An insurance company is simply a specialized kind of business that deals in the provision of coverage services, often as compensation, in the event of certain kinds of loss, hardship, or damage to individuals and businesses. They are not philanthropists, and they do not offer their coverage services for free and to just anyone who has a personal or business problem. They charge their clients a regular token fee, called ‘premium’, and calculate the level of susceptibility to risk factors of the individual or business.
One defining factor about insurance companies is the insurance policies they uphold and practice. as a matter of fact, an insurance policy guides all the interactions and transactions between the company and the client. Before compensations can be claimed, critical aspects of the policy will be checked and scrutinized, and compensation will only be disbursed when the company’s policy has been strictly adhered to. Any perceived breach in policy will result in problems for the client, or the company, or both.
There are several insurance companies in Nigeria; and, quite predictably, the insurance industry is one of the most lucrative industries in the country; due to the uncertainties surrounding the country’s current economic situation. According to reports, insurance companies have more than tripled their customer base since the turn of the century; as business owners, asset managers, and even ordinary wealthy Nigerians have now begun to realize the value of insurance services.
This post walks you through the top ten best insurance companies in Nigeria. They fall into this list because of their stability, integrity, and good feedback from customers. Alongside these three qualifying factors, we have also discussed a few other important things that must be considered when looking for an insurance company to patronize. We shall see them later.
Before you decide to engage the services of an insurance company, you must endeavour to make adequate research about them. Visit their respective offices, or go to their website(s). You should first seek to know their core values, their vision and their mission, their financial strength, how long they have been in operations in that state or community, and all the other locations where their operations are domiciled.
When you have determined the exact reason why you need an insurance company, or an independent agent, here are five things that can guide your choice of the lot.
- Which is a function of customer reviews and their track record in the industry. You do not want to go into business with a company that is not reliable. Make your research properly to determine their relative reliability of the company before you decide to go into business with them.
- Integrity and good reputation.
- This falls into the same category as reliability. A reliable company will have a good reputation.
- Ability to initiate swift responses and resolutions to situations.
- This is very critical. Many companies use unending paperwork and convoluted legal proceedings before they can settle claims; both of which could be very frustrating for clients. Go for something effective, yet simple.
- See if the services they offer cater for your need. Insurance companies are sometimes specific to certain areas; so be sure the one you’re choosing is a specialist in your area of need.
- Policies and procedures.
- Check to see if you can cope with the company’s operational policies, before you sign any contract with them.
So, here is the list of the top ten insurance companies:
- AIICO Insurance
- Linkage Assurance Plc.
- Adic Insurance Ltd
- Guinea Insurance Plc.
- Mutual Benefits Assurance Plc.
- Custodian Life Assurance Limited
- A&G Insurance
- Consolidated Hallmark Insurance
- Cornerstone Insurance Plc.
- Lead way Insurance
1. AIICO Insurance
AIICO stands for American International Insurance Company Limited. It was established in the year 1963 under the name ‘ALICO’ – American Life Insurance Company. Even though they started operations in Nigeria in 1963, they were not incorporated and licensed to legally provide insurance services and pension management products until the year 1970. Since then, the company has grown exponentially; and in 1990, it was listed on the Nigerian Stock Exchange.
AIICO insurance is unarguably Nigeria’s leading life insurance company. Basically, they deal in life insurance and general insurance, pension management, and also asset management. They also provide health insurance services. In 2006, they were licensed by the National Pension Commission to be one of the selected Pension Fund Administrators; therefore, in matters of retirement and pension insurance, planning and management AIICO is the first choice for many.
AIICO insurance is one of the most financially stable insurance institutions in the country. They have massive stakes in major organizations, and according to reports, they are the country’s second largest insurance company.
2. Linkage Assurance Plc.
Linkage Assurance Plc. is one of Nigeria’s biggest and most popular insurance companies. It is also one of the best and most preferred in the country. The company was incorporated in Nigeria in the year 1991. It was licensed to commence operations in the provision of a wide range of insurance services to the Nigerian population. in the year 2007, the company merged with a certain Central Insurance Company Ltd., but still retained the name ‘Linkage Insurance’. The merger helped them to expand their operations, diversify their products, and to enrich their customers’ experience with them.
They are one of the leading insurance companies in Nigeria, and they have a good reputation in the country and beyond.
3. ADIC Insurance Ltd.
ADIC insurance limited is also one of Nigeria’s best insurance companies. It was established in the year 1989, under the leadership of a certain Professor J.O. Irukwu. They deal in all matters relating to life and business insurance.
It used to be known as the African Development Insurance Company, up until the year 2006, when Diamond Bank, a leading financial institution, reportedly acquired up to 96% of its total equity stake. Then, its name changed to ADIC Insurance Limited.
ADIC is credited to be one of the driving forces behind the revolutionization of the insurance industry. They run an extensive network of branches and offer a wide range of insurance services to suit most needs of individuals and businesses.
