Insurance is vital to anybody being able to focus on the more important things in life because it will make sure that you and members of your family are financially secure should any unfortunate incident occur.
It covers you for the replacement and repairs of any damage, your fees – should you develop some sort of illness or suffer from disability or injury. Insurance covers the costs so you don’t have to.
To help you make the decision on the best insurance company to use for your situation, we have created a list of Nigeria’s top ten(10) insurance companies and the features that make them stand out.
Top 10 Insurance Companies in Nigeria
1. AIICO Insurance Plc
To top the list for insurance companies is AIICO Insurance Plc. American International Insurance Company “AIICO” is an insurance, asset management, and pensions management Group that was established in 1963 in Nigeria.
It has market-leading positions in its key lines to Life assurance and annuity, General insurance and special risks, Pension management, Health insurance, and Asset management.
They offer policies on corporate saving plans, income investment plans, education investment plans, three payment plans, electronic equipment policy plans, term assurance plans, travel insurance plans, and flexible endowment plans.
2. Leadway Assurance Company
Leadway, founded in 1970, offers insurance services in general business and both life and pensions. The company also offers allied financial services like bonds, fund/portfolio management, secured credit, and miscellaneous financial losses.
They also Reinsurance back up from Africa Re, Continental Re, Swiss Re, and Munich Re. They have simple and bureaucracy-free claim processing from all their nationwide branch offices. They also boast a highly computerized operation that enhances their efficiency.
The LEAD WAY assurance policies are Lead way saving plan, Family Benefit plan, Personal saving plan, Educational saving plan, Term assurance plan, Derrefed annuity plan, and Money policy plan.
3. Custodian and Allied Insurance
Custodian and Allied Insurance is an entirely owned Nigerian company. CAIL’s singular purpose is to develop, package, and deliver cutting-edge insurance products that best satisfy customer needs while operating an efficient, ethical, highly profitable, and resourceful organization that will survive well into the future and be a valued asset to its shareholders.
Their insurance policy offers business owners the choice of selecting some or all of the insurance plans that meet the needs of their business. The policies offered by CUSTODIAN AND ALLIED insurance are: Auto insurance plan, Capital plan, Immediate annuity plan, Investment plus plan, Travel insurance plan, and Tuition protection plan.
4. Cornerstone Insurance plc.
Cornerstone Insurance plc is one of the top insurance companies in Nigeria. On July 26th, 1991, Cornerstone Insurance Plc. was first incorporated as a private limited liability company, and then became a public limited liability company that was quoted on the Nigerian Stock Exchange in 1997. The organization was established to conduct insurance business in an ethical, customer-focused, and professional manner.
It has remained committed to these values over the years. The company has been licensed and re-certified by the National Insurance Commission (NAICOM) to do both life and general business insurance.
Here are some CORNERSTONE insurance policies: Motor insurance plan, Travel insurance plan, School fee Guarantee Plan, Investment Plan, Home Insurance Plan, Life Insurance Plan, Annuity Plan, Goods in Transit Plan, Marine Insurance Plan, Gadget Protection Plan.
5. Axa Mansard Insurance Company.
With over 166,000 employees serving 107 million clients in 64 countries, AXA Mansard (a member of AXA Group) is the worldwide frontrunner in insurance and asset management. In 1989, the insurance company was incorporated as a private limited liability company.
AXA Mansard is registered with the National Insurance Commission of Nigeria (NAICOM) as an umbrella company. It offers life and non-life insurance products and services to both institutions and individuals across Nigeria.
It also offers asset/investment management services, health management services and pension fund administration via its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited.
Here are some of the plans that AXA MANSARD insurance policies offer: Auto classic plan, Autoflex plan, Easy Care plan, Equity income plan, General (business/tourism) protection plan, Health plan, Instant Plan, Money Market Plan, Life Savings Plan, Student Protection Plan, Retirement Savings Plan.
6. African Alliance Insurance Plc
On May 6, 1960, Chief S.L. Edu (CON), Mr T. A. Braithwaite (CON), and Chief M.E.R. Okorodudu officially incorporated African Alliance Insurance Plc. This action was backed by co-shareholders with world-class reinsurers, Munich Reinsurance Company.
