Insurance Companies in Nigeria

 

Insurance is a vital part of our lives, as unforeseen circumstances every time, making the insurance industry multiply over the past few years, with many new players entering the market. This growth links to people becoming more aware of their consumer rights; they want to protect themselves from financial loss. Also, this might not have been possible without the insurance companies in Nigeria. So, in this blog post, we'll discuss some of these companies. However, let us delve into insurance and its types.

What is Insurance?

Insurance is an agreement between two parties: the Insured (the person who buys the policy) and the insurer (the company which sells the policy). It is a contract where one party agrees to pay money or provide goods or services if something terrible happens to the other party. In return, the insured party gets protection against losses from the insurance industry. These events include death, disability, damage to property, etc.

Types Of Insurance

There are different kinds of insurance policies, and we'll discuss some of them here.

Life Insurance

This type of insurance covers your life. After your death, your insurance covers your family and ensures that they live a good life after your death. You can buy it when you're young and healthy and buy it after retirement. However, the premiums will depend on how old you are and what kind of insurance coverage you need.

Health Insurance

You can get health insurance for yourself or your family, but the premium depends on your required coverage. If you are sick, you may be able to claim medical expenses through your health insurance.

Property Insurance

You can also insure your home, car, business, boat, etc. The premium depends on how much you value the item and whether you want to insure it or not.

Risk Management

This is another way of protecting yourself from risks. For example, if you own a house, you can take out a mortgage so that you don't lose your entire investment if there's a fire. Or, if you work in a high-risk job like oil drilling, you can invest in risk management products such as annuities.

List of Insurance Companies in Nigeria

 Leadway Assurance Company

Leadway Assurance began its services in 1970, making it one of the oldest insurance companies in India. Ever since then, they have remained very active in the insurance industry. They are involved in providing insurance products like Business Insurance, Life Insurance, Pension Insurance, and Health Insurance.

However, their main focus lies in General Insurance, Property & Casualty Insurance, Financial Services, and Asset Management. In addition, they also provide allied financial services such as Miscellaneous Losses, Portfolio Management, Credit Bond, and Financial Losses. These include both domestic and international markets.

Axa Mansard Insurance

AXA Mansard is part of the AXA Group, a leading financial services, and insurance player. Founded in 1853, it employs around 160,000 people and serves approximately 107 million customers in over 60 countries. Its core activities include life insurance, health insurance, pension funds, mutual funds, investment products, and banking.

While the company branch runs in Nigeria, its headquarter is in Paris, France. Their main competitors include Allianz, Chubb, Generali, Liberty Mutual, Munich Re, and more.

African Alliance Insurance Plc.

AAI came into existence in 1960 and, since then, has built a reputation for being one of the best insurance companies in Nigeria. Its vision is simple; to provide quality insurance solutions that suit the needs of our customers. Also, its mission is to consistently deliver superior customer experiences while providing value-added insurance solutions that exceed expectations.

In addition to offering general insurance products, AAI provides a range of specialized products, including investment insurance plans, annuity assurance, group life assurance, health & dental plans, motor vehicle policies, and home insurance. They also offer business owners' policies, personal accident cover, travel insurance, etc.

Custodian and Allied Insurance

Custodian & Allied Insurance is a private-owned company ready to cater to its customers' product needs. They believe this will ensure customer satisfaction while offering a wide range of insurance policies to meet your needs. As such, they can provide you with financial protection against unforeseen events.

FBN Insurance Company

First Bank of Nigeria has one of the best insurance companies in Nigeria. FBN Insurance is a life insurance company that provides coverage for individual and corporate clients. Also, it offers a wide range of insurance products, including Life Assurance, Health Insurance, Accident & Sickness Insurance, Income Protection Insurance, and others.

The company designs FBN Insurance products based on the needs of consumers. Moreover, they work closely with them to ensure that they can make better decisions about protecting themselves against unforeseen events that could affect their lives.

