Insurance Companies In Nigeria

Insurance Companies In Nigeria

When we talk about insurance companies in Nigeria, it does not only bring peace of mind but also serves as a form of financial protection for impromptu events, accidents, emergencies, or other risks in life.
There are lots of reasons for insuring, including the desire to protect your family after your death or loss of earning power or to protect your home, car, or other assets in the event of theft or disaster.
An Insurance company in Nigeria in simple terms is a company that provides insurance services. In this article, we are going to look at several insurance companies in Nigeria which include:

1. Lead way Assurance

Lead way Assurance Company Limited (‘LEADWAY’), founded in 1970, is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.
They offer General business insurance and Life and Pensions Insurance. They also offer Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management. Leadway insurance company in Nigeria has these insurance plans:

  • Family Benefit plan
  • Lead way saving plan
  • Term assurance plan
  • Money policy plan.
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan

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2. AIICO Insurance plc

AIICO stands for “American International Insurance Company”, founded in 1963, as a subsidiary of American International Group (“AIG”).
It was established to offer Life and general insurance services. AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. AIICO’s key business lines are; Life assurance and annuity, General insurance and special risks, Health insurance and, Asset management. AIICO offers the following:

  • Auto Insurance
  • Travel Plan
  • Home Insurance
  • Oil And Gas Plan
  • Agricultural Insurance

3. Continental Reinsurance

Continental Reinsurance, initially started as a private reinsurance company and was incorporated in Nigeria in 1985.
Continental Reinsurance is a composite reinsurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base. They offer the following plans:

  • Home Insurance plan
  • Pet Insurance plan
  • Insurance plan
  • Auto Insurance plan
  • Business Insurance plan

4. Lasaco Assurance Plc

Lasaco Assurance Plc (formerly known as Lagos State Assurance Company Limited) was incorporated on the 20th of December 1979 and became operational on the 1st of August 1980. Lasaco Assurance offers the following plans:

  • Marine insurance plan
  • Bond insurance plan
  • Money insurance
  • Professional indemnity insurance
  • Fire and Special insurance plan
  • Personal accident plan
  • Householder’s Insurance plan
  • Motor insurance plan
  • Aviation insurance plan

5. AXA Mansard Insurance

AXA Mansard Insurance offers both Life and Non-Life insurance products and services.
AXA Mansard Insurance is a member of the AXA Group, the worldwide known insurance, and asset management Group operational in 64 countries in Central and South America, the Middle East, and Africa. They offer the following:

  • Asset/investment management services
  • Health management services
  • Pension fund administration

6. Custodian and Allied Insurance

Custodian and Allied Insurance, also known as CAIL, is a fully Nigerian-born insurance company.
The purpose of this company is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
They offer the following plans:

  • Investment plus plan
  • Auto insurance plan
  • Travel insurance plan
  • Immediate annuity plan
  • Tuition protection plan
  • Capital plan

7. Goldlink Insurance plc

Goldlink Insurance Plc was incorporated on 15th April 1992 as a Private Limited Liability Company and granted a license to operate as a full-fledged insurance company on 8th September 1993.
Goldlink Insurance plc offers both Life and General Businesses Insurance, including Fire and Special Perils Insurance, Motor Insurance, Life & Pension Insurance, Oil & Gas Insurance, Travel Insurance, etc.

8. Industrial and General Insurance plc

Industrial and General Insurance plc were incorporated initially as a private limited liability company on 31 October 1991. It was then registered again as a public limited liability company in 2007.
They meet the insurance needs of clients via precise processes and unique response times in diverse sectors, including banking, oil, and energy, manufacturing, engineering, marine, and aviation, as well as government establishments.

