This is a complete list of the best insurance companies in Nigeria to insure your lifes, familiies and territory.
Insurance protects an individual in case of unexpected events or accidents that may happen in life Such events or accidents include loss of home or property, bankruptcy, loss of car, and other damage.
One reason why insurance is very necessary is to protect your family against loss of life or source of earnings income.
Insurance ensures your investments and properties are safeguarded against future misfortune or loss of everything.
Insurance is an agreement between you and a company where you pay a stipulated amount of money to them. In case an unexpected event happens in your life such as loss of property they will compensate you back with some money.
Top 10 Best Insurance Companies in Nigeria
1. African Alliance Insurance PLC:
One of the best insurance companies in Abuja
African Alliance Insurance PLC was founded on May 6, 1960. They provide trustworthy Life Assurance, Savings, and Investments. All insurance products are tailored to fit their client lifestyle.
African Alliance Insurance PLC is located at suite 6B, White House Plaza 79, Adetokunbo Crescent, Wuse 2, Abuja.
They make the following policies:
- Investment assurance Plan
- Annuity insurance plan
- Esusu plan
- Group Life insurance plan
- Individual assurance plan
- Language map
- Direct debit form plan
2. Anchor Insurance Company Limited:
Anchor Insurance Company Limited is a popular insurance company among Nigerians. What makes them popular is the way they prioritize their customers, they always put them first in everything to make sure they provide the best services to them.
Anchor Insurance Company Limited was incorporated in 1989. They started operating in November of that same year they provide General Business Insurance to their customers. This insurance company is located at Plot 816, Ahmadu Bello Way, Central Area, Abuja.
They have the following policies:
- Motor insurance
- Travel Insurance
- Loss of Employment Insurance Scheme
- Agricultural Insurance
- Aviation Insurance
- Goods in Transit
2. AIICO Insurance PLC:
One of the best insurance companies in Lagos
AIICO means American International Insurance Company; it was established in 1963 under the subsidiary of American International Group.
AIICO are insurance, pension management, and asset management group, AIICO is rated the best insurance company in Lagos and the country.
They focus on general and special risk insurance, retirement services, life and annuity insurance, and health insurance. AIICO is located at 203-205, Apapa Oshodi Expressway; Oshodi Isolo Lagos
They provide the following policies:
- Agric Insurance
- Corporate Security Plans
- Oil and Gas Plan
- Term insurance plans
- Home Insurance
- Electronic Project Planning
- Flexible user plans
- Education Investment plan
- Three payment plans
- Auto Insurance
- Investment plan
- Travel Plan
4. Lead Way Assurance Company:
Among top insurance companies in Lagos.
Lead Way Assurance Company is foremost for its service efficiency and customer reliability. It came into existence in 1970 they have a strong media presence across all social media. Keyline services are general business insurance, life and retirement, and pension insurance.
Lead Way Assurance Company also offers miscellaneous financial losses, secured credit, bonds, mutual funds, and portfolio management. They are located at 121/123 Fun so Williams Avenue, Iponri, Lagos.
They provide the following plans:
- Personal savings plan
- Term insurance plans
- Deferred annuity plan
- Money policy plan
- Financial planning
- Road safety plan
- Family benefit plans
- Lead Way saving plan
- Educational saving plan
- Retirement plans
5. Industrial and General Insurance PLC:
One of the best insurance companies in Port Harcourt
Industrial and General Insurance started as a limited liability company on October 31, 1991. In 2007 it was registered as a Public Limited Company.
Industrial and General Insurance operated on life and general insurance. By January 1992 they started Pensions and Special Risks their goal is to meet clients’ needs through precise processes and unique responses in diverse sectors.
This insurance company is located at No.2 Ikwere Road, Port Harcourt, Rivers State Nigeria.
They offer the following policies:
- Marine Insurance plan
- Oil and Energy
- Aviation Insurance plan
- Engineering insurance plans
- Flight insurance plan
- Group life Products plan
- Waterproofing plan.
- Mobile phone coverage plan
- Health insurance plans
- General Business Insurance plans
6. Guinea Insurance PLC:
The second-best insurance companies in portharcourt.
Guinea Insurance PLC is foremost known in Nigeria as an insurance company that lived up to its name and its goal is to be ahead of other insurance companies.
The main services are regarding fire and general accidents. Offer financial risk solutions in General Insurance and Special risks.
Guinea Insurance operates on modern technology, with qualified professionals and a strong capital base. It is located at No. 174 Aba Expressway, Port Harcourt, Rivers State Nigeria.
They offer the following policies:
- Bonds insurance
- Burglary/Theft Insurance
- Consequential Loss Insurance
- Contractors All Risk Insurance
- Electronic Equipment Insurance
- Erection All Risk Insurance
- Fidelity Guarantee
- Workmen’s Compensation Insurance
- Professional Indemnity Insurance
7. FBN Insurance Limited:
One of the top insurance companies in Owerri
FBN abbreviation stands for First Bank of Nigeria. FBN Insurance is a subsidiary of First Bank of Nigeria.
Most key lines of FBN Insurance is managing everyday risks, giving peace of life, life insurance, and business insurance for individuals and organizations. FBN Insurance is located at No. 14 Orlu Road, Owerri, Imo State Nigeria.
