There are a lot of insurance companies in Nigeria but a lot of people don’t even know which one to choose for a specific insurance policy.
Insurance is very vital in the lives of everybody and it is necessary for someone to have at least one insurance policy protecting them incase things go south.
If you are a businessperson then having an insurance policy for your company would keep you at ease.
In this article, I’m going to give you the list of top insurance companies according to NAICOM.
Importance Of Insurance Companies
The main role of an insurance company is to help in case something bad happens to the policy holder depending on the type of policy they picked.
After you have picked a policy, you have become a beneficiary of that insurance company which means that they will come through for you in case of any sudden incident.
If you don’t have an insurance policy covering you, you’ll take responsibility of any bad incident by yourself.
Insurance policies covers a whole lot of benefits which are life insurance, health insurance, vehicle insurance and others.
Leadway Assurance Company Ltd.
Leadway is arguably the biggest insurance company in Nigeria.
Founded in 1970 Leadway has been giving out quality insurance policies and services to their customers.
They are known for their ability to bring Insurance as a risk management tool to their customers.
Leadway Assurance Company offers mainly three types of insurance policy which are personal insurance, business insurance, and asset management. Note that they have other sub insurance policies under them.
They also offer a policy outside insurance which is the Leadway annuity plan which is a pension plan for retirees. Just like the name implies, annuity gives retirees the chance to recieve their pension for life unlike the programme withdrawal which allows them to receive pension for 10 years only.
Leadway has proved to be the leading insurance company by having diverse subsidiaries under them which are Leadway hotels, Leadway property and investment and Leadway pensure.
Their insurance policies in listing includes;
- Annuity and pension services.
- Leadway savings plan
- Education savings plan
- Personal savings plan
- Leadway protection plan
- Leadway family benefits.
- Education protection plan
- Premium finance
- Vehicleinsurance
- Leadway target plan
- Education target plan
AIICO Insurance Company
AIICO insurance company was established in 1963 under AIICO insurance PLC.
Just like Leadway Assurance Company, AIICO insurance offers pension and asset management.
Even though they are one of the leading insurance company, AIICO insurance company operates only in Nigeria.
One of their main services is providing companies like financial institution, government and organizations an avenue to plan for the retirement of their workers.
This means that a company can open a retirement savings account (RSA) for their employees to enable them have a smooth retirement at the end of their work.
AIICO has stood the test of time by having diverse financial assets, this assets includes having a share in Multishield Limited a company making waves in Nigeria and they also have a 19% share in HealthCare Management Organization (HMO) which almost every organization uses to aid their workers in getting good healthcare support.
AIICO insurance company also owns AIICO Capital Limited an asset management company.
Their insurance policies includes;
- Pension management
- Asset management
- Health insurance
- General insurance
- Pension and annuity insurance
Custodian Insurance Plc.
Unlike other insurance companies, Custodian Insurance Company is owned a large number of investors who invested in Custodian Investment PLC an investment companies that allows investors own shares in their companies and brand.
Due to the financial capacity given to the company by their investors, Custodian Companies were able to give their clients insurance policies with good benefits.
Custodian Insurance PLC. offers products like Life and General insurance.
The company presently ranks high in Nigeria Financial sector with an asset under management (AUM) of NGN 300 billion which is approximately $1b.
They offer insurance policies such as;
- Travel insurance
- Auto insurance
- Home insurance
- Savings and investment
- Annuities
- Endowmentpolicy
- Safety plus
Cornerstone Insurance PLC.
Cornerstone insurance company was founded on July 26, 1991 which makes it one of the youngest insurance company.
During its launch, Cornerstone insurance was founded as a private liability company but later became a public liability company in 1997. In the same year, it was added to the the Nigerian Stock Exchange.
Cornerstone insurance raised the bar high for other insurance companies in Nigeria as they were the first insurance company to offer customers with an selling platforms for insurance transactions (e-Insurance) which won them the Best use of Technology, Insurance Company in the 2016 Nigerian Technology Awards. They also won an award for Africa most outstanding Life insurance company of the year in African Quality Achievement Awards 2018.
Cornerstone insurance PLC. owns a market capitalization of NGN 7.5B and NGN 5B while the shareholder funds is N7.49B in 2018. The company has a total asset of NGN 24.1B which puts them as one of the top in the insurance sector in Nigeria.
