insurance company business plan in nigeria

• Public Indemnity
• Goods in Transit
• Professional Indemnity
• SME Insurance

Insurance cover for all your most valuable possessions

We know you have worked hard to accumulate your most precious and valuable possessions. That’s why our All Risk Insurance Policy provides comprehensive protection against loss or damage to valuables and movable items like jewellery, paintings, portable computers and mobile phones, among others. This policy provides some comfort if you lose your possessions in a fire, burglary, housebreaking, theft or any misfortune or unforeseen circumstances.

While some things may be irreplaceable, we will pay to reinstate or repair the item if they are lost or damaged. You can also extend the cover to include commercial property and household policies.

For more information about our All Risk Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269 ; or send an email to [email protected] .

Protecting the public on your premises is no accident

Your business could be exposed to expensive damage claims if a member of the public is injured or loses their life, or their property is accidentally damaged on your premises. With our Public Liability Policy, you are covered against third-party legal liabilities. We pay costs and expenses in the claims if the event happened on your premises or in the course of work for your business elsewhere. Your employee liabilities are also covered under this policy.

For more information about our Public Indemnity Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269 ; or send an email to [email protected] .

Insurance that isn’t a long haul

If your business is moving goods from one point to another, then you will know the risks involved in loading, offloading and while you’re on the move. Damage caused along the way can damage your bottom line.

Our Goods in Transit Insurance is the answer. The policy provides two type of cover, both of which protects the load. Choose between open cover, which covers all goods moved within a full year; or single cover, which protects the goods in a single journey from one location to another.

For more information about our Goods in Transit Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269 ; or send an email to [email protected] .

Professional insurance, delivered by the insurance professionals

As a professional, you do your best to give the right advice and excellent service. As professional insurers, we do our best to cover you when things don’t go as planned.

Our Professional Indemnity insurance protects you against legal costs and third-party damages claims arising out of negligence, omission or breach of professional duty. The comprehensive insurance policy provides robust cover against all legal liabilities, including the cost of investigation and defence, and also damage compensation demands against you.

For more information about our Professional Indemnity Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269 ; or send an email to [email protected] .

Protection that safeguards your hard-earned cash

Moving large amounts of money is stressful, and even more so if it’s not sufficiently protected. Our Money Insurance Policy protects you in the event that money is lost in transit between your business and bank, or while the money is on your premises, whether in a safe or in the hands of an employee. We also offer an option to extend the cover against forceful safe entry.

For more information about our Money Cover or our other corporate products, please call  0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Giving entrepreneurs the protection to thrive

Business and Life Protection can't be any better!  With the introduction of AllianzSME Insurance value proposition for business enterprises, we've got you covered at all time.  Allianz Insurance SME business solution provides insurance cover for entrepreneurs, their staff, assets etc.  We are building the first SME insurance platform that would not only focus on insurance but proffer world class business solutions for entrepreneurs.  Our vision is to be the foremost and most preferred SME Insurance service provider in Nigeria building sustainable capacity and risk management solution that would protect you, your business, asset and secure your future. 

Running a small and medium enterprise (SME) involves vision, hard work – and an element of risk. In response to the need of this space, we offer unique product offerings and solution for Business Enterprises – a three-in-one product that combines our Group Life/Group Personal Accident, Motor and Property Loss and Damage (fire and burglary) insurance.

Allianz SME Insurance for Business is straightforward, competitively priced and offers your business the most comprehensive benefits. It is designed to give SMEs essential cover against major business risks at an affordable price. If you choose to buy this product, we reward you with a 15% discount.

For more information about our business solutions for Business Enterprises Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to  [email protected] .

• Computer & Electronic Equipment
• Machinery Breakdown
• Plant All Risks
• Erection All Risks
• Contractors All Risks

Insurance cover that drives your computing power

Few things can bring a business to a grinding halt like a computer breakdown or data loss. Our Computer and Electronic Equipment Policy offers you the protection you’ll need if your computer or electronic equipment is damaged either while working or at rest.

This policy also covers external data or hard drives that contain your data are kept on site. We pay the additional costs for you to keep working with alternative equipment if your main computer is lost or damage. In today’s highly mobile world, you may also want to extend the cover to protect you against the risk of theft.

For more information about our Computer & Electronic Equipment Cover or our other corporate products, please call  0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Insurance cover that never stops working

We understand that every minute of downtime costs you money. That’s why we developed the Machinery Breakdown Policy.

This is an important policy to have in your portfolio if your business relies on working, productive machinery. The Machinery Breakdown Policy covers you against any damage to a plant or equipment whether it’s working or at rest. You are also covered if you need to dismantle the machine to clean, repair or overhaul it.

Because our policies are destined to meet your needs, we also offer a separate option to include cover for boilers and pressure vessels.

For more information about our Machinery Breakdown Cover or our other corporate products, please call  0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Plant insurance cover that will last even in tough conditions

Your insurance cover should work as hard as your plant and machinery. Allianz Nigeria Plant All Risks policy provides the comprehensive cover you need to keep your plant and machinery working, even in the toughest site conditions.

While there are some exclusions, the policy protects you against physical loss or damage to plant and machinery at multiple locations.

For more information about our Plant All Risks Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Giving your projects the machinery to succeed

The Erection All Risks policy is ideal for both employers and contractors involved in constructing and installing plant, machinery and equipment. The policy offers protection for all installations, from single machines to large power plants.

Allianz Nigeria Erection All Risks policy offers you the comfort that you can comply fully with the legal and insurance requirements of the contract. It also reduces costs and third-party liabilities, and protects you against financial loss arising from unforeseen accidents. Cover starts when the materials arrive on site and protects you throughout the contract until full commissioning.

The Allianz Nigeria Erection All-Risks policy protects you against loss or damage caused by:

• Fire, lightning, explosion, damage
• Riot, strike, malicious acts
• Flood, storm and allied perils
• Landslide, subsidence and rockslide
• Burglary and theft
• Faults in erection
• Human errors, negligence
• Electrical and mechanical breakdown
• Collapse, damage due to foreign objects, impact damages

For more information about our Erection All Risks Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Protecting all contractors against all risks

Managing a construction project is about managing risk. Allianz Nigeria’s Contractors All Risk Insurance helps you manage that risk from the day the material arrives to the day of completion.

Whether you’re building buildings, roads or bridges, the Contractors All Risks policy will insure you against loss or damage to your civil engineering projects. You can tailor the policy to ensure your project is covered against all eventualities.

The comprehensive cover includes damage to permanent and temporary works and materials, both on site and in transit, and protection for owned and hired plant and machinery. We also offer the option to cover your professional fees and debris removal from site.

Contractors All Risks offers various benefits, including:

• Protection against legal liability to third parties, and optional cover to insure the principal contractor and the project owner
• Compliance with the insurance requirements of the contract for the contractor and the employer
• Cut overall construction expenses by reducing work delays caused by unforeseen accidents

For more information about our Contractors All Risks Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

• Fire and Special Perils
• Motor Policy
• Business Interruption

Ensuring your peace of mind from ship to shore

Marine-related businesses face a unique set of risks. Our Marine Insurance offers unique solutions to manage that risk, providing flexible, robust cover against loss of or damage to marine cargo from the point of origin to the final destination. They are straightforward, competitively priced and offer your business a comprehensive set of benefits:

Marine Hull covers the owner(s) or operator(s) of a marine vessel against physical loss to the vessel by fire, explosion and other marine hazards. It also covers damage to machinery and other equipment and devices fitted to the vessel

Marine Cargo covers loss of or damage to goods from the warehouse/port of origin to the port of destination/warehouse by maritime hazards. Depending on your business needs, it can also cover risks associated with transport by air, road, rail or inland waterways.

For more information about our Marine Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Covering you against more unusual risks

Our Fire and Special Perils insurance policy provides indemnity for losses arising from fires, explosions and lightning.

This product is simple, competitively priced and offers your business the most comprehensive benefits. It is also very flexible. For example, you can also extend this policy to cover other perils such as bush fires, vehicle impact, animals, aerial objects, aircrafts, storms, tornados, tempests, windstorms, burst pipes, overflowing water tanks, floods, earthquakes, malicious damage, riots, strikes and civil commotion − among others.

For more information about our Fire and Special Perils Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

Managing a fleet of vehicles can be a risky business. We can help you minimise risks with our fleet management and financial protection solutions for corporate enterprises.

Allianz Nigeria Motor Insurance Cover gives you complete peace of mind. We structure your policy to meet the specific needs of your business, offering comprehensive cover and the protection you need to keep your business moving.

Choose the motor policy that best suits your business:

• Third Party: provides cover if one of your vehicles is involved in an incident in which third party property is damaged, or if someone is injured or dies in the incident.
• Third Party Fire and Theft: provides cover if one of your vehicles is damaged by fire or is stolen. This policy also covers third party damages and liabilities.
• Comprehensive: provides cover if one of your vehicles is damaged by fire, theft, vandalism, accidental damage or collision, or is stolen. This policy also protects you against legal liabilities if one of your vehicles is involved in an incident in which third party property is damaged, or someone is injured or dies in the incident.

For more information about our Motor Policy Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected].

Stay in business even if your doors must close

If your business property is damaged, destroyed or lost in a fire, losing your income can be a double blow. Our Business Interruption cover offers effective and competitively priced protection against losses even when the worst happens.

This policy keeps your business going. We pay for lost business income, and also protect your employees, products and services if your business premises cannot operate. We also provide guarantees for your future business earnings.

For more information about our Business Interruption Cover or our other corporate products, please call 0700 255 4269 or 0800 255 4269; or send an email to [email protected] .

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5 Best Insurance Companies for Small Businesses

Progressive, State Farm, The Hartford, Nationwide, and Hiscox make our list for the best insurance companies for businesses.

Owning a business can be wildly rewarding personally and professionally—but it also comes with financial risk. Business owners need to worry about protecting their business assets (including inventory, commercial space, and equipment), protecting themselves from liability claims, and making sure that their businesses can survive an interruption to operations. Purchasing small business insurance can help protect your business from liability claims and external damages.

Although the insurance provider marketplace is crowded, the best insurance companies for businesses make it easy to find a plan that fits your needs by offering coverage types, discounts, and customer service options tailored to the needs of small business owners.

7 Common types of business insurance

• General liability insurance
• Commercial property insurance
• Business interruption insurance
• Business auto insurance
• Professional liability insurance
• Workers’ compensation insurance
• Business owner's policy

Every business has different insurance needs. Your industry, business structure, and the assets you want to insure will determine the commercial insurance coverage you choose.

To accommodate the small business owner’s needs, small business insurance companies offer business insurance policies with a wide range of coverage types and plan structures.

These insurance types are among those commonly retained by small businesses:

1. General liability insurance

General liability insurance covers claims made against your business by third parties, such as a customer or another business. It can protect business owners from liability for accidents that occur on a commercial property and result in bodily injury or damage to a property. General liability insurance can also provide protection against personal or advertising injury claims made by others, such as claims of copyright infringement or reputational damage. This insurance type is sometimes referred to as commercial liability insurance or as business liability insurance.

2. Commercial property insurance

Commercial property insurance , also known as business property insurance, covers damage to your physical property (like offices or storefronts) and typically also covers damage, theft, or loss of equipment and inventory contained within the property, such as computers, office equipment, refrigerators, etc.

3. Business interruption insurance

Business interruption insurance (also known as business income insurance) can replace a small business owner’s lost income in the event they have to throttle or completely shutter their business temporarily due to a covered incident, typically theft or a natural disaster.

4. Business auto insurance

Business auto insurance (sometimes called commercial vehicle insurance or commercial auto insurance ) covers damage to commercial vehicles and liability for an accident involving those vehicles. Most states require businesses with commercial vehicles to carry this type of insurance. Commercial vehicles are those which are used specifically for business purposes, such as delivery trucks, food trucks, or semi-trucks.

5. Professional liability insurance

Professional liability insurance (also known as errors and omissions insurance) covers liability for harm caused by negligence in the performance of professional services. If you make a mistake while conducting business and your customer sues you for damages because of that mistake, your professional liability insurance will help shield you from those costs.

6. Workers’ compensation insurance

Workers’ compensation insurance covers medical and rehabilitation costs for workers who are injured on the job. It can also cover a portion of lost wages for the affected employee, and death benefits for an employee’s family. Many states require business owners who have employees to carry this coverage type.

7. Business owner’s policy

A business owner’s policy is an insurance package that bundles multiple types of business insurance (typically, commercial property insurance, business income insurance, and general liability insurance) into one insurance package, which is typically offered for a discounted rate. Business owner’s policies are generally only available to small and mid-size businesses in lower-risk industries such as food service or retail.

Insurance companies also offer many additional coverage types (such as cyber liability insurance and commercial umbrella insurance), as well as industry-specific policies designed to meet the needs of businesses in industries like retail, manufacturing, food service, and professional services.

5 of the best insurance companies for businesses

• Progressive
• The Hartford

 There are many insurance providers in the marketplace. These six business insurance companies offer strong customer support services and a wide range of coverage types, making them popular choices for small business owners.

Here are the coverage options, advantages, and disadvantages of each.

1. Progressive

Progressive is the largest commercial vehicle insurer in the US, which can make it a good option for business owners who want to bundle commercial vehicle insurance with other types of business insurance.

With the exception of commercial vehicle insurance, Progressive’s business insurance plans are provided through partnerships with third-party insurance companies.

What types of business insurance does Progressive offer?

Progressive’s coverage plans include:

• Commercial vehicle insurance
• Cyber liability insurance
• Business owner’s policies

Progressive’s business owner’s policy typically includes general liability insurance and business property insurance.

Advantages of Progressive

• Discounted commercial vehicle insurance when combined with a BOP or with general liability insurance.
• Commercial vehicle insurance covers dual-use vehicles (i.e., vehicles that are used for both business and personal purposes).

Disadvantages of Progressive

• Many business insurance plans are offered through a partnership with a third party, which means that some claims cannot be filed through Progressive.
• Discounts are not available in all states.

