types of insurance companies in nigeria
Within a very short period of its incorporation, the company has been recognized by many that want to be part of her success story. Top 10 Insurance Companies in Nigeria the Policies they Offer. Standard Alliance Insurance PLC is a high-profile, technology and customer oriented company conceived to be among the best insurance companies in Nigeria in both product and service delivery. Ajumoke Nwaeze is a Creative Writer and Sensational singer, whose essence is to live, love and impact. is arguably one of the most popular types of insurance in Nigeria. There are many insurance companies in Nigeria and below is a list of some of the well known and reputable insurance institutions among them. 1. Another insurance company in Nigeria is NEM Insurance Plc. There are many insurance companies in Nigeria; each one of them with their different packages and policies which they use to attract customers to buy their policies. It is important as every other insurance policy because they are things we do not have control over. African Insurance Company Limited became the. In addition, the outfit also focuses on general and special risks, life assurance, annuity and health insurance as well. Address. People often make use of property insurance to protect their property/properties from unexpected losses. As such, they benchmark their activities at every level against global best practices. There are over a thousand existing insurance companies in Nigeria which makes it harder to rate the best. All these are forms of damages opened to marines. Crusader insurance (Nigeria) Plc is a highly reputable company renowned for its efficient service delivery and prompt claims settlement. Nigeria is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. This means the industry today is definitely not what it is as at when it started. Although the industry faces lots of challenges, there are also lots of positives in the industry. Royal Exchange is aimed at responsibly and efficiently mobilizing and utilizing human, financial and technological capital to exceed stakeholder expectations. Life insurance is definitely different from all other forms of insurance. People often make use of property insurance to protect their property/properties from unexpected losses. Hence, people tend to not want anything to do with insurance companies in Nigeria. The objective of compulsory insurance policies in Nigeria is to provide protection to third parties as well as the general public. The truth is, you can never be too careful in cases like this. Spring Life Assurance Plc. List of Registered Insurance Companies in Nigeria and their CEOs 005 Anchor Insurance Company LtdMr. A list of Best Insurance companies in Nigeria, Policies 2021 Nigeria is one of the most highly populated countries in Africa. Formerly called First Nigeria Insurance Company Limited, Equity Life insurance was incorporated on the 10th of November 1983 and was licensed as Life Specialist Company to transact life and pension business. In this case, marine perils include cases or situations like a collision with rocks or other ships, attacks from enemies, fire etc. These include: Health Maintenance Organization (HMO) Being a notable type of health insurance, Health Maintenance Organizations are groups that takes the medical risk of it … This company was founded in 1970. Knowing this helps us to become more flexible in deciding what we uniquely need thereby making it more affordable and yet get the best premium insurance cover available. The... © BuzzNigeria.com 2021. is very much the same as in any part of the world. This company was the first to register with the Nigerian Health Insurance Scheme (NHIS) and … General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. GTA is committed to the provision of excellent service. Currently, AIICO is the 2nd largest insurance company in Nigeria. Rated among the top 10 in Nigeria, Custodian Insurance company stands out among the competition. See Also: Top 20 Online Shopping Stores In Nigeria. Aiico Multi Shield Nigeria Limited AIICO had been ranked one of the best insurance companies in Nigeria (not only in the health insurance industry). It overtook South Africa to become Africa's largest economy in 2014. This form of insurance covers all the risks that are results of fire. Besides, they also provide … Industrial and General Insurance Plc also known as IGI is one of the leading providers of Insurance and risk management services in not just Nigeria but in West Africa. Zenith Life Assurance Company is a member company of the Zenith Bank Group and is fully capitalized to the tune of N2 billion in line with the recapitalization requirements of NAICOM. As one of the five largest banks in Nigeria... Famed as one of Nigeria's biggest banking firm, Fidelity Bank is a fast-growing bank with its headquarters stationed in the ever-busy Lagos State. Didier Drogba Age, Wife, Height, Weight, Net Worth, Lagos State: People, Logo, Postal Code & Map, FCMB Online Internet Banking, Transfer Codes, Customer Care, What Exactly Is iCharity Club Nigeria? Here’s Everything You Need To Know, Stanbic IBTC Internet Banking, Pension, Asset Management and Quick Facts, Union Bank Nigeria Internet Banking, Transfer Codes and Other Details, Access Bank Online Transfer Codes, Internet and Mobile Banking, Customer Care, Fidelity Bank Nigeria Online Internet Banking, Transfer Codes, Customer Care Contacts. AXA Mansard is one of the best companies providing different types of health insurance in Nigeria. The reason is that most insurance companies do not train their staffs adequately. So, the overall idea of a marine insurance is to insure the ship, cargo and freight. In fact, it has further been divided into Ocean Marine Insurance and Inland Marine Insurance. Aiico is one of the largest Life Insurer companies in Nigeria and a also a heavy weight in General Insurance business. List of 47 Insurance Companies in Nigeria 2021 and their addresses 1. The framework for insurance in Nigeria is weak. It is, however, a drawback as some of the insurance companies in Nigeria have not embraced the benefits of the technology. The company has carved a niche for itself through big-ticket transactions in Aviation, Oil and Gas, Marine Cargo and Hull Business and other non-life insurance underwritings including Motor, Fire and Special Perils, Goods-in-Transit, Engineering Insurance… As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. DONT MISS: All You Need to Know as Monkeypox Spreads to Akwa Ibom. Also, there are a couple of offices outside Africa which include London and Washington D.C. This can be on the basis of the type the health insurance is. There are 15 licensed life insurance companies in Nigeria, according to the National Insurance Commission. However, there is still