Insurance not only brings peace of mind, but also provides some financial protection against unexpected accidents and other life risks. There can be many reasons to use insurance, including the desire to protect your family after your death or bankruptcy or to protect your home, car or other property in case of theft or Damage. An insurance company is simply a business that provides insurance services.
The top insurance companies in Nigeria are AIICO Insurance Plc, Lead Way Assurance Company, Custodian and Allied Insurance, Cornerstone Insurance Plc, AXA Mansard Insurance, African Alliance Insurance Plc, Goldlink Insurance Plc, Continental Insurance, Industrial and General Insurance Plc and Lasaco Assurance Plc. There are many insurance companies in Nigeria that help those who want to insure their future in such calamities. However, you need to know what you are looking for, how the insurance company works, and choose the right one. To do this, there are things to consider before choosing an insurance company.
Role of Insurance Companies
The role of insurance companies is to help their clients manage risk. Buying insurance from an insurance company means transferring some of your financial risk to the insurance company. When you don't have insurance, you have to face the financial risk yourself. When you buy the insurance, you become the insured or the beneficiary. You pay the insurance company a sum called a "premium" as a price for asking the insurance company to take your risk. If you have an accident that falls within the scope of the contract, you can file a claim.
Types of Insurance
Insurance can be divided into two types:
a) Life Insurance
b) General Insurance
In the case of a life insurance contract, the insurance company will pay an amount to the beneficiary after the death of the insured. Providing life insurance can also include other benefits, such as savings. The second type of insurance is general insurance.
General insurance provides protection against losses other than death, such as bodily injury or damage caused by an accident. Incorporating an insurance plan into your financial plan is very important to protect yourself, your family and your property, and prevent various risks.
What are the Criteria to Consider before Choosing Insurance?
Below are to be considered before choosing Insurance
• The Company’s Image
You should search the internet for reviews and brand stories. In fact, the company's track record should give you an idea of its strength and power.
• Legal Accreditation
The insurance company that you decide to go with must be approved and legally approved by the Nigerian government.
• The Coverage
This is an important and important factor in choosing an insurance company. Choose the cover that suits your needs. For example, if the insurance company does not cover certain conditions such as the business idea you would like, that is a sign to take your business elsewhere.
• Financial strength and pricing
It is important to know how insurance companies behave during a bad economy and how it can affect you. Browse our inventory of products and business resources to find the information you're looking for. You may also want to consider price factors when doing research and perhaps choosing your insurance company. In other words, if the price is cheap, go for it. If not, go somewhere else.
In this article, we present to you a list of the top 10 Insurance Companies in Nigeria:
List of Top Insurance Companies in Nigeria
The top 10 insurance companies in Nigeria include:
1. AIICO Insurance Plc
2. Lead Way Assurance Company
3. Custodian and Allied Insurance
4. Cornerstone Insurance Plc
5. AXA Mansard Insurance
6. African Alliance Insurance Plc
7. Goldlink Insurance Plc
8. Continental Insurance
9. Industrial and General Insurance Plc
10. Lasaco Assurance Plc
Let us study them carefully
1. AIICO Insurance Plc
AIICO Insurance Plc is an insurance, pension management and asset management group established in 1963. It is one of the best insurance companies in the country. His areas of interest are general and special risk insurance, life and annuity insurance, health insurance, asset management and retirement management.
They make the following policies:
• Investment plan
• Three payment plans
• Travel insurance
• Corporate security plans
• Education investment plan
• Flexible user plans
• Term insurance plans
• Electronic project planning
2. Lead Way Assurance Company
Lead way offers both life and retirement services as well. Lead way Insurance (founded in 1970) provides insurance services in general business insurance as well as in life and retirement. The company also offers related financial services such as secured credit, bonds, mutual funds and portfolio management. They are active online, in various social media channels and have put most of their work on computers to increase efficiency.
They make the following policies:
• Family benefit plans
• Road Safety Plan
• Term insurance plans
• Financial planning.
• Education savings plan
• Personal savings plan
• Retirement plans are over
3. Custodian and Allied Insurance
Custodian and Allied Insurance companies offer a variety of insurance plans to choose from. Each plan is tailored to the needs of its customers.
They make the following policies:
• Alternative investment plans
• Instant annuity plan
• Teaching protection plan
• Car insurance plans
• Travel insurance plan
• Capital planning
4.
Cornerstone Insurance Plc
Cornerstone Insurance Company was incorporated as a limited liability company on July 26, 1991. Eventually, it became a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) in 1997.
Since its inception, Cornerstone Insurance has remained dedicated, putting its customers first and creating solutions that meet their needs. NAICOM is authorized - the National Insurance Commission - to issue both life insurance and general business insurance.
They make the following policies:
• Car insurance plans
• Application Security Plan
• Investment plan
• Halal Takaful System
• Tuition Guarantee Plan
• Planning of goods in transit
• Home insurance policy
• Life insurance plan
• Year plan
• Waterproofing plan
• Travel insurance plan
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5. AXA Mansard Insurance
AXA Mansard is part of the AXA Group. AXA Group is a major player in insurance and wealth management. A company that serves 107 million customers in more than 60 countries.
