Top 10 Insurance Companies In Nigeria 2023
Which Nigerian insurance providers are currently the best? The top 10 positions are presented to you in this post.
The majority of Nigeria's insurance companies are controlled by a small number of major players.
These companies cover a wide range of policies, but each one is unique.
To help you choose the best insurance company for your situation, we compiled a list of Nigeria's top ten insurance companies and the distinctive characteristics of each one.
You should also read an article we wrote about Nigeria's best fintech companies.
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Insurance companies are an important part of the Nigerian economy because they cover accident costs and hedge risks.
These businesses, which operate in life insurance, property and casualty insurance, business and commercial insurance, and reinsurance, can be found in the majority of areas of the nation.
On the other hand, insurance companies are still a major part of the economy of every nation and will continue to be so in the foreseeable future, insurance is carried out in all part of the world, it is of course obvious that many of this Nigerian insurance are striving hard to compete with the Top 10 insurance Companies in the world.
An insurer can really use their financial resources to expand internationally and conquer new market vistas because Nigeria is such a great business environment.
List of the Top 10 Insurance Companies in Nigeria 2023
- Leadway Assurance Company
- AIICO Insurance Company AIICO insurance
- Custodian Insurance Plc
- AXA Mansard Insurance Plc
- Consolidated Hallmark Insurance
- NEM Insurance Plc
- Industrial and General Insurance Plc (IGI)
- Mutual Benefit Assurance
- Cornerstone Insurance Plc
- African Alliance Insurance
1. Leadway Assurance Company
Leadway-Assurance is now the best insurance company in Nigeria. Leadway has a good reputation for being reliable and efficient with customer service.
They use our unique capabilities and skills to provide insurance as a risk management tool, which enables them to provide their customers with cost-effective financial solutions.
In order to guarantee risk-taking, they place their extensive customer base behind their exceptional claims settlement capabilities in addition to their solid financial reputation.
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There are three types of insurance services available to customers: asset management, personal insurance, and commercial insurance.
Protecting YOU, as well as everything and everyone you care about, is the primary focus of personal insurance.
Their individual insurance policies are intended to guarantee that they will never be unhappy.
Some of these products are:
General insurance that includes services like Home Flexa, LHappy, LBoss, and Travel Insurance, among others.
Policies for life and health insurance, such as term assurance, an education protection plan, and mortgage protection, are available.
investments and savings with services like a Deferred Annuity and a Personal Savings Plan, among others.
Pensions and annuities that provide services like the Deferred Annuity Plan Premium Finance 2 and the Leadway Personal annuity Plan
2. AIICO Insurance Company AIICO insurance
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AIICO Insurance Plc (NSE Ticker: ) was established in 1963. Nigeria's insurance, pension, and asset management group is called AIICO.
As Nigeria's premier insurance provider, AIICO's mission as a tier-one insurance company is to be the preferred insurer.
They interact with individuals, governments, financial institutions, and corporations in order to serve a large and diverse clientele with risk underwriting and life insurance services.
One of Nigeria's best insurance companies is AIICO because they have strong financial and strategic assets.
These assets include AIICO Capital Limited, an asset management wholly-owned subsidiary, a controlling interest in Multishield Limited, a 19% stake in Healthcare International Limited, both of which are HMOs.
Consequently, the company leads the market in the following core business lines:
Annuities and life insurance Special risks and general insurance Pension management Health insurance and asset management Top Nigerian betting sites online Custody Insurance Company
3. Custodian Insurance Plc
A company that holds insurance policies. It is a holding company that controls several businesses and brands.
A few examples include Crusader Sterling Pensions Limited, Custodian Trustees, Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, and Custodian Trustees.
As one of Nigeria's best insurance providers, they offer life insurance and general insurance.
Life assurance products include savings and investments, endowment policies, protection, and annuities, while general insurance products include auto insurance, travel insurance, home insurance, and safety plus.
With assets under management (AUM) in excess of NGN 300 billion (roughly $1 billion), the company currently ranks among Nigeria's Other Financial Services Sector's most prominent firms.
4. AXA Mansard Insurance Plc
AXA Mansard Insurance Plc is a part of the AXA Group, which is a global leader in insurance and asset management with 166,000 employees who serve 107 million clients in 64 countries.
The group is a conglomerate of independently owned businesses that operate in accordance with numerous international laws and regulations.
Life and non-life insurance products and services are provided by the company to individuals and organizations throughout Nigeria.
Through their three subsidiaries, AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited, they also provide services for asset/investment management, medical insurance solutions, and pension fund administration.
With a Market Capitalization of more than N28 billion and a listing on the Nigerian Stock Exchange in November 2009, the company is still the largest insurance provider on the exchange.
A.M. Best (2016) gives AXA Mansard Insurance plc a financial strength rating of B. They provide the following services:
Insurance on motor vehicles, life insurance, and savings and investments
5.Consolidated Hallmark Insurance
Emerged as one of Nigeria's top ten General Business and Special Risk Insurance underwriters following a merger that occurred in 2007.
The business has led the underwriting of significant aviation, oil and gas, marine cargo, hull business, and motor insurance transactions over the past ten years.
We have made significant investments in our People, Technology, and Processes in order to better serve you.
They are the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 certification for quality management systems.