2. State Farm

State Farm is a large insurance network, with over 19,000 agents operating nationwide. Because State Farm agents are independent business owners, State Farm offers business clients a personal relationship with a fellow small business owner. This can also translate to variable customer service quality—your relationship with your agent will determine your individual experience.

What types of business insurance does State Farm offer?

State Farm’s offerings include:

• Employment practices liability insurance
• Commercial liability umbrella coverage

State Farm’s business owner’s policy typically includes general liability insurance, commercial property insurance, business interruption insurance, and equipment breakdown coverage.

Advantages of State Farm

• A nationwide network of agents is available.
• Discounts are available for bundling business insurance with home insurance and personal auto insurance.
• Professional liability coverage can be added to a BOP for certain business types.

Disadvantages of State Farm

• Commercial insurance quotes aren’t available online.
• Business insurance claims can’t be filed online.
• The customer service experience can vary since you interact with independent agents.

3. The Hartford

The Hartford is a large Connecticut-based investment and insurance company that offers business, renters, home, and auto insurance. The Hartford also provides discounted home and auto policies to people over 50 years of age, in partnership with AARP.

Founded in 1810, The Hartford has a storied history as an insurance company, and says it has provided disability insurance to Babe Ruth and home insurance to Abraham Lincoln. In 2021, The Hartford ranked as the 13th largest property and casualty insurance company in the US.

What types of business insurance does The Hartford offer?

The Hartford’s business insurance offerings include a wide range of insurance types and a business owner’s policy with customization options:

• Business income insurance
• Data breach insurance
• Commercial umbrella insurance

The Hartford’s business owner’s policy stands out for its flexibility and customization options. The company’s standard BOP typically includes business interruption insurance, general liability coverage, and commercial property coverage. The Hartford offers BOP policy add-ons including cyber liability insurance and professional liability insurance. Unlike most insurance companies, it also allows business owners to add commercial auto insurance and workers’ compensation insurance to a BOP.

Advantages of The Hartford

• Online quotes are available.
• A wide range of coverage types is offered, including data breach insurance, commercial umbrella insurance, and workers’ compensation insurance.
• Business owners can design a policy that fits their needs. Should their needs change, they can add different coverages or policy types over time.

Disadvantages of The Hartford

• Coverage is not available in Alaska, Hawaii, or New Jersey.

4. Nationwide

Nationwide Mutual Insurance Company is a group of financial services and insurance companies headquartered in Columbus, Ohio. Nationwide offers a full range of business insurance coverages, as well as industry-specific coverages for offerings tailored to businesses in industries including construction, commercial real estate, manufacturing, and food processing.

What types of business insurance does Nationwide offer?

Nationwide offers the following coverage types:

• Equipment breakdown insurance
• Accounts receivable insurance
• Builder’s risk insurance

Nationwide’s business owner’s policy typically includes general liability insurance, business income insurance, commercial property insurance, and equipment breakdown insurance. Nationwide also offers industry-customized BOPs for industries including, retail, wholesale, professional services, and others.

Advantages of Nationwide

• Industry-specific coverages are offered for construction, food processing, manufacturing, commercial real estate, and others.
• A wide range of coverage types is available including workers’ compensation insurance, equipment breakdown insurance, and accounts receivable insurance.
• Discounts are available for purchasing multiple policies.

Disadvantages of Nationwide

• Coverage is not available in Alaska or Hawaii.
• Must contact an agent to purchase a policy.

Headquartered in Bermuda, Hiscox is an insurance company that offers policies through an online system and through independent Hiscox agents. Hiscox specializes in general liability insurance, cyber liability insurance, and business owner’s policies for professional services businesses. Other insurance types are offered through partner agencies.

What types of business insurance does Hiscox offer?

Hiscox offerings include the following coverage types:

• Short-term liability insurance

Hiscox’s business owner's policy includes general liability insurance and commercial property insurance.

Advantages of Hiscox

• Quotes are available online.
• Discounts are available when two or more policies are purchased.
• Over 180 professions can be insured.

Disadvantages of Hiscox

• BOPs are typically only available to businesses with 10 employers or fewer.
• Coverage is not offered in Alaska.
• Short-term liability, workers’ compensation, commercial auto, and employment practices liability insurance are offered through a partnership with a Hiscox insurance partner and cannot be purchased directly from the company.

Best insurance companies FAQ

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The $25 Trillion System of Retirement Savings Needs Fixing

Fifty years after Congress passed a landmark retirement law, 401(k) and I.R.A. accounts enrich mostly higher-income households. Here are five ways they can be improved.

By Mark Miller

Few Americans today know much about Studebaker or Packard automobiles. Classic car aficionados recall their sleek, innovative designs , but the brands are also a reminder of another bygone era: the traditional defined benefit pension.

Studebaker and Packard merged in 1954 and later went out of business. Their pension plans were terminated, leaving thousands of workers without their expected benefits. That, along with other pension plan failures, prompted efforts to make retirement savings safer, culminating in federal legislation that has shaped much of the current retirement benefit landscape.

The Employee Retirement Income Security Act, or ERISA, which was signed into law in 1974 by President Gerald R. Ford, marks its 50th anniversary this year.

The law protected private sector pensions by imposing funding requirements, rules for employee eligibility and fiduciary standards requiring plan sponsors to act solely in the interest of its participants. It also created the Pension Benefit Guaranty Corporation, a federally sponsored insurance fund that backstops failing pension plans.

But those tighter requirements and costs led many employers to stop offering traditional pensions and to the rise of 401(k) plans and Individual Retirement Accounts and their dominance in the private sector today.

Pensions never covered all U.S. private sector workers — 62 percent were covered in 1983 compared with a mere 18 percent in 2022, according to the Center for Retirement Research at Boston College . But workers who had them benefited from automatic participation, professional investment management and guaranteed lifetime income streams.

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• Car Insurance
• Health Insurance
• Home Insurance
• Life Insurance
• Travel Insurance
• Business Insurance

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• Consequential loss insurance Policy

Is Business Insurance Really Necessary?

As a business owner, you find yourself taking care of a multitude of challenges to keep your business running smoothly. A sound knowledge of business insurance can be of great help in growing and protecting your business. You don’t want your business to be affected by natural disasters beyond your immediate control such as floods, earthquakes or storms. Similarly, protection against criminal activities, civil unrest and terrorism are also of utmost importance and this is where a comprehensive business insurance plan comes into play.

In Nigeria, it is obligatory by law to have insurance cover for certain types of businesses. Let us discuss these in more detail:

Builder’s liability insurance

This is a type of business insurance that must be purchased by builders and contractors planning to     construct any building with 2 or more floors. This will cover you for any personal injury, death of a worker, damage to public property and any other potential risks that come with construction. Failing to acquire a builder’s liability insurance could land you up to 3 years in prison and up to N250,000 in penalties.

Occupier’s liability insurance

If you are the owner of a building that is not used by you solely for residential purpose, you are required to have an occupier’s liability insurance as per federal law. Buildings such as rental houses, hotels, cinemas, shopping malls and any other place used by general public come under this bracket. Occupiers and owners of such buildings are protected in case of damage to property or personal injury due to floods, earthquakes or any other natural disasters. Failing to comply can cost you up to N100,000 in fines and 1 year in prison.