Their insurance services includes;
- Vehicle insurance
- Marine insurance
- Vehicle insurance
- Asset protection
- Group life
- Mortgage protection
- Credit life
- Takaful
AXA Mansard Insurance Plc
AXA Mansard Insurance Plc. is an insurance company under AXA Group.
It is not a Nigerian insurance companies but act as one of the leading companies in the insurance sector in Nigeria.
AXA Mansard Insurance Plc has over 166,000 employees with a lot of clients numbering up to 107 million.
AXA Mansard Insurance Plc. operates in 64 countries running efficiently even though there are diverse laws governing insurance companies in different countries.
The company has different subsidiaries like AXA Mansard Investments Limited, AXA Mansard Pensions Limited and AXA Mansard Health Limited.
AXA Mansard was named the biggest insurance company in Nigeria (2009) after hitting a market capitalization of NGN 28B.
Their services include;
- Savings and investment
- Motor insurance
- Annuities
- Pension fund administration
NEM Insurance PLC.
NEM insurance was founded in 1948 by Edward Tuner and co.
Just like AXA Mansard, NEM insurance isn’t not a Nigerian owned insurance company is making wave in the sector and is playing a role in increasing the GDP of the country.
In 1964, NEM insurance PLC opened a branch in Nigeria under the NEM General Insurance Association Limited of London.
At first, NEM insurance was only into Life and non-life insurance before they switched into general insurance in 2007 after merging with Vigilant Insurance Company Ltd.
Their insurance services includes;
- Aviation and gas insurance
- Motor insurance
- Marine insurance
- Engineering and bond
- Goods in transit
- e-Insurance
Consolidated Hallmark Insurance
Consolidated Hallmark insurance made it to the list due to the name they have gotten for themselves over the years.
In 2007, the emerged as one the the too insurance company in General Business and Special Risk Insurance underwriters in Nigeria.
The company has played a key role in the underwriting of oil & gas, motor insurance, aviation, Marine cargo and a whole lot of others.
Their travel insurance policies is regarded as one of the best in the insurance sector and their benefits can be hardly gotten
Consolidated Hallmark insurance dubbed as one of the biggest insurance company in the 2010s and became the second insurance company to obtain a Quality Management System Certification in (ISO 9001:2015) Nigeria.
Due to their superb policies, they recorded a fascinating growth of their company asset by over 130% from ₦4.65bn in 2007 to ₦10.82bn as at 2018.
They offer diverse insurance policies which includes;
- Aviation
- Travel insurance
- Bonds insurance
- Marine insurance
- Home insurance
- Motor 3rd party
- Motor comprehensive
Mutual Benefit Assurance
Mutual benefit is also among the influential insurance companies in Nigeria.
With over 3,000 staffs serving over 1 million clients, mutual benefit has proven that it deserves to be named among the best insurance companies.
They have also gotten a lot of subsidiaries along the years through investments and partnerships.
Their insurance policies covers;
- General insurance
- Life insurance
- Motor insurance
- Travel insurance
- Health insurance
- Children education plan
- Person investment plan
- Pension plan
African Alliance Insurance
African Alliance Insurance has become a giant when it comes to life insurance as that is the policy they are mostly into.
If you are looking for a life insurance policy, then African Alliance should be one of your option.
African Alliance is a shareholder for different companies and are estimated to have a shareholder fund of over N3.6bn.
They are estimated to have a gross income of N13.42bn and N41.35bn respectively as of December 2016.
They offer the following insurance policies;
- Annuity plan
- Income investment plan
- Takaful
- Smartkid educational plan
Lasaco Assurance PLC
Lasaco Assurance is a public owned insurance company owned by the Lagos State government. It was formerly known as Lagos State Assurance Company Limited before changing to Lasaco Assurance PLC.
The company was founded in 20th December, 1979 but wasn’t functional until 1st August, 1980.
The policies they offer goes as follows;
- Marine insurance plan
- Special insurance plan
- Bond insurance plan
- Motor insurance plan
- Aviation insurance plan
Conclusion
All the insurance companies I mentioned have proved that they are worth the try. The insurance companies I listed above are approved by the National Association of Insurance Companies and they cover every type of insurance you may need.
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon