Definition of Insurance?
Insurance can be defined as a setting whereby a company or a state agrees to give a guarantee of compensating a person for damages, loss, or death. In addition, this compensation comes in exchange for the remittance of a fixed fee.
This simply means that a person will pay an agreed amount of money in advance to the company or state.
This money will cover any future damage of assets under the insurance cover. And the company can achieve this by compensating such persons after the loss of the asset.
Insurance is like saving up when you have plenty against the rainy days.
When you have car insurance, you don’t need to worry if your car is stolen or damaged, your insurance company will compensate you by paying for the repair cost of your car. Also, if your damaged car is beyond repair or gets stolen, your insurance simply gets you a new car.
According to the third-party motor vehicle insurance act of 1950, it is compulsory for you to get third-party insurance for your car.
The act is termed ‘third-party insurance’ and failure to comply could lead to imprisonment. Therefore, it is important, wise, and legal to get insurance for your vehicles.
Origin of Insurance Companies in Nigeria
Insurance Companies in Nigeria can basically link from the inception of the arrival of British Trading firms.
These firms had to manage the risks associated with their businesses. Therefore, fear of risk management gave birth to the establishment of the insurance industry in Nigeria which began to grow at a fast rate.
These agencies had to get their licenses from abroad in order to facilitate issues covering facilitation
The first indigenous Insurance Company was established in 1958. By October 1st, 1960, when Nigeria gained its independence, four more indigenous Insurance Companies owned Insurance Businesses.
The growth rate has been increasing ever since then. rate.
However, aside from individual owned companies, in 1997, the Federal Government of Nigeria created the National Insurance Commission (NAICOM).
Their responsibilities were to oversee and organize insurance activities in Nigeria.
Today’s update from NAICOM on the total number of insurance companies in Nigeria is 58. Here is a complete list of all the Insurance Companies in Nigeria.
List of Insurance Companies in Nigeria
African Alliance Insurance Company Ltd
AIICO Insurance Plc. 004
Alliance & General Insurance Plc.
ALLIANZ NIGERIA INSURANCE PLC
Anchor Insurance Company Ltd
ARM Life Plc.
AXA Mansard Insurance plc.
Capital Express Assurance Limited
Consolidated Hallmark Insurance Plc.
Continental Reinsurance Company Plc.
Cornerstone Insurance Plc.
Custodian & Allied Insurance Limited
Custodian Life Assurance Limited
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Limited
Great Nigeria Insurance Plc.
Goldlink Insurance Plc.
International Energy Insurance Plc.
Industrial & General Insurance Plc.
JAIZ TAKAFUL INSURANCE PLC
KBL Insurance Limited
LASACO Assurance Plc.
Law Union & Rock Insurance Plc.
Leadway Assurance Company Limited
Linkage Assurance Plc.
Tangerine Life Insurance Ltd
Mutual Benefits Assurance Plc.
Mutual Benefits Life Assurance Ltd
NEM Insurance Plc.
NICON Insurance Plc.
Niger Insurance plc.
Nigeria Reinsurance Corporation
Nigerian Agricultural Insurance Corporation
NSIA Insurance Ltd
Old Mutual Nigeria General Insurance Company Limited
Old Mutual Nigeria Life Assurance Company Limited
Prestige Assurance Plc.
Prudential Zenith Life Assurance Company Limited
Regency Alliance Insurance Plc.
Royal Exchange Prudential Life
Royal Exchange Prudential Life
Unitrust Insurance Nigeria Limited
Sovereign Trust Insurance Plc.
STACO Insurance Plc.
Standard Alliance Insurance Plc.
Sterling Assurance Nigeria Ltd
SUNU Assurance Plc.
UNIC Insurance Plc.
Universal Insurance Plc.
Veritas Kapital Assurance Plc.
Coronation Life Assurance Lt
Zenith General Insurance Company Limited
GOXI Micro insurance
NOOR Takaful Plc.
Cornerstone Takaful Insurance Co. Ltd
However, for the purpose of this article, I am going to focus on some key areas of our daily lives that are very needful to insure. They are: Health, Travel and Car Insurance.
Health Insurance essentially covers the basic health medical bills of everyone under the policy. It works by spreading the risk over a group of people like families, or a company. Today, there are several health maintenance organizations in Nigeria that are mediating on behalf of the hospital and patients. Therefore, they are more or less the insurance company holding the policies.
The following are the top 10 Health Insurance Companies in Nigeria:
Redcare Health Services Limited
Total Health Trust Limited
Here are top four Traveling Insurance Companies in Nigeria with unique specialties to explore. They are:
- AIICO Travel Insurance
Their services offer a travel insurance plan in partnership with AIG South Africa. The plan covers the following:
Emergency medical expenses
Repatriation on medical reasons
Lastly, repatriation of mortal remains (corpse)
In addition, this travel insurance plan is for corporate organizations, individuals, and HNIs.
- AXA Mansard Travel Insurance
They sold out to provide cover for risks associated with traveling such as:
Loss of property
Medical expenses arising from illness or accident
Lastly, emergency medical evacuation
- LeadWay Travel Insurance
This Insurance company provides cover on medical, financial, and other losses incurred while traveling outside your country of residence and their plan covers all travelers for holiday and business in the event of accidents, sickness, or loss of baggage.
- Mutual Benefit Travel Insurance
Their plan provides cover for accidental death, medical expenses incurred and repatriation costs of persons whilst on an international journey.