Employer’s liability insurance

This is a type of business insurance that is compulsory for business owners with 4 or more employees. The law in Nigeria requires you to have an insurance plan that would give compensation to the employees in case of injury, illness, disability or death while in service. Employees and their families have a right to claim compensation from the business owner if such an event occurs. Failing to provide this type of business insurance can result in penalty of up to N250,000.

Motor vehicle liability insurance

According to section 3 of the vehicles (3rd party insurance) ordinance, “No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer”. Motor vehicle liability insurance will provide compensation for any injury, property loss or death caused to a third party. All private and public vehicles are required to have this insurance by law and there is a penalty of up to N250, 000 and one year in prison for non-compliance. So, if you are a business owner that require motor vehicles to run the business, it is imperative that you should have a business insurance policy in place.

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Top 20 Insurance Companies in Nigeria 2023

Insurance can be an unseen shield that protects you from life’s unforeseen circumstances. As Nigeria continues to grow and evolve, so too do the insurance companies that serve its people. From major players to up-and-coming providers, these insurance companies in Nigeria offer a range of options to help keep individuals, families, and businesses secure.

A world where uncertainties are met with a reassuring nod, where the unexpected is met with a knowing smile – all thanks to the protective shield of a reliable insurance company by your side.

We’re about to unveil the rock stars of risk management, the champions of coverage, and the custodians of your well-being. Join us as we shine a spotlight on the top insurance companies in Nigeria, each with its unique offerings, tailored to shield you and your loved ones from life’s curveballs.

We’ll walk you through the what, why, and how, ensuring that you’re armed with the knowledge to make informed decisions that safeguard your future.

So, fasten your seatbelts as we journey through this landscape of financial security because when it comes to protecting what matters most, these insurance powerhouses have got your back.

In this article, we’ll take a closer look at the insurance landscape in Nigeria, exploring the different types of insurance companies in Nigeria available, the crème de la crème of insurance companies, so you can decide which one fits your needs, and the benefits they offer.

But first, let’s talk more about what insurance is.

What is Insurance?

Insurance is a valuable service that protects you, your business, and your family from unseen disasters. However, as much as you may not want these occurrences to occur, you will be unable to prevent them, which is why they are said to as unexpected.

The good news is that, whenever they occur, insurance promises to cover you.

Best Insurance Companies in Nigeria

Here is a list of the top and best insurance companies in Nigeria for anyone:

1. AXA Mansard Insurance

AXA Mansard Insurance is an insurance company headquartered in France. AXA Mansard is a member of the AXA Group.

With approximately 160,000 workers, they are one of the world’s largest asset management and insurance companies.

Also, they service around 107 million customers in over 60 countries.

Axa Mansard Insurance is one of the top insurance companies in Nigeria that provides health insurance, life insurance, motor insurance, travel insurance and other insurance products like SMEs insurance, personal insurance, accident insurance, fire & Engineering insurance as well as Aviation & Energy insurance.

2. FBN Insurance

The First Bank of Nigeria has a subsidiary called First Bank of Nigeria Insurance. FBN Insurance has been one of the top insurance companies in Nigeria for some time now. It specializes in providing insurance.

FBN Insurance is primarily a life insurance company that provides coverage to both people and businesses. They have both retail and corporate insurance plans.

FBN provides Insurance products that help you enjoy the peace of mind that comes with being able to manage daily threats.

3. Nicon Insurance

Nicon Insurance is another insurance company in Nigeria that specializes in providing insurance that protects you and all that matters to you the most.

NICON is a significant insurance company in Africa. They were technically owned by Nigeria’s Federal Government in order to help the country’s insurance market expand.

They were, however, privatized in 2005. They have branches in each of the 36 states that make up Nigeria.

Nicon Insurance provides a range of insurance policies to match your specific insurance requirements.

Like special product insurance, fire insurance, motor insurance, travel insurance, marine insurance, personal insurance, general accident insurance, Aviation insurance, oil& gas, Reinsurance, pension and car engineering insurance.

Nicon Insurance is definitely one of the top insurance companies in Nigeria and you should definitely try them

4. Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc is an insurance company based in the United Kingdom. Following a reorganization as the Grand Union Assurance Limited, Sovereign Trust began operations in 1985.

They have a branch network all around the country that use to function. Sovereign Trust specializes in a comprehensive variety of products and services that are designed for specific requirements.

This is one of the renowned insurance companies in Nigeria that offers family well-being insurance, motor insurance, oil & gas insurance and marine insurance.

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5. Standard Alliance Insurance Company Limited

Standard Alliance Insurance Company Limited is a financial institution based in the United Kingdom. Standard Alliance is a well-known tech and customer-focused insurance company in Nigeria.

Because of their great delivery of products and services, they are among the best and most regarded in the insurance market.

Standard Alliance Insurance engages in all types of insurance, including general and specific risks. Like home insurance, and personal and business insurance.

6. Royal Exchange Insurance Company

Royal Exchange Insurance Company (REGIC) is another top insurance company in Nigeria. The Royal Exchange name is well-known in Nigeria’s financial market, particularly in the insurance industry.

Royal Exchange Plc formed a group structure in 2008 in order to carry out its vision for the financial industry. In general, Royal Exchange Insurance specializes in the non-life insurance business in Nigeria.

This is one of the top insurance companies in Nigeria offering general insurance, health insurance, and life assurance.

7. Leadway Assurance Company

Leadway Assurance Company is another one of the top insurance companies in Nigeria providing insurance services.

Leadway Assurance was founded in 1970 and has been operating in the insurance industry ever since. They specialize in commercial, life, auto and retirement insurance. They also provide ancillary financial services. Portfolio management, credit bonds, and miscellaneous and financial losses are all included.

Leadway Assurance is one of the most respected insurance companies in Nigeria you can find and definitely suitable for most people’s needs.

8. AIICO Insurance Plc

AIICO Insurance Plc is an insurance company based in the United Kingdom. It is also a leading player in the Nigerian insurance market. They founded this company in 1963 and have since risen through the ranks of the insurance industry to become one of the top companies.

AIICO Insurance Plc also concentrates on Financial Services, Life Insurance, Special Liabilities Insurance, Health Insurance, Wealth Management, and Retirement Benefits Management.

This is one of the most popular if not the most popular insurance companies in Nigeria. They’ve been around since like forever and can offer all types of coverage.

9. African Alliance Insurance Plc

African Alliance Insurance Plc is a company that provides insurance to Africans. On May 6, 1960, African Alliance Insurance plc was founded. In the field of Life Assurance, the insurance plc organization has a reputation for being efficient and trustworthy.

Furthermore, they customize their insurance policies to each stage of their consumers’ life. They provide the following insurance policies; a guaranty scheme for annuities, and life and property insurance.

Because of African Alliance Insurance’s strong specialist life assurance services, it is seen as one of the top insurance companies in Nigeria.