The company provides life insurance solutions and life insurance solutions to individuals and national organizations.
They make the following policies:
• Student protection plan
• Auto flex package
• Equitable financial planning
• Auto classic package
• Financial planning
• Simple maintenance plan
• Life insurance plan
• Quick plan
• Health plan
• Retirement savings plan
• General protection plan (business/tourism)
6. African Alliance Insurance Plc
African Alliance Insurance Plc., incorporated on May 6, 1960. The Insurance Company Plc has a reputation for quality and reliability in life insurance. Additionally, they tailor their insurance products to suit every stage of their customers' lives.
They make the following policies:
• Annuity insurance plan
• Group life insurance plan
• Language Map
• Instant sheet plans
• Individual insurance plans
• Insurance plan
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7. Goldlink Insurance Plc
This insurance company was incorporated as a private limited company on April 15, 1992. It later became a public company on May 11, 2007 and was listed on the NSE through an IPO on February 12, 2008. Goldlink Insurance Plc is licensed to do both life and general business.
These include features such as car insurance, fire and special perils, oil and gas, life and retirement and travel insurance.
The insurance policies they offer include:
• Group life insurance plan
• School Safety Plan
• Compulsory insurance plans
• Oil and gas projects
• Engineering Insurance
• General emergency planning
• Individual life insurance plans
• Insurance plan
• Project load forecasting
• Maritime and aeronautical planning
• Car insurance plans
8. Continental Insurance
Continental Insurance is a private sector leader in the pan-African insurance industry. The company provides life and non-life insurance solutions to its clients across the continent.
The insurance policies they offer include:
• Corporate insurance plans
• Insurance plan
• Car insurance plans
• Home insurance plan
• Pet insurance plan
9. Industrial and General
Insurance Plc
The insurance company was incorporated as a limited liability company on October 31, 1991. The company was registered as a public company in 2007. After that, it started its work in life and general insurance, in addition to pensions and special risks in January 1992. Industrial and General Insurance Plc provides bespoke insurance solutions to meet the unique needs of their clients.
The insurance policies they offer include:
• Plan group life insurance products
• Mobile phone coverage plan
• Flight insurance plan
• Engineering insurance plans
• General business insurance plans
• Health insurance plans
• Waterproofing plan
• Oil and energy
10. Lasaco Assurance Plc
Lasaco Assurance Plc was incorporated on 20 December 1979 under the Companies Act 1968. At that time, the company was called Lagos State Assurance Company Limited. Finally, they received an insurance license on July 7, 1980 and began business on August 1, 1980.
The insurance policies they offer include:
• Car insurance plans
• Flight insurance plan
• Waterproofing plan
• Professional indemnity insurance
• Fire and special insurance plans
• Personal emergency plan
• Insurance plan
• Insurance
• Family insurance plans
The companies mentioned above are some of the best insurance companies in Nigeria in no particular order. In other words, you can go to any of these companies that you are known to be good at. Others worth mentioning include Allianz Nigeria Insurance.
Final Thought
When you know why you should get insurance and given you a list of the top 10 insurance companies in Nigeria, you need to get an insurance contract now in case the unexpected happens in the future especially.
Frequently Asked Questions
Some of the most frequently asked questions include:
• What was the Name of the First
Insurance Company in Nigeria?
The Royal Exchange Assurance Agency established in 1918 is the first insurance company in the history of insurance in Nigeria. However, the oldest insurance company in Nigeria is called African Insurance Company Limited. It started serving in 1958.
• What are the types of Insurance
Companies?
They include standard lines, transit lines, captives, direct sellers, domestic, foreign, chips, stock companies, Lloyds of London, etc.
• How did Insurance Begin?
Insurance began in the 17th century as a hotel frequented by merchants, bankers and insurers.
• Is there Health Insurance in
Nigeria?
Yes, health care is provided free of charge. This assistance is provided through special health insurance plans for civil servants and for private companies entering into contracts with private health care providers.
• What is NHIS in Nigeria?
It is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 Act of the Federal Government of Nigeria to provide health care for Nigerians.
•When did NHIS come into Nigeria?
It was held on June 6, 2005. To date, the program has issued 4 million ID cards, registered and accredited by 62 HMOs.
• How do I Register for NHIS in
Nigeria?
You can register online. Go to nhisonline.com.ng and click "Register". However, details such as surname, NHIS number and date of birth are required to register online. This way, you will be able to manage your account and view your dependent information.
• What is NHIS in Nigeria?
It protects families from the financial hardships associated with high medical bills, limits the rising cost of health care services, and ensures a fair distribution of health care costs among different income groups. You can get the perfect loan, customized for your specific needs using this platform. Basically, it allows you to use loans from different lenders across Africa, ensuring that the best option will not be found.
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