They have the following policies:
- Public liability Insurance
- Kidnap and Ransom
- Business interruption insurance
- Engineering insurance
- Special Risks
- Goods in Transit insurance
- Fire and Special Perils Insurance
- Burglary and Housebreaking Insurance
- Life insurance
- Householders comprehensive insurance
8. Regency Alliance Insurance PLC:
Regency Alliance Insurance is foremost in Nigeria with years of experience. Regency Alliance Insurance has been in the Insurance line for over 20 years.
They used their expertise to provide the best services to customers and also offer customized insurance products with the help of intermediaries and technical partners.
Major services are risk management and medical insurance services. Regency Alliance Insurance is located at No. 63, Wetheral Road, Owerri, Imo State Nigeria.
They offer the following policies:
- Aviation
- Bonds
- Goods in Transit
- Motor vehicles
- Employer’s liability
- Plant and industrial all-risk
- Marine
- Oil and Energy
- Director’s liability
9. Niger Insurance PLC:
One of the best insurances companies in Uyo
Niger Insurance is well known for its fully computerized system and the management team is highly competent and also possesses managerial skills.
They offer both life and non-life insurance, and innovative services. Niger Insurance PLC is located at No. 17, Udo Umana Street, Off Iron Road, Uyo, Akwa Ibom State Nigeria.
They offer the following policies:
- Fire insurance
- Motor insurance
- Burglary insurance
- Professional Indemnity
- Marine cargo
- Product liability
- Special risk Insurance products
- Life insurance
- Related Pension
- Savings, and Investment Products
10. NEM Insurance PLC:
NEM Insurance is foremost among Nigerians they have been around for a while now. It was first known as Edward Turner and Co. As of 2007, they merged with Vigilant Insurance Company.
They offer both life and non-life insurance. Most key lines are general insurance, special risks, and other forms of insurance.
Over the years NEM Insurance Company has expanded its services to most regions in West Africa and this insurance company is located at No. 26 Etta – Agbor road, Calabar, Cross River Nigeria.
They have the following policies:
- E-Insurance
- Marine Insurance
- Motor insurance
- Travel Insurance
- Aviation and Gas
- Engineering and Bonds
- Goods in Transit
Insurance Types Available In Nigeria
- Health Insurance:
Health insurance is the most valuable insurance covered in Nigeria and is popular among Nigerians.
This insurance policy covers treatment for certain illnesses, medical Consultation, routine check-ups, hospital stays, hospitalization, doctor visits, and the cost of prescription medications. Premium plans give access to gym memberships and Spa.
- Life Insurance:
Life insurance covers the loss of lives if the insured person is dead the insured family will be paid the insured benefits and the duration can be 10, 15, or 20 years.
- Automobile Insurance:
Automobile Insurance covers risks associated with the loss of a car, personal injury, vehicle damage, medical expenses, and legal costs in a lawsuit.
It is required by law that every car owner has at least a third-party auto Insurance. Automobile Insurance covers collision and non-collision damages, theft, fire, or loss for other road users.
- Travel Insurance:
Travel insurance covers individual financial security while on vacation. Such insurance protects individuals against loss of luggage, trip cancellation, medical emergencies, and accidents and the compensation depends on the individual package.
Travel insurance offers the following policies: Domestic travel protection, Home Holiday Insurance, and International Travel Insurance.
- Device Insurance:
Phone insurance is a common name for device Insurance. Device insurance protects individual (insured) devices from screen damage and loss of devices in exchange for a fee.
The cost of repairing or replacing can be covered completely or partially by the insurance company.
Frequently Asked Questions:
What is Insurance all about?
Insurance is a way individuals or organizations can manage the risks that are associated with the loss of property. When you buy insurance your life is covered from unexpected financial losses.
How does Insurance work?
An individual or organization can buy insurance that protects another individual who is the insured and in case of an unexpected event, the insurance company will pay the insured family or loved ones the benefits of the insured.
Why is Insurance Important?
To protect individuals or organizations In case of an unexpected event such as loss of property or financial loss.
- How do Insurance Companies make money?
Charge greater premiums in exchange for insurance coverage than any claims in the insurance policy, then reinvest those premiums into generating assets.
- Can Insurance Companies in Nigeria drop you?
Insurers can choose to cancel policies or not renew them upon expiration of each policy.
- Insurance vs Assurance: What is the difference?
Insurance is a protective cover against an unexpected event In case of this event the insurance company will compensate the individual.
Assurance is an arrangement for coverage of an event whose happening is a certain and not unexpected event. An example: a wedding event and funeral programme.
Conclusion On The Insurance Companies In Nigeria
In this article, I hope you have seen more reasons why you need insurance in case unexpected events or any disaster happen that may lead to loss of property or finances.
Having insurance can cover you, your family, your business, and your properties against unforeseen circumstances in the future.
Insurance doesn’t necessarily mean something bad will happen but as humans you need to have something to fall back to especially when an unexpected event happens in your life.
Use this opportunity to find one insurance company and leverage yourself. This is the best way to protect your self from potential risks in the future.