10. Lasaco Assurance Plc

Lasaco Assurance Plc is a company that provides insurance. The Companies Decree of 1968 was used to form Lasaco Assurance Plc on December 20, 1979. The company was known as Lagos State Assurance Company Limited at the time.

On July 7, 1980, they were licensed as an insurer and began operations on August 1, 1980. They provide the following insurance policies: automobile insurance, flight insurance, marine insurance, and insurance against accidents or fire outbreaks.

11. Custodian & Allied Insurance Plc

Custodian & Allied Insurance Plc is one of the most recognised insurance companies in Nigeria as it is active on the Nigerian Stock Exchange.

Custodian & Allied Insurance offers insurance and reassurance solutions for life and non-life cover.

Custodian & Allied Insurance Plc offers insurance products and services like cover motor insurance, travel insurance, general insurance, life insurance, proper insurance, marine cargo and hull-to-fire/special perils insurance, business interruption, occupiers liability, healthcare professional indemnity insurance, and trustees owners and personal all risks insurance.

12. Heirs insurance

Heirs Insurance is one of the best general insurance companies in Nigeria as it challenges traditional insurance by positioning itself as the top digital insurer in the country by providing simple and accessible insurance plans and protection for vehicles, homes, businesses and more.

Some of Heirs insurance plans include motor insurance, travel insurance, goods-in-transit insurance, insurance, homeowner insurance, tenant insurance, marine cargo and hull-to-fire/special perils insurance, biker interruption, and personal accident insurance.

13. IEI Insurance

IEI Insurance or International Energy Insurance Plc is a motor focus insurance company in Nigeria

IEI Insurance offers private and commercial vehicle insurance as well as motorcycle insurance. IEI Insurance has a third-party insurance portal where anyone, an agent or yourself can buy any of their insurance products.

This portal lets you manage all your policies in a single view, schedule your policies for renewal and before they expire, view all your payments history and track their status.

14. NSAI Insurance

NSIA Insurance is a subsidiary of Groupe NSIA, It is regarded as one of the top Insurance companies in Nigeria because of its customer-centric culture.

NSIA Insurance has made it its obligation to pay claims on all classes of business insurance within 48 hours as long as there’s a receipt of the signed discharged vouchers. And to also achieve a Customer Satisfaction Index of 90% alongside an Employee Satisfaction Index of 90%.

NSIA Insurance products include personal insurance, agric insurance, business insurance, motor insurance, life assurance, homeowner insurance, travel insurance, health insurance, and energy and special risk insurance

15. Cornerstone Insurance

Cornerstone Insurance Plc was launched in 1991 and is currently quoted on the Nigerian Stock Exchange.

Cornerstone Insurance is one of the most recognised insurance companies in Nigeria because of its ethical and professional conduct, coupled with customer-focused values.

Cornerstone is licensed and re-certified by the National Insurance Commission (NAICOM).

Cornerstone Insurance products include Motor Vehicle insurance, Aviation insurance, Marine, Engineering All Risks, Asset Protection, Liability to Third parties, Oil & Gas Insurance, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).

Cornerstone’s Authorized Share Capital is N7.5 billion while its Market Capitalization is N5 billion respectively.

16. Allianz Nigeria Insurance Plc

Allianz Nigeria Insurance is one of the top insurance companies in Nigeria because of its much-known work to make insurance less complex and more simple for everyday Nigerians.

Allianz prides itself as a composite Insurance company dedicated to the Life and Non-Life Insurance business in Nigeria with over 30,000 customers.

Allianz insurance products include Motor insurance, Life insurance, Home Insurance, travel insurance, Group Life Assurance, Burglary Insurance, Group Personal Accident Insurance and Fidelity Guarantee.

17. Coronation Insurance – Wapic Insurance

Wapic Insurance now called Coronation Insurance was founded in 1985 and is another one of the popular insurance companies in Nigeria.

Other than insurance services, Coronation also offers other services that include asset management, private banking, trustees and registrar services as well securities trading and brokerage services.

Coronation insurance offers comprehensive insurance products for your car, home, business, life, investment, yacht, and marine.

18. Tangerine Life Insurance

Tangerine life insurance is of the most popular life insurance companies in Nigeria and arguably Africa.

Tangerine is actually a financial app that lets anyone send and receive money , pay bills, track their expenses, access loans, save and protect (insure) the things that are important to them.

Tangerine Life insurance plan lets you pay a premium within your means that allows you to protect all you cherish.

The insurance companies listed above are definitely some of Nigeria’s top insurance companies in Nigeria you can find. You could go with any of these insurance companies in Nigeria and be certain that you’ll be in good hands.

What are Insurance companies?

An insurance company is a financial institution that offers a variety of insurance policies to protect individuals and businesses against the risk of financial losses in exchange for regular payments.

An insurance company works by sharing risks among a large number of policyholders.

See: Best HMO in Nigeria

What does an Insurance Company really do?

Insurance businesses or insurance companies sell coverage (insurance) to help protect you and your belongings from loss, theft, or damage. This is made possible by insurance firms spreading risk across a big group of people.

An insurance company ensures you receive financial support in the event of tragedy, crisis or accident, allowing you to bounce back and recover quicker.

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Top Insurance Companies in Nigeria and what they offer

You’re considering getting insurance, but you’re not sure which company to choose. You’ve heard a lot of good things about insurance companies in Nigeria, but you don’t know which one is right for you.

Don’t worry, we’re here to help. In this article, we’ll introduce you to the top 7 insurance companies in Nigeria and help you decide which one is right for you.

What Is Insurance?

When you think of insurance , what comes to mind? For most people, insurance is all about risk. You’re protecting yourself against the possibility of something bad happening.

But insurance is about more than just risk. It’s also about protection. When you have insurance, you’re not just protecting yourself; you’re also protecting your family and your assets.

Insurance is about peace of mind. It’s about knowing that you’re covered no matter what happens. And it’s about knowing that you and your loved ones are taken care of in the event of a crisis.

What are the Challenges of Insurance in Nigeria?

It’s no secret that the insurance industry in Nigeria is riddled with challenges. Here are seven of the most pressing ones:

• Limited penetration: Insuring a car or home is still not a common practice in Nigeria, which limits the growth of the industry.
• Lack of trust: Many Nigerians don’t trust insurance companies, which is due in part to a few bad actors in the industry.
• High premiums: Because of high risk and low penetration, insurance premiums are often quite high, making it difficult for people to afford them.
• Lack of regulation: The insurance industry in Nigeria is not well regulated, which leads to a lot of mistrust among consumers and companies alike.
• Low literacy rates: A large percentage of Nigerians lack basic literacy skills, making it difficult for them to understand insurance policies and terms.
• Poor infrastructure: The infrastructure for delivering insurance services is woefully inadequate, which leads to long wait times and low customer satisfaction rates.
• Fraud: Fraud is rampant in the Nigerian insurance industry, costing companies millions of dollars every year.

The Top 7 Insurance Companies in Nigeria

There are many insurance companies in Nigeria, but only a few of them are truly worth your time.

