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Types of Insurance in Nigeria

At some point in your life, you must have heard of the word 'Insurance' but still don't understand what it means. Insurance protects against loss or damage to property and personal injury. There are several types of insurance in Nigeria, and this blog will focus on them. Before we list the different types of insurance, what is the full explanation of insurance? What is Insurance? In simple terms, insurance is a contract between an insurer (the company) and an insured (you). Insurance aims to protect the insured from financial losses caused by specific events such as fire, theft, natural disasters, etc. In return for paying premiums, the insurer agrees to pay out money if the event occurs. The type of insurance depends on the risk involved. For example, auto insurance covers damages due to car accidents, while home insurance covers damages due to fires, floods, earthquakes, etc. History of Insurance Insurance is one of the oldest forms of financial protection against risks.

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