Best Insurance Companies in Nigeria – Did you know that there are more than enough insurance companies in Nigeria? Yes, that makes it hard to know which ones are the best for you. Here we have provided the list of Best Insurance Companies in Nigeria you should know.
List of Best Insurance Companies in Nigeria.
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.
We all believe that life is good, yes life is good but sometimes it takes its face against each and every one of us isn’t it? What will you do? Learning how to deal with it is the trick.
Some good ways to deal with life is getting help through Insurance companies, as this can also help you cope with life anxiety. But what is insurance?
What is Insurance?
Insurance is a way of reducing your potential financial loss or hardship. It can help cover the cost of unexpected events such as theft, illness or property and it can even provide families with a financial payment upon someone death.
What is an insurance company?
Best Nigerian Insurance Companies
Q1: How many insurance companies are in Nigeria?
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?
Listed below are some of the best insurance companies in Nigeria:
1. Aiico Insurance Plc
2. Adic Insurance
3. African Alliance Insurance Company Ltd.
4. Acen Insurance Company
5. A&G Insurance
6. Consolidated Hallmark Insurance
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
10. Custodian Insurance Plc
11. Equity Life Insurance Co. Ltd
12. Goldlink Insurance Co Ltd
13. Guaranty Trust Assurance Plc
14. Industrial And General Insurance Plc (IGI)
15. International Energy Insurance Plc
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.
Conclusion on Best Insurance companies in Nigeria.
That’s all on best insurance companies in Nigeria and goes without saying that before accepting an insurance company recommended to you by an agent or broker, you need to contact the insurance regulator in your territory to confirm that the insurance company is licensed to do business.
If you’re going to be choosing yourself, be certain about the integrity and reliability of any insurance company and policies involved before you opt in.
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