Here is a list of the top 7 insurers in the country, along with a brief description of what they do:

Prudential Zenith Life

Prudential Zenith Life insurance company offers life, health, and property insurance products.

 AXA Mansard

AXA Mansard is a general insurance company that offers coverage for cars, homes, businesses, and more.

Leadway Assurance

Leadway is a specialist Personal insurance and Business insurance.

Leadway’s Personal insurance includes:

• General Insurance
• Travel Insurance
• Life and Health Insurance
• Savings and Investments

Leadway’s Business insurance includes:

• Automobile Insurance
• Property Insurance
• Marine Insurance
• SME Insurance
• Accident Protection Insurance

Regency Alliance Insurance PLC

Regency Alliance Insurance PLC offers both life and general insurance products.

Custodian and Allied Insurance Limited

Custodian and Allied Insurance Limited specializes in health and travel insurance products.

 Standard Trust Assurance

Standard Trust is another general insurer that offers coverage for all sorts of risks.

Nicon Insurance

Nicon Insurance is one of the oldest insurance companies in Nigeria and offers a wide range of services, including life insurance.

What are the Benefits of Having Insurance?

You might be wondering, what are the benefits of having insurance?

Here are 12 of them:

• Protection from unforeseen events
• Security in the event of an accident
• Peace of mind
• Tax benefits
• Cover for personal injuries
• Cover for property damage.
• Protection against financial loss
• coverage for medical expenses.
• Travel risk insurance
• Coverage for legal expenses
• Protection against death and disability
• Retirement planning

What are the Different Types of Insurance in Nigeria?

There are basically five main types of insurance:

1. Health Insurance

This type of policy covers you and your family against medical bills and other health-related expenses.

2. Life Insurance

This policy pays out a lump sum to your beneficiaries in the event of your death.

3. Vehicle Insurance

This type of policy covers you for damage incurred to your vehicle in the event of an accident.

4. Home Insurance

This policy covers your home against damage in the event of a fire, storm, or burglary.

5. Travel Insurance

This kind of policy protects you from things like missed flights or lost luggage that happen while you’re traveling.

How to Choose the Right Insurance Company in Nigeria

When it comes to choosing the right insurance company in Nigeria, there are a few things you need to consider.

First of all, you need to decide what type of insurance you need. There are many different types of insurance policies available, so it’s important to pick the one that’s right for you.

Next, you need to do your research and compare different insurance companies. There are many different insurers out there, so it’s important to find one that provides the coverage you need and at a price you can afford.

Finally, you need to contact the insurance company and ask for a quote. This will give you an idea of how much the policy will cost each year.

Once you’ve considered these three factors, you should be able to choose the right insurance company in Nigeria for your needs.

Frequently Asked Questions About Insurance in Nigeria

Here are some of the most frequently asked questions about insurance in Nigeria:

1. What is the difference between life and health insurance?

Life insurance covers the policyholder in the event of their death, while health insurance covers the policyholder in the event of them becoming ill or injured. Health insurance can be either private or public, while life insurance is always private.

2. What are the different types of insurance available in Nigeria?

There are many different types of insurance policies available in Nigeria, including life, health, car, and home insurance. You can buy a policy from a local insurer or one that is based in another country.

3. What is the purpose of insurance?

The purpose of insurance is to protect individuals and businesses from potential financial losses. Insurance companies offer a variety of policies that cover different types of risks, such as property damage, liability, and medical expenses. Individuals can purchase insurance policies to protect themselves from the financial impact of unexpected events, such as car accidents or home damage. Businesses can use insurance to protect themselves from the financial consequences of lawsuits or other types of losses.

4. How does insurance work?

Insurance works by protecting policyholders from financial losses in the event of an accident, fire, theft, or other covered event. The insurance company agrees to pay the policyholder a set amount of money, called the premium, in exchange for the policyholder’s agreement to pay the insurance company a set amount of money, called the deductible, in the event of a covered loss. If the policyholder does not have enough money to pay the deductible, the insurance company will not pay the claim.

5. Why do people buy insurance?

There are a number of reasons why people buy insurance. Some people purchase insurance to protect themselves and their families in the event of an unexpected death or injury. Others buy insurance to cover their homes or businesses in the event of a disaster. Still, others purchase insurance to help cover the cost of medical care or other expenses if they become sick or injured.

Insurance can also provide peace of mind for people who are worried about the possibility of losing their homes, their businesses, or their loved ones. For many people, insurance is an important way to protect their assets and their families.

6. How can I get insurance?

There are many ways to get insurance. The most common way to get insurance is through an insurance company. There are many different insurance companies, and each offers different types of insurance. Some insurance companies sell only one type of insurance, while others sell multiple types of insurance.

Another way to get insurance is through a government program. The most common government program that provides insurance is Medicare. Medicare is a health insurance program for people who are 65 years of age or older or who have certain disabilities.

Some employers also provide insurance for their employees. This is usually done through a group insurance plan. Group insurance plans are usually less expensive than individual insurance plans.

You need to make sure you have the right insurance company to protect your business. Listed above are the top 7 insurance companies in Nigeria from our research. Thanks for reading.

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22 Lists Of Licensed Insurance Companies In Nigeria.

• Entrepreneurs.ng
• August 20, 2019

An adage says, he who fails to plan, plans to fail. But, even in the midst of a well planned life, some unplanned circumstances can throw you off balance and make you loose all your life long investments . I am sure someone somewhere is saying God forbid!, It is not my portion! But the truth is, bad things still happen. This is why future forward entrepreneurs sign up with insurance companies to insure their properties against future loss or damage.

See Also: 16 List of HMO’s in Nigeria and all their service offering.

Basically, insurance is all about protecting yourself, your business and properties from financial loss. Interestingly, there are several companies you can plug into.

So, we have compiled list of 22 insurance companies in Nigeria you can choose from.

See Also: The different classes of trademark in Nigeria for entrepreneur to choose from.

List Of 22 Insurance Companies In Nigeria

1. aiico insurance plc.

Aiico Insurance is one of the well recognised insurance companies in Nigeria. The company started in 1963 as a pension and asset management group. In addition, the outfit also focuses on general and special risks, life assurance, annuity and health insurance as well. Currently, AIICO is the 2nd largest insurance company in Nigeria.

Address: Plot PC 12, Churchgate Street, Victoria Island, Lagos.

Website: www.aiicoplc.com

Phone no: 0700 2442 6682 28

See Also: List of coworking spaces in Lagos, Nigeria

2. Custodian And Allied Insurance Limited

The company is a brand under Custodian Investment Plc. Their offers include, general and life insurance products.

Address: 16A, Commercial Avenue, Sabo, Yaba, Lagos.

