No one knows tomorrow, nor wishes that something bad happens, we all need to get our properties insured. That’s what insurance companies in Nigeria are here for.

It is an entire field (with actual courses in universities), but Insurance isn’t all that much rocket science.

However, if you’re ready to go on the journey, it helps to know the companies to go to, and that’s what this article highlights.

But first, we take a look at some of the details to put into consideration when you’re about to choose an insuring company.

What to look for

I’ll recommend that at least 80% of all of your research on an insurance company be done physically (and preferably by yourself).

You can however start by getting a few crucial details about them online.

Outside of contact information, you can also check online reviews and what people have to say about the particular company.

Legal Recognition

This is an absolutely necessary requirement. The company doesn’t have to be legally recognized alone, the Nigerian government has to certify and accredit it as well.

Company’s Strength

This is also important. You need to know if an insurance company is capable of handling a bad turn of economic events; that’s the major way you can be sure your money with them is safe.

One way you can check is by reading through stock ratings and reviews; they are very accurate markers for an insurance company.

You can also check out the Price. How much are their premiums going for? Is it too cheap or too expensive? You would need to consider how much you can afford for a premium.

Top 10 Best Insurance Companies in Nigeria

Industrial and General Insurance PLC

The company, popularly known as IGI has been around for a while now; it started out as an incorporated private liability company back in 1991.

 

It became a public company in 1992.

Their insurance portfolio is extensive, as you’d from insurance that’s been around for that long. They offer:

• Life Insurance
• Travel Insurance
• Health Insurance
• Fire Insurance
• Engineering/Contractor Risk
• Motor Insurance

Custodian and Allied Insurance PLC

Custodian Company is another credible insurance you can look to. It’s got a significant track record; starting out in 1997 with an array of insurance packages.

Their Life Insurance and General Insurance are the most popular.

AIICO Insurance PLC

AIICO stands for American International Insurance Company and is one of the oldest insurance companies in Nigeria. Their portfolio includes:

• General Insurance
• E-Insurance
• Property Insurance
• Health Insurance
• Life Insurance and Annuity

 Leadway Assurance PLC

Leadway Assurance has been operating in the country for over 50 years; in the beginning, they offered Life & Pensions and General Insurance.

Since then, they have expanded their activities to Portfolio Management, Bonds, and Financial loss management.

Their policies include:

• Term Assurance Plan
• Deferred Annuity Plan
• Educational Saving Plan
• Money Policy Plan
• Family Benefit Plan
• Lead Way Saving Plan

AXA Mansard Insurance Company

The insurance company belongs to the AXA Group, which is itself a very prominent player in the Global Insurance and Asset Management industry.

Their reach is in the excess of 100 million customers across over 50 countries.

Its offered policies include:

• Autoflex Plan
• Money Market Plan
• Easy Care Plan
• Health Insurance
• Instant Plan
• Business/Tourism Protection Plan

Goldlink Insurance PLC

Goldlink became incorporated as an Ltd in 1992. It however took a while before it became a PLC; in 2007.

It went on to become listed on the Nigerian Stock Exchange in 2008.

It is one of the insurance companies in Nigeria you can check out, as some of their policies include:

• School Safety plan
• Oil & Gas Plan
• Reinsurance Plan
• Individual Life Insurance Plan
• Motor Insurance
• Marine & Aviation Plan
• Group Life Insurance Plan

Continental Insurance

Continental Insurance is arguably one of the leading insurance companies, as far as the African insurance industry is concerned. Some of their services include:

• Pet Insurance
• Home Insurance
• Auto Insurance
• Business Insurance

LASACO Assurance PLC

While it started out as Lagos State Assurance Company, it quickly became licensed as an insurer – only after a year of incorporation in 1979.

Some of the insurance policies they can provide includes:

• Personal Accident Insurance
• Money Insurance
• Professional Indemnity Insurance
• Bond Insurance
• Householder’s Insurance
• Fire and Special Insurance Plan
• Marine Insurance
• Aviation Insurance

Cornerstone Insurance PLC

It is one of the insurance companies in Nigeria that was incorporated in 1991 as an LTD; In 1997, it went PLC and had a quote on the Nigerian Stock Exchange.

It has its license directly from NAICOM and offers insurance packages such as:

• Halal Takaful Plan
• Goods In Transit Plan
• Home Insurance
• Life Insurance
• School Fee Guarantee Plan
• Gadget Protection Plan

 

African Alliance Insurance PLC

It receives its incorporation in 1960 and has since acquired the reputation of having some of the most efficient and trustworthy insurance policies.

Some of its policies include:

• Esusu Plan
• Individual Assurance Plan
• Direct Debit Form Plan
• Group Life Assurance Plan
• Annuity Assurance Plan

Conclusion

Approaching an insurance company for their policies is a smart move, not just for your business but for whole other things.

And while it might sound complicated, with all the terms and concepts, but if you get closer through research and other findings, it’s not all that different from the workings of a bank, for instance.

I have compiled a list of insurance companies in Nigeria that can be considered the best, with rich pedigree and backgrounds.

This should point you in the direction of where to start looking when in search of the services of an insurance company in Nigeria.