Assets do not last indefinitely. They can only support one during their usage term. Everything in life has an expiration date. However, methods of extending sustenance have emerged, one of which is insurance. This is certainly not news to the average person. A costly automobile could utterly fail. Its damage may be beyond repair, but if it is insured, it may be replaced sooner or later. That is exactly what insurance does. Here, we’ll see a review of some of the best insurance companies in Nigeria.
Insurance in Nigeria
Nigeria is a developing nation. She is learning and progressing through the stages of becoming an active member of the modern world.
While insurance is a long-established act (2nd millennium before Christ, Chinese, Indian, and Babylonian commerce engaged in risk-distribution methods), Nigeria began insurance in 1958.
The initial insurance businesses in Nigeria were based on European models. The Royal Exchange Assurance Agency is one example.
Following Nigeria’s independence, European corporations established Nigerian subsidiaries. However, there was a problem with this development.
The profits were being transferred out of the nation and into the accounts of the European parent firms. The Nigerian government acted quickly, supporting the establishment of state-owned insurance forms.
This gave rise to the development of local private insurance enterprises. The Nigerian government’s standardization of the insurance business resulted in the establishment of The National Insurance Commission in 1997.
Today, we can confidently state that Nigeria has excelled in the field of insurance. The knowledge of the importance of securing all assets has greatly benefited the country and its sense of security and responsibility.
The country’s infrastructure is not up to par, yet on a scale of provision and maintenance, it ranks third. Some areas of the country benefit from processing advances, which help to provide inhabitants with a sense of civilisation and order.
To name a few, Lagos State/city, Abuja FCT/city, Port-Harcourt Capital/city, Uyo Capital/city, Calabar Capital/city, Owerri Capital/city, and others are known for their infrastructural developments and civilisational efforts.
Insurance is one of the luxuries that is easily accessible. One should constantly try to have their valuables and even their relatives covered. Insurance protects everything, even humans.
Best Insurance Companies in Nigeria
The following is a list of insurance companies in Nigeria, along with their services and locations:
#1. AIICO Insurance Plc
This is located in Apapa Oshodi Expressway, 203-205, Oshodi Isolo Lagos. It is regarded as the top insurance firm in both the state and the country.
#2. Leadway Assurance
The address is 121/123 Funso Williams Avenue, Iponri, Lagos. [email protected] is the email address. Apart from having a really appealing advertisement, Leadway is known as a dependable insurance firm.
#3. Anchor Insurance Company
It is situated on Ayo Jagun Street, Block 5A, Lekki Phase 1. Lagos, Ajah. This company offers construction policies.
#4. Custodian
It is situated in 16A Commercial Avenue, Sabo, Yaba, Lagos. This company offers coverage that cover both business and health issues.
#5. Cornerstone
It is located at 21 Water Corporation Drive, Victoria Island, Lagos. It is regarded as the first insurance firm to provide customers with online access to insurance transactions.
#6. Heirs Insurance Limited
Heirs Insurance Limited is a digital general insurance firm that challenges traditional insurance by providing simple and accessible security for automobiles, homes, businesses, and other assets.
Her Motor, a bespoke product for women, was also recently launched by the company.
Her car Insurance Plan is a low-cost, all-inclusive car insurance policy that provides coverage and assistance for vehicle technical breakdowns.
The package also includes all-day coverage for automobiles against road accidents, theft, and fire.
#7. African Alliance Insurance Plc
Suite 6B, White House Plaza 79, Adetokunbo Ademola Crescent, Wuse 2, Abuja FCT Nigeria. This organization is known for offering life, investment, and annuity policies, among other things.
#8. Allianz Insurance
This is in 3, Port Harcourt Crescent, Area 11, Garki 2, Abuja. This company offers personal insurance such as life, savings, and so on.
#9. Anchor Insurance
This is placed at the state liaison office in Akwa Ibom. Plot 816, Ahmadu Bello Way, Central Area, Abuja, Federal Capital Territory of Nigeria. This corporation provides security services for homes, businesses, ships, and cargo.
#10. Chrome Insurance Limited
This business can be found at No. 22 Lobito Crescent, Wuse 2, Abuja, FCT, Nigeria. This corporation offers a variety of services such as biofuels energy generation, real estate, logistics, and so on.
#11. Consolidated Hallmark Assurance
It is situated at Metro Plaza, Annex B, Plot 991/992, Zakariya Maimalari Street, Central Business District, Abuja FCT Nigeria.
Consolidated Hallmark Insurance Plc is one of the most well-known general insurance businesses in Nigeria, providing risks and insurance.