Contact: (+234) 12774000-9

Website: www.custodianplc.com.ng

3. Consolidated Hallmark

Consolidated Hallmark is one of the top ten general business and special risk companies in Nigeria. The company thrives on integrity and excellent service delivery. In addition, they provide premium risk management solutions to their clients. Interestingly, the company is the second insurance company to receive ISO 9001:2015 (Quality Management System Certificate)

Address: 266, Ikorodu Road, Obanikoro, Lagos

Contact: 0700-2446-7887-2623, +234  1 2912543, +234 1 2912 532

Website: www.chiplc.com

See Also: 12 Lists of work ethics an employee should demonstrate

4. Leadway Assurance Company Limited

Leadway began business in 1970 and is still one of the leading insurance companies in Nigeria. Over the years, the company is known for giving clients prompt claims settlement and innovative services. Leadway products include personal, SME, and corporate offers.

Address: 121/123 Funso Williams Avenue, Iponri, Surulere, Lagos

Tel: 01-2700 700

Website: www.leadway.com

5. Industrial And General Insurance (lGI) Plc

IGI started business in January 1992 as a composite insurer offering life and general insurance as well as pensions and special risks. After four years of operation, IGI appeared as the first private insurance company in Nigeria to post N1billion premium income. In addition, IGI makes use of latest technology in their operation. You can get quotations and make payment directly from their website.

Address: 2, Agoro Odiyan Street, Off Adeola Odeku, Victoria Island, Lagos.

Phone: (01) 2918853, (01) 2918854, (01) 2918827

Website: www.iginigeria.com

See Also: 100 profitable business ideas to start now.

6.  Gold Link Plc

Goldlink was registered on 15 th April, 1992 but, got licensed on 8 th September, 1993. The company has a head office in Lagos and 16 branches across the country. Their product ranges from engineering policies to group life, individual life insurance and many more.

Address:  6, Emmanuel Street, Maryland, P.O Box 5987, Marina, Lagos, Nigeria

Contact: 070046535465, 0811792300-5

Website: goldlinkinsuranceplc.com

7. Niger Insurance Plc

Niger is another company in Nigeria involved in various classes of insurance business. Also, the company offers life and non life coverage to its clients. At Niger, the product offers are flexible because they understand the diverse needs of their clients.

Address: 48/50, Odunlami Street, Lagos Island.

Tel: 08133244981, 08136053520

Website: www.nigerinsurance.com

See Also: List of successful entrepreneurs in Nigeria

8. NEM Insurance

NEM Insurance Plc started business in Nigeria in 1948 through the agency of Edward Turner & Co. Their products and services includes corporate, personal and SME products.

Address: 199, Ikorodu Road, Obanikoro, Lagos. P.O Box 654, Lagos

Tel: +234 14489560-7

Website: nem-insurance.com

9. Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc was incorporated on 18th April 1995 as a private limited liability company but began operation on 2nd October, 1995. The company offers life and general insurance business.

Address: Aret Adams House, 233, Ikorodu Road, Ilupeju-Lagos. P.O. Box 70986, Victoria Island, Lagos.

Tel: 09054644444, 09054744444

Website: www.mbaplc.com

See Also: 4 ways to make sales and win more customers for more revenue.

10. Staco Insurance Plc

Staco was incorporated in Nigeria on 10th October, 1991 but was licensed to carry out insurance business on 1st October, 1994. The company also carries out general and special risk insurance. In addition, Staco Plc upholds integrity and hard work in their operations.

Address: 209, Herbert Macaulay Way, Yaba, Lagos.

Tel: +234 806 410 3680, +234 816 0654035

Website: stacoplc.com

11. Nicon Insurance

Nicon was originally owned by Federal Government of Nigeria. It was established to assist the development of insurance companies in Nigeria and to ensure that the Federal Government’s assets and properties are protected. However, NICON was privatized in December, 2005. Currently, the company has 40 branches and six regional offices

Address: Ground Floor, NICON Plaza, plot 242, Muhammadu Buhari way, central district, Abuja

Tel: 09087260168, 08055084597

Website: www.niconinsurance.com.ng

See Also: 10 list of young entrepreneurs in Nigeria distrupting across different industries

12. Lasaco Assurance Plc

Lasaco was incorporated on 20 th December, 1979 but was granted license on 7th July, 1980. The company transacts life and non life insurance.

Address: Plot 16, Acme Road, Ogba, Ikeja, Lagos, Nigeria. P.O. Box 3724

Tel: 07000527226

Website: www.lasacoassurance.com

13. Royal Exchange Plc

Royal Exchange began operations in Nigeria in 1918 and was represented  by Barclays Bank DCO. Thereafter, in 1921, Royal Exchange converted to a full branch of its then parent company, Royal Exchange Assurance, London. Their products include Royal money guard, Royal Burglary protection, Royal fire protection, Royal transit plan and many more.

Address: New Africa House, 31 Marina, Lagos.

Tel: +234-1-4606690-9

Website: www.royalexchangeplc.com

See Also: Top five tourist attractions in Nigeria and their locations

14. Guinea Insurance Plc

The company is also a well sought after company in Nigeria. They began operation on December 3rd, 1958. Their product covers general accident, engineering and special risk.

Address: 33, Ikorodu Road, Jibowu, Lagos.

Tel: 01-4622050-2, 018446470, 07098212408

Website:  www.guineainsurance.com

15. Anchor Insurance Plc

Anchor is a non-life insurance outfit registered and licensed in October, 1989, but started full operation in November, 1989. Currently, Anchor has expanded to 19 branch offices across the country.

Registered Office: 7/13, Aka Road, Uyo, Akwa Ibom State

Tel: 08067107569

Website: www.anchorinsuranceng.com

See Also: Four ways to go into entrepreneurship

16. Wapic Insurance Plc

Wapic provides general and life insurance policies at competitive rates for both individual and corporate clients. They started in 1958 and got licensed to carry out different classes of insurance including fire and special perils.

Address: 119 Awolowo Road, Ikoyi, Lagos, Nigeria.

Tel: 012774500, 0700342592742

Website: www.wapic.com

17. Great Nigeria Insurance Plc

GNI has over 55years experience in underwriting, financial advisory and real estate investments. Also, GNI Plc employs state of the art information technology in its operation. Product offers include: group life assurance, fire and special peril, workmen compensation and many others.

Regional Office: 8, Omo Osagie Street, off Awolowo Road, Ikoyi, Lagos.

Tel: +234 8142478829, +234 8052601713, +234 8023229210

Website: www.greatnigeriaplc.com

See Also: Top 10 Richest Men in the world and their businesses

18. Zenith General Insurance Company Limited

Zenith is another leading insurance institution in Nigeria. Their product ranges from corporate to personal and travel insurance. Zenith is committed to giving peace of mind and creating values to people in a world of uncertainties.

Address: 13/14 th floor, Civic Towers, Ozumba Mbadiwe Avenue, Eti-Osa, Lagos.

Tel: (+234) 0127811771, (+234) 012783421, (+234) 01 2783411

Website: www.zenithinsurance.com.ng

19. Sterling Assurance Plc

Sterling Assurance Plc was established in 1990 and offers all classes of general coverage. Importantly, their products are backed up by highly profiled reinsurance organisation like General Insurance Corporation of India (GIC), Africa Re, Continental Re, etc. Also, the company’s product includes: Fire and Special Perils, Burglary and House, Motor, Money Insurance and many more.

