Top 35 Best Nigerian Insurance Companies You Should Know About
This article contains everything you should know about
insurance companies in Nigeria,types,top insurance company,ratings and list of efficient insurance companies in Nigeria.
What is an insurance company?
An insurance company is a business that provides coverage,it can be in the form of compensation,as a result of loss, damages, injury, treatment or hardship etc in exchange for payments.
The insurance company calculates the risk and then determines the amount of pay equivalent to the loss of their client.
In a nutshell Insurance literally means protection from unforeseen loss.
Top 35 Best Nigerian Insurance Companies
Q1: How many insurance companies are in Nigeria?
A: They are a lot of insurance companies in Nigeria,but before you decide to patronize any insurance company,its advised to check the insurance companies with a record of integrity and also most importantly,you should look for positive or negative reviews from their current or previous customers,that way you can be able to decipher and make your choice.
Q2: Which Insurance company is the best in Nigeria?
A: There are many insurance companies in Nigeria,so it might be tricky to categorically name a particular insurance company as the best but however this post contains some of the best insurance companies in Nigeria.
Q3: List the top best insurance companies in Nigeria?
A: Listed below are some of the best insurance companies in Nigeria:
1. Aiico Insurance Plc
Aiico is one of the largest Life Insurer companies in Nigeria and a also a heavy weight in General Insurance business. The company has experienced success and has earned the trust of its clients.
2. Adic Insurance
One of the popular insurance companies in Nigeria.
This insurance company insures personal properties,cars,homes and Life Insurance in Nigeria.
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3. African Alliance Insurance Company Ltd.
African Alliance Insurance Company Ltd. One of the best insurance companies in Nigeria,has been around for some years.
4. Acen Insurance Company
This insurance company specialize in issuing life and non-life policies.
5. A&G Insurance
A&G Insurance has been in the insurance game for over 20 years and takes pride as being one of the innovative insurance provider in Nigeria.
6. Consolidated Hallmark Insurance
One of the a high-profile, technology-driven and customer oriented insurance company in Nigeria. Rated amongst the top 10 in Nigeria.
7. Continental Reinsurance
Continental Reinsurance was registered in 1985 as a professional reinsurance company.
--The company commenced business operations 1987. In 1999,Continental Reinsurance was converted to a Public Limited Company (PLC).
This insurance company has over 30 years experience.
8. Cornerstone Insurance PLC
Cornerstone is a dynamic insurance company, offering services in line with modern realities. The Company was at inception registered to undertake some classes of Insurance business.
9. Crusader Insurance Plc
Crusader insurance (Nigeria) Plc is renowned for its efficient service delivery and prompt claims settlement. It also has a national network of branches and full computerization and a crop of experienced and highly competent professional staff back up its operations.
It is also rated amongst the top 10 insurance companies in Nigeria.
10. Custodian Insurance Plc
Rated among the top 10 in Nigeria, Custodian Insurance company stands out among the competition.
11. Equity Life Insurance Co. Ltd
Formerly known as first Nigeria Insurance Company Limited, Equity Life insurance was incorporated on the in 1983 and is licensed as Life Specialist Company to transact Life and Pension business.
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The Company commenced operations in 1989 and still keeps its head high in the industry with almost 30 years of insurance experience
12. Goldlink Insurance Co Ltd
With a Share capital of 5.3 Billion Naira with a fully paid-up of 5.1 Billion Naira. Goldlink Insurance Co Ltd is one of the highly capitalized Insurance Companies in Nigeria.
13. Guaranty Trust Assurance Plc
GTA is committed to the provision of excellent service. As such, they benchmark their activities at every level against global best practices.
Rated as one of the best insurance companies in Nigeria.
14. Industrial And General Insurance Plc (IGI)
One of the most innovative and solid insurance companies in Nigeria with a track record of being solid and dependable.
One of the first insurance companies in Nigeria.
15. International Energy Insurance Plc
International Energy Insurance Company Limited emerged in June 2003, when a group of investors and management acquired 70% of Global Assurance Co Ltd.
--The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).
16. LASACO Assurance Plc
LASACO Assurance Plc (LASACO) was incorporated on 20th December 1979 under the Companies Decree of 1968 and was granted License to carry out the business of insurance and other related business on 7th July 1980.
17. Law Union And Rock Insurance Plc
Law Union & Rock insurnace plc is one of the first generation Insurers to open shop in Nigeria almost five decades ago. They began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for a U.K leading Insurance Company the First Nigerian to have such authority.
--18. Leadway Assurance Company Limited
Leadway Assurance Company Limited was founded in 1970. It has a history of being a company with close attention to relationships, having started operations as a direct motor insurance company.
19. Linkage Assurance Plc
The company is registered and licensed by NAICOM under the provisions of the Insurance Act 2003 to carry out General insurance businesses. Presently, the authorized share capital of the Company is over N4 billion and all our branches and business processes are fully computerized .
20. Mutual Benefit Assurance Plc
The management of Mutual Benefits Assurance Plc, has taken stock of its activities in the recent past reaffirming that it has expand its operations even beyond the Nigeria business environment. The company has four subsidiaries in the country in addition to an insurance firm in Liberia.
21. NEM Insurance Plc
NEM started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.
It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatisation by the Federal Government of Nigeria.
--22. Niger Insurance Plc
Niger Insurance Plc was established in 1962 as a Specialist Life Company under the name Yorkshire Insurance Company. The public quoted Composite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N2, 868,307,000
One of the best insurance companies in the country.
24. Nigeria Deposit Insurance Corporation (NDIC)
Nigeria Deposit Insurance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN), to examine the operations of the banking system in Nigeria.
25. Oasis Insurance Plc
Oasis is an authorized composite insurance company that underwrites all classes of Life and Non-Life insurance businesses. With an authorized capital of N3billion and paid up share capital of N545 million.
26. Oceanic Insurance Limited
In 2005, Corporate Ideals Insurers (CII) was bought over by Oceanic Bank International Plc; the company (CII) is currently being restructured and repositioned inline with the new recapitalization requirements.
27. Prestige Insurance Brokers Ltd.
Established back in1988, Prestige Insurance Brokers Ltd was duly registered as Insurance Brokers by the National Insurance Commission (NAICOM) to transact all classes of insurance business.
28. Royal Exchange Assurance (Nigeria) Plc
Royal Exchange is aimed at responsibly and efficiently mobilising and utilising human, financial and technological capital to exceed stakeholders expectations.
29. Standard Trust Assurance Plc (STACO)
Standard Alliance Insurance PLC is a high-profile, technology and customer oriented company concieved to be among the best Insurance companies in Nigeria in both Product and Service delivery.
30. Sovereign Trust Insurance
Sovereign Trust Insurance Company Plc commenced business in 1995 following the acquisition and recapitalization of the former Grand Union Assurances Limited with an authorized share capital of NGN30 Million and a fully paid up capital of NGN20 Million.
31. TransGlobal Insurance Brokers
One of the emerging and strong insurance brokers in Nigeria.
32. UNIC Insurance
Since its incorporation in 1965,Unic Insurance PLC, a financial services company, develops and markets financial products and services for individuals and corporate organizations.
The insurance company also provides different types of insurance to its clients.
33. Unitrust Insurance Company Limited
One of the reliable insurance companies in Nigeria.
34. Zenith Assurance Company
Zenith Insurance was founded in 2003 following the acquisition of Picadilly Insurance Company Limited by Zenith Bank Plc.
The Lagos based company offers a wide range of insurance services.