{"id":10242,"date":"2015-09-15T12:31:20","date_gmt":"2015-09-15T11:31:20","guid":{"rendered":"https:\/\/buzznigeria.com\/?p=10242"},"modified":"2021-12-10T22:14:43","modified_gmt":"2021-12-10T21:14:43","slug":"34-best-insurance-companies-in-nigeria","status":"publish","type":"post","link":"https:\/\/buzznigeria.com\/34-best-insurance-companies-in-nigeria\/","title":{"rendered":"The 10 Best Insurance Companies In Nigeria"},"content":{"rendered":"
The insurance industry is one of the thriving industries in Nigeria. It has come a long way after having dealt with the mass ignorance of citizens about it. Today, the Mandatory Insurance Act as well as programs like NHIS has ensured that people have gained knowledge about it. The subsequent widespread knowledge of the importance of having insurance has also aided the spread of insurance companies in Nigeria and the agency now being very competitive, makes it difficult for one to decide which of the agency’s company policies is best.<\/p>\n
The insurance companies listed in this article, over time, have been considered among the best in the country, however, further investigations about them should be carried out before signing a deal. Here is our list of the ten best insurance companies in Nigeria.<\/p>\n
<\/a><\/p>\n Rated as one of the top three for General Insurance businesses in Nigeria, the American International Insurance Company (AIICO) is one of the largest Life Insurers in Nigeria and a major player in the General Insurance business. The company which was founded as a subsidiary of American International Group (\u201cAIG\u201d), is one of the oldest insurance companies in Nigeria.<\/p>\n Through its long years of services, it’s been able to learn the ropes of the industry very well and its focus now centers on providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base. One of the results of the company’s success lies in its ability to evaluate its potentials, set realistic goals, and take necessary actions to achieve them.<\/p>\n As one of the top ten insurance companies in Nigeria, AIICO owns valuable financial and strategic assets which include a 19% stake in Healthcare International Limited (both healthcare management organizations (\u201cHMOs\u201d), a substantial stake in Multishield Limited, and it’s Capital Limited (an asset management wholly-owned subsidiary).<\/p>\n Under its general insurance services, AIICCO which is now operating in 18 branch locations across different states of Nigeria, offers the following products:<\/p>\n <\/a><\/p>\n Established in the early 70s, Leadway Assurance Company Limited (LEADWAY) is known for its close attention to relationships, having started operations as a direct motor insurance company.<\/p>\n Very active online and across various social media channels, this insurance company has a reputation for service efficiency and customer reliability. To further boost its effectiveness, it has computerized most of its operations. Its allied financial services include portfolio management, credit bond, and miscellaneous and financial losses.<\/p>\n <\/a><\/p>\n Rated among the top 10 insurance companies in Nigeria, Custodian Insurance company stands out among its competitors when it comes to providing a wide range of insurance plans for its clientele to choose from. The investment company has significant holding in companies and brands that include Custodian Trustees and Crusader Sterling Pensions Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance.<\/p>\n Custodian Insurance company ranks high among eminent players in Nigeria\u2019s financial services sector with its group-wide assets under management (AUM) in excess of NGN 300 billion (approx. $1b).<\/p>\n As one of the top insurance companies in Nigeria, the Custodian Insurance company offers general insurance products and life assurance products. The life assurance products have products that include protection and annuities, savings and investments, endowment policies. Under the general insurance products are services that include:<\/p>\n <\/a><\/p>\n AXA Mansard is a member of the AXA Group – a top player in insurance as well as asset management. AXA Mansard Insurance plc was itself incorporated in 1989 as a private limited liability company. Registered with the National Insurance Commission of Nigeria (NAICOM), the company provides life insurance as well as on-life insurance products to individuals and organizations in the country.<\/p>\n Axa Mansard was in 2009 listed on the Nigeria Stock Exchange as the biggest insurance company with a Market Capitalization in excess of N28 billion. In 2001, it was rated B+ by A.M. Best. <\/strong>The company offers the following policies:<\/p>\n <\/a><\/p>\n Second among other Nigerian insurance companies to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification) is Consolidated Hallmark Insurance, a leading general business and special risk insurance company aimed at changing the way Nigerians see insurance. CHI has in the past decades built a reputation on Professionalism, Integrity and Excellent Service Delivery and its passion for growth have seen its assets grow by over 130% from \u20a64.65bn in 2007 to \u20a610.82bn as of the 2018 financial year.