An effective way to guard against financial loss is insurance. It is a risk management method primarily employed to protect against the risk of a potential loss. Insurance firms, sometimes known as insurers, provide insurance services to individuals or corporations referred to as the insured. Some of the top insurance companies in Nigeria are discussed in this piece.
A wide variety of things may be covered by insurance services, with losses being compensated by the insurer’s or insurance company’s plan. Several insurance firms are available in this regard, each with its policies and set-ups that they cover.
What types of insurance are there?
Insurance often comes in 8 different forms. They consist of the following:
- Life Insurance
- Vehicle insurance
- Health coverage/ insurance
- Travel protection scheme
- Homeowners/Property Insurance
- Mobile protection scheme
- Cycle Insurance
- Small-scale insurance
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The names of these insurance policies indicate that they cover various topics. This article will predominantly go on to Nigeria’s complete list of insurance providers.
Insurance Companies in Nigeria
Some of the most reliable insurance companies in Nigeria include:
Leadway Assurance Corporation
One of the best and most popular insurance companies is Leadway Assurance; founded in 1970; it is one of Nigeria’s leading insurance service providers, known for its service efficiency and customer dependability.
The company provides basic business insurance as well as life pensions. In addition, the firm offers ancillary financial services such as secured credits, bonds, other economic losses, and portfolio management.
What kinds of services do they provide?
They have the following plans available:
- Family insurance policy
- Term insurance policy
- Make a budget.
- Savings strategy for education
- Personal financial plan
- Deferred annuity scheme
Custodian and Allied Insurance
The ownership of Custodian and Allied Insurance is 100 percent indigenous. As the sole purpose of its creation, delivery, and packaging of innovative insurance products that best meet customer needs, it strives to run a highly profitable, efficient, creative, and ethical business that will endure for years to come and serve its shareholders well.
It has more than lived up to these promises and claims. They mainly offer life insurance and general insurance.
Services Offered?
The following plans are provided:
- Investment and strategy
- Quick annuity strategy
- Plan to cover tuition
- Plan for auto insurance
- Plan for travel insurance
Cornerstone Insurance Corporation
In July 1991, Cornerstone Insurance Corporation was established as a private limited liability company. It was founded to conduct insurance business professionally, ethically, and customer-focused, and it has stayed true to these ideals over time.
As a result of their level of innovation, they can proudly claim to be the first insurance provider in Nigeria to provide consumers with a web-based platform for insurance transactions, making insurance more readily available and accessible to anybody interested.
The National Insurance Commission (NAICOM) has granted the company a license and renewed certification to conduct general and life insurance operations.
Services Offered
They provide the following plans:
- Plan for motor insurance (Auto Insurance)
- Plan of investment
- Scheme to guarantee school fees
- Home or property insurance
- Life insurance
- Plan for aviation and marine insurance
- Plan for travel insurance
- Mortgage insurance, term life insurance, etc.
African Alliance Insurance Plc
African Alliance Insurance (AAI) Plc was founded in May 1960 and is supported by Munich Reinsurance Company and other top-tier reinsurers.
Through quality coverage in Term Assurance and Group Life, Savings, and Investments Products Insurance, they have been widely recognized as the most experienced and most muscular Specialist Life Assurance Office in Nigeria.
They serve thousands of customers with customized insurance products for each stage of their lives. Their main goal is to enhance the quality of life for their clients and add value to their shareholders. They have built a reputation for having one of the best customer service methodologies in the country.
Services Offered
They provide the followings plans:
- Plan for ensuring annuities
- Group life insurance scheme
- Mortgage policy
- Monetary growth
- Personal assurance program
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Goldlink Insurance Plc
Incorporated as a Private Limited Liability Company in April 1992, The Goldlink Insurance Company was authorized to conduct business as a full-fledged insurance company in September 1993.
With its headquarters in Lagos State, Nigeria, Goldlink Insurance now has 16 offices nationwide. It has remained devoted to establishing a passionate client-centered connection by providing first-rate services and service delivery skills.
Services Offered
They provide the following insurance packages:
- Group life insurance scheme
- School safety policy
- Mandatory Insurance Program
- Energy & Gas plan
- Construction Insurance
- Individual life insurance scheme
- Aviation and marine plan
Industrial and General Insurance Plc
Incorporated in October 1991 as a private limited liability company, Industrial and General Insurance Plc. was later registered in 2007 as a public limited liability company. Since its establishment, the company has shown great experience and expertise in underwriting specialty risks in managing day-to-day hazards.
Services Offered
They provide the following services:
- Mobile insurance scheme
- Aviation insurance scheme
- Engineering Insurance
- General business insurance
- Health Insurance
- Plan for Marine Insurance
The LASACO Assurance Plc.
Incorporated in December 1979 following the Companies Decree of 1968, Lasaco Assurance Plc obtained its insurance license in July 1980. In 1991, it converted to a public liability business.
LASACO has devoted countless hours to building and maintaining an exceptional brand, offering long-term value to its stakeholders, and supporting technological innovation to increase customer satisfaction.
Their vision is to become one of Nigeria’s market leaders in Insurance and Financial Services. General insurance, life insurance, and investment insurance are all covered by them.
Services Offered
They provide the following insurance packages:
- Vehicle insurance policy
- Mortgage scheme
- Life insurance
- Aviation insurance policy
- Professional liability coverage
- Masonry/Fire insurance
- Bond insurance plan
- Homeowner’s Insurance Program
Terminographical Notes on Insurance Companies in Nigeria
- Insurance policy: The written contract for insurance, or the insurance policy’s certificate, by whatever name is called, and all of its terms, riders, endorsements, and supporting documents are considered part of the insurance policy.
- Coverage: An insurance plan offers protection against the outcomes of the risks it covers.
- An annuity is a contract that calls for the payment of a predetermined amount at predetermined intervals throughout one or more people’s lives or for a predetermined length of time in exchange for a predetermined premium.
- Life insurance: It is an insurance policy in which the risk covered against is the demise of the insured, upon whose passing the insurance company agrees to pay the beneficiary a predetermined amount or an ongoing stream of income while the policy is in effect.
- Insurance broker: A person who acts as the applicant for insurance’s representative. Their primary responsibility is to obtain excellent coverage for their clients at the lowest possible cost.
- Comprehensive insurance coverage: Insurance having a broad range of coverage is known as comprehensive insurance coverage.
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