9. African Alliance Insurance plc

African Alliance Insurance plc, formerly African Alliance Insurance Limited, was incorporated on May 6, 1960, with the backing of Munich Reinsurance Company.
They offer a creative combination of Protection (Term Assurance and Group Life), Savings, and Investments Products. They offer the following plans:

  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan
  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan

10. Cornerstone Insurance plc

Cornerstone Insurance, a Public Limited Liability Company, was incorporated on 26th July 1991, as a Private Limited Liability Company.
In 1997, it was quoted on the Nigerian stock exchange. The classes of Insurance business they undertake include the following: Motor Vehicle, Aviation, Marine, Engineering Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, and Takaful (Islamic Insurance).

11. Consolidated Hallmark Insurance

CHI Plc. Also known as Consolidated Hallmark Insurance is one of the leading Insurance companies in Nigeria. They have the determination to change the way people see insurance in Nigeria.
CHI Plc. Believes they can achieve this through the help of technology and the professionals they have on board. Furthermore, Consolidated Hallmark has several insurance offerings tailored to meet your needs.

12. FBN Insurance

First Bank of Nigeria Insurance is a subsidiary of the First Bank of Nigeria. FBN insurance is basically a life insurance business aimed at providing coverage for individuals and corporate organizations.
They design the FBN Insurance products to basically help you enjoy the peace of life that comes from managing everyday risks.

13. Niger Insurance Plc.

Niger Insurance is a fully computerized insurance company. They focus generally on all classes of insurance and offer a wide range of customer-oriented and innovative services.
The management team of Niger insurance is highly competent with extensive managerial skills.

14. NEM Insurance

NEM Insurance has been around for a very long time. They generally started out in Nigeria as Edward Turner and co. However, in 2007, they merged with Vigilant Insurance Company to transact all forms of general insurance.
Over the years, they have expanded their operations in the West African sub-region. NEM insurance majors are basically in general insurance and special risks.

15. Mutual Benefits Assurance Plc.

Mutual Assurance over the years has strengthened to be one brand you can trust in Nigeria.
They are basically an organization with an interest in different sectors of the Nigerian economy. They have over 3,000 staff and a customer base of 250,000.

16. Staco Insurance Plc.

Staco was Incorporated in Nigeria in October 1991 but in 1994, it started operating in the insurance business under a new identity. They became licensed to transact all classes of the insurance business.

17. Nicon Insurance

NICON is also one of Africa’s leading insurance companies. This was initially owned by the Federal Government of Nigeria, to assist in developing the insurance industry.
But in 2005, they were privatized. They have offices in all the 36 states of the federation. In addition, they have several policies tailored to meet your insurance needs.

18. Royal Exchange Plc.

The Royal Exchange brand is very important in the Nigerian financial market, especially the insurance field. In 2008, they were re-organized into a group structure to execute their vision for the financial industry.
Royal Exchange Insurance specializes generally in carrying out Non-life insurance business in Nigeria.

19. Guinea Insurance Plc.

Guinea Insurance has always lived up to its name and with a good reputation, which is to be ahead of other insurance companies in Nigeria in the provision of risk management solutions. In addition, they are one of the major companies in the provision of first-rate financial risk solutions in General Insurance and special risks.
Guinea insurance has a strong capital base, excellent skilled and qualified professionals, and its technological operations are modern based.

20. Coronation Insurance Plc.

Coronation Insurance is generally one of the leading companies in the West Africa Insurance industry.
They came into existence in 1958, and over the years they have garnered experience in risk management and underwriting. In addition, they offer a wide range of products and services that cover both lives, general and special risks in businesses.

The Role Of Insurance Companies In Nigeria.

The role of insurance companies is to help their customers minimize or manage risk factors. Buying insurance with an insurance company is tantamount to transferring part of your financial risk to the insurance company.
When you are not insured, you will have to bear the financial risk yourself but after you purchase the insurance, you will become the insured or the beneficiary.
You pay the insurance company an amount called “premium” as a price for asking the insurance company to take the risk for you. If you encounter an accident that falls within the scope of the contract, you can file a remuneration claim.

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