Alliance Insurance Plc is widely known for being efficient and reliable in Life Assurance, especially as they serve thousands of customers with insurance products specifically tailored for the various stages of their lives.
Today, African Alliance Insurance Plc drives the insurance revolution in the 21st century and uncommonly positions itself to offer premium benefits to all its stakeholders, from its customers to its employees, partners, and shareholders.
African Alliance insurance offers an Annuity assurance plan, a Group life assurance plan, Direct debit form plan, Individual assurance plan, Investment assurance plan.
On April 15th, 1992, Goldlink Insurance Plc was incorporated as a Private Limited Liability Company and, on September 8th, 1993, was granted the license to function as a full-fledged insurance company.
In order to be listed on the Nigerian Stock Exchange (NSE), Goldlink was converted to a public liability company on May 11th, 2007 and was listed on the NSE on February 12th, 2008.
Goldlink Insurance Plc is owned by Nigerians and is licensed to take the risk for/provide financing for both General and Life Businesses which include Fire and Special Perils, Life & Pension, Motor Insurance, Oil and Gas, Travel Insurance and many more, with appropriate policies to meet the demands of its customers.
The policies Goldlink Insurance offers are: Compulsory Insurance plan, General Accident plan, Liability Policies Plan, Group Life Insurance Plan, Engineering Policies Plan, Individual Life Insurance plan, Marine and Aviation Plan, Re-Insurance plan, Motor Insurance Plan, Oil and Gas Plan, School Safety Plan.
8. Continental Insurance
Continental Insurance initially started business as a private insurance company after it was incorporated in Nigeria in 1985. In January 1987, the company started functioning as a general insurer.
However, in January 1990, they became a composite insurance company that offered both facultative and treaty life and non-life reinsurance, with a significantly diversified business mix and customer base.
Continental Insurance is a champion in the private sector of the pan-African insurance industry. It engages in the life and non-life insurance business all across the continent, providing its customers with different policies that meet their needs.
Some plans offered on Continental Policies are Auto Insurance plan, Life Insurance Plan, Home insurance plan, Pet Insurance Plan, Business Insurance Plan.
9. Industrial and General Insurance Plc
On 31st October 1991, Industrial And General Insurance Plc (IGI) was incorporated as a private limited liability company, but re-registered in 2007 as a public limited liability company.
In January 1992, it began business as a composite insurance company and was transacting the business of both life and general insurance, as well as pensions and special risks. As it was sponsored by a strong capital base, top-notch professionals, and the use of modern technology, the company rapidly built a reputation for remarkable competence.
The company focuses on understanding each client’s unique needs in order to evaluate the risks to which they are exposed, in order to offer personally crafted insurance solutions.
These are some of the plans on Industrial And General Individual Life Policies: Aviation Insurance Plan, Health Insurance Plan, General Business Plan, Marine Insurance Plan, Group Life Products plan, Engineering Insurance plan, Oil and Energy Insurance Plan.
10. Lasaco Assurance Plc
Lasaco Assurance Plc is a joint insurance and financial services company that became incorporated on the 20th of December 1979. The company, formerly known as Lagos State Assurance Company Limited, acquired its license as an insurer on the 7th of July 1980 and began its business operations on the 1st of August 1980.
With the ever-expanding opportunities brought about by increased capitalization for business growth, LASACO, in 1991, admitted its shares for the first time to the Nigerian Stock Exchange (NSE) via listing by an introduction and became a public liability company.
Lasaco Insurance policies include Motor insurance plan, Aviation insurance plan, Marine insurance plan, Fire and Special Insurance Plan, Bond insurance Plan, Money insurance, Personal accident Plan, Professional indemnity plan, Householder’s Insurance plan.
A good start is always having some savings in the bank, but in order to get your money to work harder for you – and augment your savings – insurance is the best course of action: it offers a better output and even prepares you for difficult days.
What you demand depends on the stage of life you are at, and insurance provides you with choices based on those demands. Whether you are single, in control of children, or almost retired, insurance presents you with peace of mind and valuable benefits. There are multitudes of insurance plans that provide conveniences – all of which create affordable financial security.
Now that you have an idea of what insurance is and how you can benefit from it, have a discussion with an insurance representative and go through the plans that can comfortably meet your needs.