Anchor Insurance

Anchor Insurance Limited is a leading provider of general liability, property, marine, professional liability, and workers' compensation insurance products in Nigeria. They provide quality insurance coverage to individuals, businesses, organizations, and government agencies throughout West Africa.

In 1989, Anchor Insurance began operations as an independent agency named Anchor Insurance Company Limited. However, in 1994, the firm became part of the National Association of Insurance Commissioners (NAICOM), a federation of state associations.

Cornerstone Insurance Plc.

Cornerstone Insurance is a private-owned company that came to life in 1991. However, it became a public company six years later. They are an excellent company because they don't discriminate between customers; they attend to you equally.

Lasaco Assurance Plc.

Lasaco is a financial service provider based in Lagos specializing in life and general insurance. Established in December 1979, it is one of the largest insurance companies in Nigeria. Lasaco is an acronym standing for Lagos State Assurance Company Limited.

Cornerstone Insurance Plc

Cornerstone Insurance plc is a privately owned insurance company established in 1991. The Central Bank of Nigeria licenses it, making it one of the best insurance companies in Nigeria. Also, the company specializes in life and general insurance products and prioritizes its client's needs.

AIG Insurance

American International Group Incorporated is a global insurance holding company. They are for offering a variety of insurance products like auto insurance, home insurance, health insurance, and more. Also, they provide other services like investment management, asset management, retirement planning, etc.

Allied Universal Insurance

Allied Universal Insurance is a Nigerian insurance company founded in 1996. They specialize in providing insurance products to both individuals and business owners. And their main products include car insurance, health insurance, life insurance, and more.

Goldlink Insurance

Goldlink Insurance is a Nigerian insurance provider that was founded in 1992. Its mission is to help people protect their assets and achieve financial security. Also, they offer various insurance policies such as life insurance, accident insurance, health insurance, income protection insurance, and many others.

NEM Insurance

NEM Insurance is a significant insurance provider in Nigeria. It has been around for a while, but it wasn't until 2007 that it became a publicly traded company. NEM Insurance offers different products, including life, health, automobile, and more.

Consolidated Hallmark Insurance

CHI Plc is one of the leading insurance companies in Nigeria. Its vision is to be Nigeria's leading provider of life insurance products, which requires a lot of hard work and dedication. However, it is well worth it because they want to ensure that every Nigerian gets access to quality health care, education, and financial security.

So far, they have successfully provided affordable and reliable insurance solutions. They are committed to building a better future for Nigerians and ensuring everyone has access to healthcare, education, and financial security in their lifetime.

Liberty General Insurance

Liberty General Insurance is a Nigerian insurance firm founded in 2013 and licensed by the National Insurance Commission (NAIC). Their goal is to provide quality insurance products at reasonable prices. They've also got some competitive rates on car insurance, so if you drive a car, this company can save you money.

Continental Reinsurance

Continental Insurance Limited is a leading reinsurer in West Africa. Established in 1985, it offers non-life and life assurance products. It is headquartered in Lagos, Nigeria. Continental Insurance provides a wide range of coverages, including General Liability, Property, Casualty, Aviation, Marine & Offshore, Energy, Nuclear, Speciality, and Health.

Moreover, the company operates across six countries in West Africa, namely Ghana, Liberia, Sierra Leone, Benin Republic, Togo, and Niger. Its clients include multinational companies, banks, oil and gas operators, mining firms, government agencies, and individuals. Continental Insurance serves over 20 million customers in the region.

Mutual Benefits Assurance Plc

MBA is a primary insurance provider based in Nigeria. It was established in 2003 and is currently regulated by the National Insurance Commission. The company offers coverage like auto liability insurance, home, and products. However, they also provide other types of insurance like health, property, and more.

They're known for having competitive premiums and excellent customer service. So far, they've fulfilled thousands of promises for their customers.

Nicon Insurance

NICON is one of Africa’s leading insurance companies. Formally owned by the Federal Government, They set it up in 1976 to assist in developing the Nigerian insurance sector. In 2005, however, it was privatized and now operates independently under the direction of the Central Bank of Nigeria.