Conclusively, Travel insurance is highly recommended for you, your family, and friends specially, when you move with valuables.It also serves as a protection against every unfortunate event while traveling. Basically, although many consider it to be a waste of money, it is certainly beneficial under the right circumstances.
There are top 10 Car Insurance Companies in Nigeria:
Zenith Insurance Plc
This insurance company is one of the best car insurance companies in Nigeria. They have policies that adapt to your specific needs and in accordance with your budget; also have a wider coverage, including most automobiles like cars, motorcycles and trucks.
Leadway Assurance Plc
This is also one of the leading Insurance Companies in Nigeria. They offer a wide range of services along with car insurance. They are a trusted brand with trustworthy, reliable, and have a proven history of settlement claims over the years.
Cornerstone is one of the reputed insurance companies in Nigeria, starting from travel insurance to school fee and home insurance; they offer a wider coverage including car and third party coverage insurance with varying degrees.
Consolidated Hallmark Insurance
This Company is guided by professionalism, relationship, integrity, customer-oriented operation and more., One of their top services is car insurance, which they have designed to cater for your present and future needs.
FBN general insurance
The First Bank of Nigeria also has an insurance arm called the FBN General Insurance. This organization offers top-notch services across a wide array of insurance options, among which is car insurance. Also, they are reliable and offer satisfactory services to their customers.
AIICO Insurance Plc
AIICO Insurance Plc is undisputedly one of the best insurance companies in Nigeria across varying insurance services. Their car insurance is of good quality and certainly well above average, with option for third party coverage too.
Industrial and General Car Insurance
Car insurance is one of the most valued services provided by industrial and general car insurance. Basically, since they have their foundation on it, the company offers reliable road assistance along with a fast and state of the art tracking system to further meet your needs. You can trust them any day or time on anything related to car insurance.
AXA Mansard Car insurance
AXA Mansard is certainly one of the top 10 car insurance companies in Nigeria. This is proven with their several awards. More so, what’s great about them is that they have a package for everyone, regardless of your financial capacity. This is due to their carefully constructed car insurance plans that are available for customers to choose from.
2022 Registered Insurance Broker in Nigeria
In Nigeria, before a broker can operate it is important that they register with The Nigerian Council of Registered Insurance Brokers (NCRIB) and also get their license to operate from the National Insurance Commission (NAICOM).
Although there are over 330 registered insurance brokers in Nigeria, the following are some of them:
Colenson Insurance Brokers
Colenson Insurance Broker started operation in 1983, and since their inception, they have established businesses in every major insurance field. In Nigeria, they are one of the longest operating brokers. Furthermore, they specialize majorly in financial risks, Accident, Life, Liability, and Transportation.
- As a requirement by Nigeria, they incorporated Hilltop brokers in 2003 as a Private Limited Liability company. They were incorporated and licensed to generally carry out the business of Insurance Broking, Risk management. Also, they are licensed for consultation in Marine, Motor, life, and general business insurance.
- Risk Analyst Insurance Brokers
Risk Analyst Insurance Brokers started operation in the year 2003. They specialize generally in Insurance Broking, Risk Management, and Reinsurance. Over the years, Risk Analysts have continued to provide excellent broking services to meet the needs of their customers.
Nigeria life and provident company limited
Formerly operating as Nigeria Life and Pension Consultant Limited, the Nigeria life, and provident company Limited started operation in Nigeria 50 years ago. They are a responsible organization that over the years has grown to become one of the top guns in the insurance industry. Furthermore, their core services center generally on fund management, Life insurance, and General Insurance.
- Union commercial Insurance Brokers
Union commercial Insurance Brokers started out as a Private Limited Liability Company under Rock Insurance Brokers. However, in the year 1997, they re-registered to function independently as an insurance broker to carry out all classes of the insurance business. Their core services are basically Life Assurance, General Insurance, and Special Risks.
- Glanvills Enthoven
This company was incorporated in 1957 to function as an insurance brokerage firm. The main aim of this establishment is to provide its clients with risk solutions. Over the years, Glanvills Enthoven has built a pedigree of the highest quality, and they have operated continuously since inception. They are a member of the NCRIB and NAICOM.
- Hogg Robinson Nigeria
This Company was licensed by The Corporate Affairs Commission (CAC to transact as an insurance broker in 1997. Hogg and Robinson Nigeria have a lot of international business partners; their partners have good knowledge and expertise in the firm affairs. Furthermore, they major in Engineering Insurance, Risk Management, and Industrial and Commercial Insurance.
- Carrier Insurance Brokers
NAICOM gave them Licensed in 1994 to transact business generally as an Insurance Broker. Carrier Insurance Brokers specializes in Professional Indemnity, Fidelity, and Group life insurance. This insurance broker has a notable year of experience in the insurance industry, and they have a team of experienced experts.
- Northlink Insurance Brokers
NAICOM licensed Northlink Brokers in1989 to render brokerage services to its clients. Their major area of services includes Money insurance, Individual and group life policies.
- Insurance Brokers of Nigeria (IBN)
This Company is also known as IBN. They started business in 1955. Although they started as CT Bowring and Company Incorporated Insurance Brokers but later changed the name. They are the very first risk advisory in Nigeria with a track record of excellence. Their services include Wholesale reinsurance services, industrial risk protection, etc.