#12. Ark Insurance Brokers
It’s at 20 Daniel Kalio Street, previously Ohaeto Street, D/line, Port Harcourt, Rivers State, Nigeria. Ark Insurance Brokers is an insurance firm that offers risk analysis, management, broking, life insurance, and other services.
#13. Fin Insurance Company Limited
Fin Insurance Company is situated on Plot 180 Aba Road in Port Harcourt, Rivers State, Nigeria. This insurance firm is licensed to conduct general insurance contracts and transactions for people and corporations.
#14. Great Nigeria Insurance Plc
The address is Plot 19, Stadium Road, Riz Plaza, Port Harcourt, Rivers State, Nigeria. Great Nigeria Insurance is a technology cover provider that rates among the greatest insurance firms in Nigeria.
#15. Guinea Insurance Plc
Guinea Insurance can be found at 174 Aba Expressway in Port Harcourt, Rivers State, Nigeria. The company offers services that aim for worldwide standards in areas such as fire and general accidents, among other things.
#16. Industrial and General Insurance
This is at 2 Ikwere Road, Port Harcourt, Rivers State, Nigeria. It is an industrial, life, and general insurance branch service center.
Pensions and specific risk services are also covered.
#17. Linkage Insurance
Linkage Insurance can be found at 22 Wellington Basset Way in Uyo, Akwa Ibom State, Nigeria. The company is the market leader in terms of business coverage.
#18. Niger Insurance
This may be found at 17, Udo Umana Street, off Oron, Uyo, Akwa Ibom State, Nigeria. Niger Insurance Plc is the market leader in the provision of a diverse range of life and non-life insurance services.
#19. Roseat Insurance
This is at 11 Nyong Essien Street in Uyo, Akwa Ibom, Nigeria.
#20. Pentacle Insurance Brokers
The address of Pentacle Insurance Brokers is 182, F line, Ewet housing, Uyo, Akwa Ibom Nigeria.
#21. Law and Union Rock Insurance Plc
This is located at 164 Oron Road, Uyo, Akwa Ibom State, Nigeria.
#22. Staco Insurance
This is located at 174 Ikotekpene Road, Uyo, Akwa Ibom State, Nigeria.
#23. Mansard Insurance
This business is located at 26 Aka Road, Uyo, Akwa Ibom, Nigeria.
#24. NEM Insurance Plc
The address is 26 Etta-Agbor road, Calabar, Cross River Nigeria. This company offers both life and non-life insurance. It is a brokerage firm for insurance.
#25. Royal Exchange Assurance Plc
This business can be found at 103 Ndidem Usang Road, Calabar, Cross River State, Nigeria. Royal Exchange Assurance Plc provides money guard, burglary protection, and other services.
#26. Intentional Energy Insurance Plc
The address is Plot 38, First Floor, MCC Road, Calabar, Cross River State, Nigeria. International Energy Insurance specializes on energy sector insurance.
It offers solutions for both offshore and onshore risks, as well as general insurance.
#27. Hogg Robinson Nigeria Limited
It is located at 111 Ndidem Iso Road, Calabar, Cross River State, Nigeria. The National Insurance Commission has licensed Hogg Robinson Nigeria Limited to perform financial services such as analysis, quantification, and so on.
#28. Capital Express Assurance Limited
Capital Express Assurance can be found at 3 Basset Duke Street, near Chamly Junction in Calabar, Cross River State, Nigeria.
This is a financial services company that provides group and individual life insurance.
#29. FBN Insurance Limited
This is at 14 Orlu Road in Owerri, Imo State, Nigeria. This is a life insurance firm that provides coverage to industrial and corporate clients through life, group, and welfare assurance, among other products.
#30. Mutual Benefits Assurance Plc
This may be found at 6 Wetheral Road, Owerri, Imo State, Nigeria. Mutual Benefits Assurance Plc provides coverage for life insurance, marine insurance, motor insurance, and other products.
#31. Nicon Insurance Limited
Nicon is located at 43 Okigwe Road, Owerri, Imo State, Nigeria. The company provides third-party motor insurance, travel insurance, and other services.
#32. Regency Alliance Insurance
This may be found at 63 Wetheral Road, Owerri, Imo State, Nigeria.
Regency Alliance Insurance provides risk management, medical insurance, and other services.
#33. Standard Alliance Insurance Plc
This address is 134 Wetheral Road, Owerri, Imo State, Nigeria. Standard Alliance Insurance is dedicated to providing the best investment and insurance services in Nigeria and throughout Africa.