4. Guinea Insurance Plc.
Guinea Insurance Plc is one of the most effective insurance companies in Nigeria, in terms of providing settlements to authenticated claims. The company was established in the year 1948, but did not commence full operations until ten years later; precisely in December 1958. At the time of establishment, it was partly owned by foreigners holding a large percent of the company’s equity; but by 1988, it had become 100 percent indigenous.
In the year2007, the National Insurance Commission (NAICOM) licensed Guinea Insurance Plc. as an insurance services provider in all categories of General Insurance matters. Since that time, the company has evolved into one of the country’s most innovative and customer-friendly insurance companies.
5. Mutual Benefits Assurance Plc.
Mutual Benefits Assurance Plc. is one of the industry leaders in the insurance industry. It is also one of the best and most reliable insurance brands in the country. They are fully operational in Nigeria, Liberia, and in the Republic of Niger. They are known for excellence in service delivery and for prioritizing customer satisfaction.
Their core values are: Integrity, Responsiveness, Leadership, Knowledge, and Continuous Improvement. They deal in all insurance matters pertaining to life, business and general insurance.
Mutual Benefits Assurance Plc. was established in the year 1995. It was incorporated in the same year, and commenced operations shortly after take-off. It was also licensed as an Insurer by the National Insurance Commission (NAICOM) in the same year 1995.
In 2002, the company was listed on the NSE. And they currently boast an authorized share capital of up to five billion naira.
6. Custodian Life Assurance Ltd.
The story of Custodian Life Assurance Limited started as far back as 1956, making them one of the first insurance companies to start operations in Nigeria. at that time, the company was known as Crusader Life Insurance Limited. In time, the company as involved in a merger with another company; thereafter, it took on the new name of Custodian Life Assurance Limited.
Custodian Life Assurance Limited is a member of a group of allied companies collectively called Custodian Investment Plc. This group is totally indigenous; and, asides Custodian Life Assurance Limited, other companies within the group include: Crusader-Sterling Pensions limited, Custodian Trustees Limited, and Custodian and Allied Insurance Limited.
Custodian Life Assurance Limited is also listed on the Nigerian Stock Exchange, and is also fully recognized and licensed by the National Insurance Commission (NAICOM) to legally provide a wide range of insurance products and services to Nigerians.
They are one of the most trusted insurance brands in Nigeria.
7. A&G Insurance
Alliance and General Insurance Plc., also known as A & G Insurance, is one of the top insurance brands in the country. The company was incorporated in Nigeria in the year 1987, and started full operations in the year 1989. Majority of the company’s shares are owned by indigenous investors, while foreign partners own a minor share of the company’s equity.
The company currently boasts a shareholders’ fund of up to thirteen billion naira. Perhaps, one of the reasons why they are very effective in the insurance field is their heavily arborized system, consisting of more than eight hundred fully-operational branch offices, in several locations.
They provide a wide variety of insurance products and services to meet the needs of individuals and corporate entities.
8. Consolidated Hallmark Insurance Plc.
If there is one company that is known for providing cutting-edge insurance services to companies in the oil and gas, automobile, and aviation industries, it is Consolidated Hallmark Insurance Plc. They are leaders in the insurance industry, and they boast an incredible track record that spans several years of experience in dealing conveniently with changing trends, ever-fluctuating economic situations and inconsistent government policies.
The company evolved from a merger of a couple of insurance companies, in the year 2007. They are known for excellence in service delivery, professionalism, leadership, and a strong preference for total customer satisfaction.
They offer various products and services for risk management to both individuals and organizations alike. Their mission, is to “preserve wealth, reduce anxiety, and create value”, and they have been doing a good job at that since their inception.
9. Lead way Insurance
Lead way Assurance is one of the most popular and professional insurance services providers in the industry. The company was founded in the year 1970, and since then, they have grown steadily to become not only a household name, but also an example of indigenous companies that succeed through time and rough terrains.
Lead way Assurance Company thrives on integrity, discipline, innovation, as well as timeliness of claims’ verification and settlement. They are also known for developing personalized services and products for their customers. They are the ideal risk managers, as evidenced by the large number of customers that they currently have, and have also dealt with in times past.
10. AXA Mansard Insurance Plc.
AXA Mansard Insurance Plc. is one of the best insurance companies in Nigeria. AXA Mansard Insurance is part of a group of companies jointly referred to as the AXA Group. They are global icons in the asset management, risk management and insurance sector all over the world. They are fully operational in up to sixty-four countries, and have in excess of 160,000 employees in their different locations on the planet.
AXA Mansard Insurance Plc. in Nigeria was incorporated in the year 1989. The company is licensed by the National Insurance Commission of Nigeria (NAICOM), to offer insurance products and services that cut across all aspects of insurance, to both individuals and businesses. They also provide asset management services, healthcare management and insurance services. They are also accredited administrators of the National Pension Fund in Nigeria.
The company is quoted on the NSE; and with a market capitalization of more than twenty-eight billion naira, they are arguably the country’s biggest insurance company.