In addition to offering life, health, property, and casualty coverages, NICON offers many financial products such as savings accounts, mortgages, and credit cards. NICON has offices in all 36 States of Nigeria. As well as having several policies tailored to meet the specific requirements of each market, NICON also offers a range of general insurance products, including travel insurance, motor insurance, home insurance, personal accident, health, and dental care insurance.

Sovereign Trust Insurance Plc.

A quick look at Sovereign Trust Insurance Plc’s website reveals that it offers a variety of insurance solutions. These include loans, auto liability insurance, life assurance, mortgages, health care, travel insurance, home insurance, pet insurance, general liability, and more.

The company has several branches in the country, making it famous across Nigeria. However, its main offices are in London, UK,  with about 3000 employees.

Staco Insurance Plc.

Staco In Nigeria started its operations in 1991. However, it changed its name to Staco Insurance Plc. in 1994. Under a new name, they began operating in the insurance business in 1995, and they're licensed to transact all insurance types. These include special risks and general insurance, like life, health, property, casualty, marine, aviation, reinsurance, surety, fidelity, etc.

Best Insurance Company in Nigeria

As you can see from this list, Nigeria has many different insurance providers, and we have already listed the best for you. Some specialize in specific areas, while others have a broader scope. This means that you should be able to find what you need no matter where you live in the country.

However, to ensure you get the best deal possible, you may want to consider shopping around for your insurance needs. You might even want to ask friends who have used an insurance provider before. They'll be able to give you some insight into how good or bad their experience was.

If you decide to shop around, remember that you don't necessarily have to go through an agent. Many insurance companies will sell directly to consumers. So, you could just call them up and buy whatever policy you need.

If you'd rather use an agent, you should know that agents usually charge a commission on top of any premium you pay. But, you shouldn't worry too much about this because most people save money when comparing prices between insurers.

You should also keep in mind that not all insurance companies offer the same level of coverage. For example, some only insure against theft, fire, and other natural disasters. Others offer full-blown protection against medical expenses, car accidents, etc.

So, when you're looking for the right kind of insurance, you should always take a close look at the type of coverage you need. Choose one that covers road traffic accidents if you drive a lot. And if you plan on owning a house, you should check out homeowners' insurance.

Additional Coverage

Of course, you should also consider whether you need additional coverage. For instance, if you own a boat, you might want to add boating insurance to your policy. Or, if you plan on traveling abroad frequently, then you might want a travel insurance policy.

When buying insurance, you should never forget to read the fine print. It's easy to overlook minor details, but these can come back to bite you later. For example, if you're purchasing auto insurance, you should ensure that you understand precisely what is covered under the policy.

Also, you should make sure that the insurer is reputable. There are plenty of scam artists out there who try to rip off unsuspecting customers. So, always ensure that you're dealing with someone who has been in business for a long time.

Finally, you should always make a note of the deductible amount. A deductible is money you have to pay before your insurance starts. The lower the deductible, the less you'll have to pay monthly.

But, the higher the deductible, the more you'll save. So, it's important to weigh both sides carefully. After you've considered all these, you'll indeed be choosing the best insurance company for yourself.

 Best Health Insurance Companies in Nigeria

AXA Mansard Health Insurance

Mansard Health Plan from AXA offers excellent coverage of severe illnesses, maternity care, mental health problems, and dental treatment. It includes GP, emergency room, outpatient procedures, hospital admissions, maternity stays, day surgery, ambulance services, and much more.

The plan comes with a choice of two plans: Basic or Comprehensive. Both include the following benefits:

• Accident Cover

• Emergency Room Cover

• Hospitalization Cover

• Maternity Cover

• Dental Care

• Optical Services

• Physiotherapy

• Mental Health Services and many more.

Clearline Health Insurance

Clearline Health Insurance provides comprehensive cover for medical emergencies, maternity care, hospitalizations, and dental treatments. 