Top Health Insurance Companies in Nigeria
Health is a form of riches. We live in a world where the majority of your decisions have an impact on your health.
You are already aware of the status of Nigeria’s health-care system. For example, suppose you need to do surgery as quickly as feasible. Consider not having enough money to cover the cost of the operation. This is a compelling argument to obtain health insurance.
The top health insurance companies in Nigeria are as follows:
#1. AXA Mansard Health Insurance
AXA Mansard is one of the leading firms in Nigeria that offers several sorts of health insurance. They offer extensive access to over 400 health providers across Nigeria. They include hospitals, dental clinics, and eye clinics. Also, they also offer HMO plans and individual plans for families.
#2. LeadWay Health Insurance
Leadway’s health care insurance coverage is managed by an Associate firm called Total Health Trust Limited. They provide three different options: silver, gold, and platinum.
#3. Clearline Health Insurance
They provide healthcare plans to individuals, groups, businesses, and the governmental sector in Nigeria.
In Nigeria, the company provides many types of health insurance. They are as follows:
- Business Health Plan: For business personnel, this medical insurance covers common ailments and medical procedures.
- Family Health Plan: Members of this plan get access to healthcare at any of their preferred providers in Nigeria.
- Individual Health Plan: This option is for people who do not have any pre-existing medical issues.
#4. Hygeia Health Insurance
Hygeia HMO is one of Nigeria’s most reputable private health insurance firms. Individual Plans, Family Plans, Senior Citizens Plans, Pregnant Women Plans, SME Plans, and Gym & Spa Plans are among their offerings.
#5. HCI Health Insurance
The National Health Insurance Scheme (NHIS) has granted HCI Healthcare a license. They provide high-quality, low-cost health care to Nigerians of all socioeconomic backgrounds.
Their health insurance plans include the following:
- Retail Health Insurance Plan: This plan provides coverage for individuals and families who require access to high-quality, low-cost healthcare services. Furthermore, the package is reasonably priced.
- Corporate Health Insurance Plan: This plan is designed for employees of small to medium-sized businesses.
- School Health Insurance Plan: This covers students at all levels of education’s health needs.
- Senior Citizens Health Insurance Plan: This plan is for people over the age of 60.
- Informal Sector Health Insurance Plan: This plan covers the health requirements of individuals and organizations in informal sectors such as artisans, markets, clubs, groups, and communities.
- International Health Insurance Plan: This health insurance plan provides coverage for both emergency and non-emergency circumstances in over 100 countries throughout the world.
How Many Insurance Companies Are in Nigeria?
According to NAICOM, Nigeria now has 58 insurance companies that are divided into life and general insurance businesses.
What is the First Insurance Company in Nigeria?
The Royal Exchange Assurance Agency officially became the oldest insurance company in Nigerian history.
What are the Main Functions of an Insurance Company?
The primary function of insurance is to eliminate the uncertainty of a sudden and unexpected financial loss. This is one of a company’s main concerns. It replaces this uncertainty with the certainty of regular payment, i.e. the premium to be paid.
Who Founded Insurance?
The first life insurance plans were purchased in the early 1800s. The Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen, was the first to offer life insurance.
How Much Is Insurance Salary in Nigeria?
People working in insurance in Nigeria typically earn between 80,392 NGN (lowest income) and 328,573 NGN (highest average, actual maximum compensation is greater). The total monthly compensation, including bonuses, is shown below.
In Conclusion,
Having a property insured does not imply that a person is anticipating the worst to happen.
A living, breathing, energetic individual must always have a backup plan. It is always beneficial to have a backup plan, especially when calamity is imminent. Disasters occur more frequently than not, and this should inspire everyone to protect themselves in whatever manner they can.
It makes no difference how much a person has done if they have nothing to show for their efforts.
Many people would rather invest in more properties. They don’t think about what could go wrong if they possess a lot of homes without security. Seeking money is not a bad idea in and of itself. However, a backup plan must be developed. Safeguard what you own, and safeguard what you don’t own yet. Life is a methodical process, and humans should take one step at a time; there is no need to rush.
Apart from safeguarding property, individuals should also make efforts to secure people, particularly family members. If a tragic catastrophe occurs, the only tears shed will be those of a loved one who has died. It would not be due to concerns about a blemished future.
Related Articles
- SMART Marketing Goals For Insurance Company: Blueprint for Business Success
- How To Start An Insurance Company: Starting an Insurance Company From The Scratch With No Money
- COMPANY LIABILITY INSURANCE: What Is It & How It Works
- TOP HEALTH INSURANCE COMPANIES
References