Presented in recognition of their dedication to excellence and compliance with international service delivery standards.
They have increased their assets by more than 130 percent, from 4.65 billion yen in 2007 to 10.82 billion yen at the end of the 2018 fiscal year.
The company offers the following kinds of insurance:
All Risks Insurance Burglary Insurance Goods-in-Transit Home Insurance Comprehensive Personal Accident Travel Insurance Aviation Bonds Insurance Consequential Loss Contractors-All-Risk Machinery Breakdown Marine Insurance Money Insurance Plant-All-Risk Professional Indemnity Many of the products that the company offers are not available anywhere else, particularly their Travel Insurance products and Professional Indemnity.
As a result, they rank among Nigeria's top ten insurance providers.
6. NEM Insurance Plc
Nem insurance company NEM INSURANCE PLC began offering insurance in Nigeria in 1948 through the representation of Edward Turner & Co. In 1965, it became a Nigerian subsidiary of NEM General Insurance Association Limited of London.
The company was established in 1970 as a Nigerian business in accordance with the Companies Decree of 1968. In 1989, following its privatization by the Federal Government of Nigeria, it became listed on the Nigerian Stock Exchange.
The non-life and life insurance divisions of NEM Insurance The company merged with Vigilant Insurance Company Ltd in 2007 to conduct all General Insurance classes following the recapitalization exercise.
They provide the following services:
E-Insurance, a one-of-a-kind service provided by the insurance company, is Marine Insurance, Aviation Insurance, Gas Insurance, Engineering and Bonds Insurance, Motor Insurance, and Goods-in-Transit E-Insurance. There is no other place in Nigeria where you can get insurance of this kind
7. Industrial and General Insurance Plc(IGI)
Was founded in 1992 as a composite insurer to conduct life and general insurance business, including pensions and special risks.
The business has a reputation for extraordinary competence because it uses cutting-edge technology, employs top-notch professionals, and has a substantial capital base.
For individuals and businesses seeking premium insurance and related financial services, they rank among the most popular insurers.
Because they continually invest in and implement the most recent information technology, they are one of Nigeria's leading insurance companies.
This is what they do to stay ahead of the competition in terms of our response times and the quality of our services that are tailored to meet the specific needs of our customers.
In order to guarantee smooth operations and procedures, the IGI website is designed to facilitate online quotation and payment, policy administration, policy queries, and broker portfolio management.
IGI's product and service categories include the following:
Life Products Agriculture Aviation Engineering/Contractors-All-Risk General industry Marine Oil and Energy Top insurance companies in Nigeria:
8. Mutual Benefit Assurance
Through investments, strategic alliances, and partnerships, Mutual Benefits Assurance Plc (MUTUAL) has grown into a conglomerate of value-adding businesses with diverse interests in various parts of the Nigerian economy.
With over 3,000 employees and marketing executives, MUTUAL is now a leading insurance brand in Nigeria.
Services related to insurance policies include:
General Insurance: Life insurance, fire and burglary insurance, personal accident insurance, auto insurance, travel insurance, and health insurance. Anticipated Endowment Plan: Investment Plan for Children's Education: Mutual Individual Savings and Protection Plan: Personal Pension and Investment Plan: Mutual School Fee Guarantee Plan.
9. Cornerstone Insurance Plc
Founded on July 26, 1991, as a private limited liability company. In 1997, it changed its name to Cornerstone Insurance Plc, and it is now a public limited liability company that is listed on the Nigerian Stock Exchange.
The National Insurance Commission (NAICOM) granted the company a license and renewed its certification to conduct General and Life businesses.
The following are types of insurance:
Motor Vehicle, Aviation, Marine, Engineering, All Risks, Asset Protection, Liability to Third Parties, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, Takaful (Islamic Insurance), and Shareholders' Funds are N7.49 billion as of December 2018. The company's Authorized Share Capital and Market Capitalization are N7.5 billion and N5 billion, respectively.
One of Nigeria's most dependable insurance providers thanks to the company's excess of N24.1 billion in assets
10.African Alliance Insurance
with the most experience and strength in Nigeria is African Alliance Insurance Plc, an African insurance company.
The company's individualized insurance policies, which are tailored to each stage of a customer's life, benefit thousands of customers.
African Alliance Insurance Plc currently manages a Shareholders' Fund worth N3.6 billion.
According to audited data as of December 31, 2016, their projected Gross Premium Income and Asset Base are N13.42 billion and N41.35 billion, respectively. This demonstrates the strength, history, and client trust of the business.
They offer a wide range of financial and insurance services, such as:
Insure Annuity Plans
Children's Education Plan
Mortgage Protection Plan
Income Investment Plan
Money Appreciation
Plan Smart Kid Educational Plan
Esusu
Takaful Al-ISTIDAD PLAN (Takaful Family Income Plan)
Al-Ilmu Plan
Al-Nasir Plan Arafat Plan
Naatiajatu Daynu Plan
Baytu Surur Plan
Mudharabah Investment Plan (Target Savings)
SUMMARY
Consequently, it is essential to conduct in-depth research before making decisions. Keep in mind that your requirements, expectations, and financial situation will determine which option is best for you.
We have compiled this list because there are a lot of different policies and companies that offer them..