The company provides three main kinds of health insurance:

• Family Health Plan: If you choose this plan, you can access any healthcare in the country.

• Corporate Health Plan: This medical insurance covers typical ailments, like colds, flu, injuries, etc., and medical procedures, such as surgery, dental care, eye exams, x-rays, physicals, lab tests, etc., for corporate employees.

• Individual Plan: If you have no underlying health issue, this health plan is for you.

Other benefits this health insurance company offers include:

• Accident Cover (up to N1 million)

• Ambulance Service

• Blood Transfusion

• Breast Screening

• Cataract Surgery

• Cholesterol Testing

• Coronary Angioplasty

• Diabetes Treatment

• EKG Test

• Eye Exam

• Flu Vaccine

• Gynecological Examination

• Heart Disease Treatment

• Hepatitis B Vaccination and more

HCI Health Insurance

This health insurance company provides comprehensive cover for medical expenses, including hospitalization, surgical operations, dental care, and optical services. It also offers accident cover up to N1 million, 24/7 emergency service, blood transfusions, and breast screening.

Other benefits this insurance company offers include Accident Cover (up to N1 Million), Emergency Room Cover, Hospitalization Cover, Dental Care, Optical Services, Blood Transfusion, and more.

Blue Cross & Blue Shield

Blue Cross & Blue Shield is one of Nigeria's most popular health insurance companies. The company has been offering quality health insurance since its establishment. Also, it provides a wide range of health insurance policies suitable for individuals, families, small businesses, large corporations, and government agencies.

Some of the significant benefits offered by Blue Cross & Blue Shield include:

• Accident Coverage

• Emergency Room Cover

• Inpatient Hospitalization

• Outpatient Procedures

The Benefits of Buying Insurance Policies

• Insurance policies give you peace of mind. When you buy insurance, you know you won't suffer if something goes wrong.

• Buying insurance helps you save money. By purchasing insurance, you can reduce the cost of insuring yourself.

• It protects your assets; your investments are covered by insurance.

• It provides security; you can use insurance to secure loans and mortgages.

• It reduces stress; you no longer worry about losing your money.

• It makes you feel safe; you can sleep peacefully, knowing that your loved ones are covered.

How To Choose An Insurance Company

When choosing an insurance company, consider the following factors.

• Costs: Compare costs before you choose any insurance provider. Make sure you compare all the prices associated with each plan.

• Reputation: Choose an insurance company with a good management team and reputation. Ask friends and relatives for recommendations.

• Customer service: Look at customer reviews online. Read testimonials and feedback and look for complaints.

• Features: Consider the features offered by each insurance company. Check if the plans offer discounts for multiple policies.

• Benefits: Check if the benefits offered by each insurance company are suitable for you.

Choosing A Policy

Once you've chosen an insurance company, you should read their terms and conditions carefully. This document tells you everything you need to know about the insurance policy.

If you have any questions, ask your agent. They will help you understand the details of the policy. You may want to take out additional insurance policies. For example, you might want to add life or home insurance to your existing policy. Also, remember to keep track of your claims so you don't miss them when they're due. You'll receive reminders from your insurer.

Frequently Asked Questions

1. What happens if I get sick?

If you become ill while insured, your doctor will provide treatment free of charge. Your medical bills will be paid directly by your insurance company.

2. How much does my health insurance cover?

Your insurance covers hospital expenses, including medications and tests. It also pays for doctors' visits, ambulance rides, and other treatments.

3. Will my insurance pay for surgery?

Yes, but only if you meet specific criteria. Your surgeon must certify that the procedure is medically necessary.

4. Can I get more than one type of coverage?

Yes. You can purchase different types of insurance such as accident, disability, dental, life, and even pet insurance.

5. Do I need to renew my insurance every year?

No. Most insurance companies allow you to renew your policy automatically. However, it's always best to check with your insurance company first.

Conclusion

Insurance is essential because it allows you to protect your family financially. It is not expensive; you only need to shop for the right insurance plan. With this guide, you should be able to choose the best one for you.