Top 10 Insurance Companies In Nigeria

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You are about to discover the list of the top 10 insurance companies in Nigeria that you probably did not know.

Nigerians purchase insurance, among other things, to safeguard not only their homes but also themselves from unforeseen 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 risks that could cause them to lose everything.

What Exactly Does Insurance Entail?

An agreement known as an insurance policy provides financial protection or reimbursement against losses from an insurance company to a person or an organization. In order to make payments to the insured more manageable, the company pools the risks of its clients.

Insurance policies are used to protect against the possibility of monetary losses, large and small, resulting from harm to the insured person or her property or from liability for harm or damage to a third party.
There are many different kinds of insurance policies available, and almost any person or organization can find an insurance company that will insure them for a fee.

What Are Insurance Companies?

Insurance companies are financial institutions that offer a variety of insurance policies to shield people and businesses from the risk of financial losses in exchange for recurrent payments of premiums.

Insurance companies invest the premiums they receive in financial securities in order to generate additional income and profit, in addition to using the money to pay out daily claims.
They are intermediaries in the financial sector that provide direct insurance or reinsurance services to protect clients’ finances from potential risks in the future.

According to study results, insurance companies in Nigeria play a variety of roles, including but not limited to lowering financial risk; protecting against loss due to unforeseeable circumstances; ensuring safety and security; fostering economic growth; and acting as financial intermediaries.

Top 10 Insurance Companies In Nigeria

Below are some of the most recognized insurance companies in Nigeria and the type of insurance services that they offer?

1. AIICO Insurance Plc

The insurance, pension, and asset management group AIICO Insurance Plc was founded in 1963. It is one of the top 10 insurance companies in the nation. General insurance and special risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main areas of focus.

Offerings from AIICO include:

  • Vehicle Insurance
  • Travel/Residential Insurance
  • Gas and oil plans.
  • Food and insurance

2. Leadway Assurance

One of Nigeria’s leading insurance service providers, Leadway Assurance Company Limited, was established in 1970 and has a reputation for providing reliable services to clients. They provide life and pension insurance as well as general business insurance. Additionally, they provide portfolio management, bonds, miscellaneous financial losses, and secured credit.

Leadway Assurance offer the following types of insurance:

  • Plan for Family Benefits
  • Lead-savings strategy
  • Term assurance plan
  • Blueprint for a money policy.
  • Savings strategy for education.
  • A private savings strategy
  • Deferred annuity plan

3. Custodian and Allied Insurance

Custodian and Allied insurance firms is one of the top 10 insurance companies with variety of insurance products. Every plan is customized to meet the needs of its users.

They provide the subsequent policies:

  • Investing and strategy
  • A quick annuity strategy
  • Plan to cover tuition
  • Plan for auto insurance.
  • Plan for travel insurance
  • Capital program

4. Continental Insurance

The private sector’s dominant player in the insurance market across all of Africa is Continental Insurance. The business offers its clients all across the continent alternatives for life and non-life insurance.

They provide the subsequent policies:

  • Make a Business Insurance Plan
  • Plan for auto insurance.
  • Insurance for homes
  • Plan for pet insurance.

5. African Alliance Insurance Plc

On May 6, 1960, African Alliance Insurance plc. was established. The insurance plc organization is known for its effectiveness and dependability in the field of life insurance. Additionally, they customize their insurance offerings to suit every stage of the clients’ lives.

They provide the subsequent policies:

  • Plan to ensure annuities
  • Plan for group life insurance.
  • Esusu scheme
  • Plan for direct debit
  • Personal assurance program.
  • Plan for Investment Assurance

6. AXA Mansard Insurance

Both life and non-life insurance services and products are provided by AXA Mansard Insurance, more reason it is appearing on one of our top 10 insurance companies.  AXA Mansard Insurance is a subsidiary of the AXA Group, a well-known insurance and asset management company with operations in 64 nations across Africa, the Middle East, and Central and South America.

This is what they provide:

  • Services for managing assets and investments
  • Services for health management
  • Pension fund management

7. Goldlink Insurance plc

Goldlink Insurance Plc was established as a Private Limited Liability Company on April 15, 1992, and was given permission to conduct business as a full-fledged insurance company on September 8, 1993.

Both life and general business insurance, such as fire and special perils insurance, auto insurance, life and pension insurance, oil and gas insurance, travel insurance, etc., are provided by Goldlink Insurance plc.

8. Cornerstone Insurance Plc

On July 26, 1991, Cornerstone Insurance Corporation was established as a private limited liability company. It eventually changed its legal status to Public Limited Liability and began trading in 1997 on the Nigerian Stock Exchange (NSE). Cornerstone Insurance has stayed committed to its clients ever since it was founded, putting their needs first and developing solutions to fit them.

They provide the subsequent policies:

  • Plan for motor insurance.
  • Device insurance
  • Investment strategy
  • A scheme to guarantee school fees
  • Insurance for homes
  • Plan for life insurance.
  • Annuity strategy
  • Plan for marine insurance.
  • Plan for travel insurance

9. Lasaco Assurance Plc

On December 20, 1979, Lasaco Assurance Plc was established in accordance with 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.

They provide the following insurance coverage:

  • Plan for motor insurance.
  • Plan for aviation insurance.
  • Plan for marine insurance.
  • Professional liability insurance
  • Plan for Fire and Special Insurance
  • Plan for personal accidents
  • Plan for bond insurance.
  • Money protection
  • Owner’s Insurance Program

10. Industrial and General Insurance plc

Lastly on our list of top 10 insurance companies is Industrial and General Insurance plc. Industrial and General Insurance plc was initially founded as a private limited liability business. In 2007, it was once more registered as a public limited liability business.

By using precise procedures and a special reaction time, they cater to the insurance needs of customers in a variety of industries, including banking, oil and energy, manufacturing, engineering, maritime, and aviation, as well as public institutions.

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