy right away, if only to protect yourself against unanticipated future events.