<\/p>\n The company’s key strategy is to put in its best to retain customers’ loyalty forever and also enjoy referrals from satisfied customers. To achieve this, it continues to deliver simple and effective insurance products that meet the needs of customers uniquely and also pay our insurance claims promptly.<\/p>\n <\/a><\/p>\n NEM Insurance Plc is not just one of the best insurance companies in Nigeria, but also one of the oldest. The company began operation in the country in 1948, through the agency of Edward Turner & Co. In 1965, it became a Nigerian branch of NEM General Insurance Association Limited of London. It was then incorporated in 1970 as a Nigerian company. NEM Insurance Plc became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria.<\/p>\n NEM insurance offers Life and Non- Life business to personal and corporate sectors in Nigeria. Personal products it offers include travel, motoring, professional indemnity, goods in transit, and fire and special perils. For small-to-medium businesses, its products include fidelity guarantee, cover for burglary, product liability, travel, personal\/group personal accident, money, and motor insurance. NEM’s corporate products include cover for general business, marine, aviation, oil and gas, engineering, bonds, and motor insurance.<\/p>\n Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.<\/p>\n Note: <\/strong>One of the key offerings of NEM Insurance plc is its E-comerce. It is a unique product offered by the insurance company which you cannot obtain elsewhere in Nigeria.<\/p>\n <\/a><\/p>\n IGI initially started as a private limited liability company on 31 October 1991 but it commenced the business of Life and General insurance in 1992. It started as a composite insurer to transact the business that also includes Pensions and Special Risks. The company is known for its strong capital base, professionalism, and deployment of modern technology. Its website is also structured in a way that it facilitates online quotation and payment, policy administration, policy queries, and brokers\u2019 portfolio management, to guarantee seamless operations and processes.<\/p>\n <\/a><\/p>\n 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. The Public Limited Liability Company<\/ins>\u00a0was<\/ins> first listed on the Nigerian stock exchange in 1997<\/ins>. It<\/ins> is also<\/ins> the first of<\/ins> its kind<\/ins> in Nigeria to provide customers with an online platform for insurance transactions. For that<\/ins>, it<\/ins> was adjudged the \u2018Best use of Technology, Insurance Company, 2016, Nigerian Technology Awards.<\/p>\n Since its inception, Cornerstone Insurance plc has remained dedicated to its course, putting their client first and creating solutions that meet their needs. Shareholders\u2019 Funds in the company are worth N7.49 billion as of December 2018 while its authorized Share Capital and Market Capitalization is N7.5 billion and N5 billion respectively.<\/p>\nAIICO Also Offers The Following Policies:<\/strong><\/h4>\n
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2. Leadway Assurance Company Limited<\/strong><\/h3>\n
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Leadway Pension Has The Following Insurance Plans:<\/strong><\/h4>\n
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3. Custodian and Allied Insurance<\/span><\/strong><\/h3>\n
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The Company Also Offers The Following Policies:<\/strong><\/h4>\n
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4. AXA Mansard Insurance<\/strong><\/h3>\n
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5.\u00a0 <\/strong>Consolidated Hallmark Insurance<\/strong><\/h3>\n
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Insurance Offerings From The Company Includes:<\/strong><\/h4>\n
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6. NEM Insurance Plc<\/strong><\/h3>\n
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Service Offerings from NEM Insurance Plc include:<\/strong><\/h4>\n
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7.<\/strong> Industrial And General Insurance Plc (IGI)<\/strong><\/h3>\n
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The Range of Products and Services Offered by IGI Include:<\/strong><\/h4>\n
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8. <\/strong>Cornerstone Insurance plc<\/strong><\/h3>\n
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Insurance Packages The Company Operates Include:<\/strong><\/h4>\n
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9. Mutual Benefits Assurance Plc<\/strong><\/h3>\n
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