a kind of response that people give when they come across insurance related topics. Recently, he... Osita Iheme is a famous Nollywood actor who gained prominence after playing the role of Paw Paw in the Nigerian film, Aki na Ukwa. Odunlade Adekola Biography, Did He Really Marry a Second Wife? This insurance company offers general insurance e.g. With time, the private insurance companies took over the state-owned insurance companies. Most people are sceptical about how insurance in Nigeria works. Your email address will not be published. As mentioned earlier, there are also a number of challenges insurance in Nigeria faces like every other industry. Phone. The Company was at inception registered to undertake some classes of insurance business. The property insurance may include homeowners insurance, renters insurance, flood insurance etc. The limited liability and simplicity of running the private limited company makes it the most common of registered business in Nigeria. BuzzNigeria – Famous People, Celebrity Bios, Updates and Trendy News, 10 Successful Nigerians Who Are Not University Graduates, Chinedu Ikedieze Biography, Wife, Age, Height and Other Facts. https://www.entrepreneurs.ng/insurance-companies-in-nigeria So, let's have a look together! Employers Liability Insurance (Group Life) Under the Pension Reform Act 2004. So, the aim of the article is to equip you with the necessary knowledge about insurance and insurance in Nigeria. This is because there are more people in industries in which they know little or nothing about. Email. The company has subsidiaries in African countries like Ghana, Gambia, Rwanda and Uganda. Name & List of Insurance Companies in Nigeria. They consist of hospitals, dentists, and eye clinics. It is not surprising because insurance in Nigeria has evolved. Before we go deep into the article, there are certain things you should know about insurance. There is a shortage in the number of skilled professionals in the industry; brokers, underwriters, actuaries etc. It has a national network of branches and full computerization and a crop of experienced and highly competent professional staff back up its operations. While more indigenous private insurance companies came to limelight in the early 90s. Inasmuch as this is the case, more effort should be put in place to train employees who do not have the technical background of the field. They began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for a U.K leading insurance company, the first Nigerian to have such authority. 3 BEDROOM FLAT APARTMENT FOR SALE IN SURULERE. All rights reserved. All right reserved. How Landlords Unchecked Behavior Affects Agents in Lagos. 5 Safest States in Northern Nigeria (UPDATED), Documents Required For Property Transfer In Nigeria (UPDATED). Great Nigeria Life Assurance Ltd. vacant Great Nigeria House. The company’s success has been the result of its ability to evaluate its potentials, set realistic goals and take necessary actions to achieve them. In 1999, Continental Reinsurance was converted to a Public Limited Company (PLC). The management of Mutual Benefits Assurance Plc, one of the 48 recertified underwriting groups in the country, has taken stock of its activities in the recent past reaffirming that it has expanded its operations even beyond the Nigerian business environment. Although the industry faces lots of challenges, there are also lots of positives in the industry. A&G Insurance is set to combine 20 years experience and safety of an underwriting company with the efficiency and innovation of the next generation risks and financial solutions provider. 3. This requirement is satisfied by purchasing Workers' Compensation insurance, which is available from private insurance companies that are licensed by the National Insurance Commission (NAICOM). It overtook South Africa to become Africa's largest economy in 2014. List of Car/Vehicle Insurance Companies in Nigeria 1. . Inadequate Access to Information Technology, Kindly share your view(s) or experience(s) about insurance in Nigeria with fellow. . NEM started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. What is The Meaning of IPOB, Who is The Leader and What Are They Fighting For? 8, Omo-osagis Street Off Awolowo Road Ikoyi SWI, Lagos Life. They do not trust the system. This form of insurance covers all the risks that are results of fire. Insurance in Nigeria is very much the same as in any part of the world. It is evident that insurance in Nigeria has over the years evolved. Most people love their natural hair yet they can't do without the artificial hair. The company is registered and licensed by NAICOM under the provisions of the Insurance Act 2003 to carry out General insurance businesses. Company Name. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. Nigeria is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. There are no doubt improved laws, increased number of insurance companies in Nigeria among other things. The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts. Though it didn’t cover the regulatory requirements for insurer’s solvency until 1993. See Also: 10 Successful Nigerians Who Are Not University Graduates. Zenith Life core values and qualities focus on product innovation and excellent customer services. Amid the economic challenges, some insurance companies have continued to make significant progress, as revealed by their gross premium income and market share. Insurance in Nigeria: What You Should Know. This is a composite insurer: issuing life and non-life policies. The company is a well-recognized company for its efficiency and trustworthiness in insurance. The Company commenced operations on the 2nd of October, 1989 and still keeps its head high in the industry. Some of the different types of insurance companies include: standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London and more. What life insurance does is to provide protection against premature death or ensure an adequate amount of money at old age. Naijauto brings you the different types of car insurance in Nigeria and their various merits and demerits. There are a good number of insurance companies in Nigeria. Continental was registered in 1985 as a professional reinsurance company under the Companies Act 1968 and obtained license to transact Non-Life Reinsurance business on December 10, 1986. Since its incorporation in 1965, Unic Insurance plc. 01 461 7031, 01 461 7032, 01 270 1167-8. It is evident that insurance in Nigeria has over the years evolved. LEADWAY Assurance Company. Plot 105B Ajose Adeogun Street, Victoria Island, Lagos State. was established. Oasis is an authorized composite insurance company that underwrites all classes of life and non-life insurance businesses with an authorized capital of N3billion and paid up share capital of N545 million.