Address: 284, Ikorodu Road, Anthony, Lagos, Nigeria

Tel: 08150643531-2, 08178000222, 08178000333, 08178000444

Website: www.sterlingassure.com

See Also: Top 10 richest entrepreneurs in Nigeria

20. Law Union And Rock

Law Union and Rock pride in their experienced underwriters and automated processes. Another thing that sets them apart is their partnership with re-insurers who give them the assurance they need to underwrite risks.

Address: Law Union House, 14, Hughes Avenue, Yaba, 1000001, Lagos, Nigeria

Tel:  09036000066

Website: www.lawunioninsurance.com

See Also: Top Ten Nigerian Start-ups solving Africa’s problems

21. FBN Insurance Ltd

A company licensed to transact general insurance business in Nigeria. The company is jointly owned by FBN Holdings Plc and the Sanlam Group. They provide coverage for both individuals and corporates alike.

Head Office: 298, Ikorodu Road, Anthony b/stop, Lagos, Nigeria.

Tel: +234 1 9054810

Website: www.fbngeneralinsurance.com

22. Standard Alliance Insurance Company Limited

Standard Alliance is licensed by the National Insurance Commission (NAICON) to transact general and special risk business. The company got registered as a private limited liability company in July, 1981 under the name Jubilee Insurance Company Ltd. Their product covers, aviation, bonds, goods in transit and machinery breakdown as well.

Address: Plot 1, block 94, Providence Street, Lekki Scheme 1, Lekki-Epe Expressway, Lagos.

Tel: 09055694301, 0700-6678-72623

Website: sainsuranceng.com

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Top 8 Insurance Companies in Nigeria and Addresses (2024)

Are you looking for the new list of top insurance companies in Nigeria that pay high on car, life, property, business, health, travel ?

If YES, then this is the only article you need to read today.

The insurance industry in Nigeria has grown rapidly and massively in recent times with the emergence of reliable companies.

Therefore, the number of citizens enlightened about insurance has grown over the years.

Although we are only experiencing this now, insurance has existed in Nigeria since the 1960s.

Citizens have always sought ways to protect themselves against fire outbreaks, terminal illness, or death, and later incorporated their businesses and other valuables, too.

According to the National Insurance Commission (NAICOM), there are about 63 insurance companies  operating today in  Nigeria.

This means a lot of options to choose from.

Getting started…

What is Insurance?

Insurance coverage can be defined as a contract in the form of a financial protection policy.

This policy covers the monetary risks of an individual because of unpredictable contingencies.

The insured is the policyholder, whereas the insurer is the insurance-providing company.

The insurers provide financial coverage or reimbursement most times to the policyholder.

The policyholder pays a known fee—an insurance premium—to a professional insurer for the assumption of the risk of an enormous loss, and a promise to pay in the event of such a loss.

The insurer assures it shall cover the policyholder’s losses subject to certain terms and conditions.

Premium payment decides the assured sum for insurance coverage or policy limit.

Features of Insurance Coverage

• Insurance coverage can be provided for medical expenses, vehicle damage, property loss/damage, depending on the insurance type.
• Insurance coverage does not mitigate the magnitude of loss one may face. It only assures that the loss is shared and distributed among multiple people.
• Premium, policy limit, and deductible are the key components of an insurance coverage policy.
• Clients of an insurance company pool in their risks. Hence, they pay the premiums together. So, when one or a few incur a financial loss, the claimed money is given out of this accumulated fund. This makes each client bear a nominal fee.

Benefits of Insurance Coverage

• Insurance coverage provides monetary reimbursement during financial crises and also helps in checking the mental stress arising out of it.
• Insurance coverage provides a feeling of assurance to the policyholders.
• Insurance policy safeguards against unforeseen events and consequential loss.
• Insurance policies help inculcate saving habits among individuals.
• Insurance policies not only equivalently spreads the risks but also promote trade and commerce by utilizing the fund.

There are different insurance policies in Nigeria which you can subscribe to depending on your specific needs.

Types of Insurance in Nigeria

Here are the main insurance policies in Nigeria:

1. Personal Insurance

The personal insurance includes insurance for human life which may suffer a loss because of death, accident, and disease.

Therefore, personal insurance is further sub-classified into life insurance, personal accident insurance, and health insurance.

Personal insurance differs from other insurance in the sense that, here, the subject of insurance is the life of a human being.

The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period.

At present, personal insurance enjoys maximum scope because life is the most important property of an individual.

Every person requires insurance.

This insurance protects the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.

Under personal insurance, a payment is made at the accident.

The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period.

2. Property Insurance

Under the property insurance property of person/persons is insured against a certain specified risk.

The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.

3. Fire Insurance

Fire insurance covers the risk of fire.

In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.

With the help of fire insurance, the losses arising due to fire are compensated, and the society is not losing much.

The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.

The fire insurance does not protect only losses, but it provides certain consequential losses.

Also, war risk, turmoil, riots, etc. can be insured under this insurance, too.

4. Marine Insurance

Marine insurance provides protection against the loss of marine perils.

The marine perils are; collision with a rock or ship, attacks by enemies, fire, and captured by pirates.

These perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.

So, marine insurance insures ship, cargo and freight.

5. Liability Insurance

The general insurance also includes liability insurance whereby the insured is liable to pay for the damage of property or to compensate for losing persona; injury or death.

This insurance is seen as fidelity insurance, automobile insurance, and machine insurance, etc.

6. Social Insurance

The social insurance is to protect the weaker sections of the society who cannot pay the premium for adequate insurance.

Pension plans, disability benefits, unemployment benefits, sickness insurance, and industrial insurance are the various forms of social insurance.

7. Guarantee Insurance

The guarantee insurance covers the loss arising because of dishonesty, disappearance, and disloyalty of the employees or the second party.

The party must be a party to the contract.

His failure causes loss to the first party.

For example, in export insurance, the insurer will compensate for the loss at the failure of the importers to pay the amount of debt.

Top 8 Insurance Companies in Nigeria

These are the registered insurance companies that presently provide the best financial coverage to Nigerians.

8. Coronation Insurance Plc.

Coronation Insurance Plc. are a leading Nigerian insurance group offering a diverse range of products and services covering life, general and special risk businesses, licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance, etc.

This company offer superior customer service, innovative product solutions, excellent financial advice to help grow your business and achieve your goals.

Product and Services

• Asset Management
• Registrars and Data Management Services
• Investment Banking
• Securities Trading and Brokerage Services
• 9-12 Amodu Ojikutu Street, off Saka Tinubu Street, Victoria Island, Lagos, Nigeria
• +23412774500, +2347099821284
• [email protected]

7. Consolidated Hallmark Insurance Plc.

Consolidated Hallmark Insurance (CHI) Plc is a leading general business insurance company determined to change the way Nigerians see insurance.

The company’s primary aim is to deliver exceptional service to customers.

You are covered from motor insurance to gadget insurance, home insurance to business insurance and everything in between.

• Motor 3rd Party
• Travel Insurance
• Marine Insurance
• Oil and Gas
• Motor Comprehensive
• Machinery Breakdown
• Contractors-All-Risk
• Motor 3rd Party Fire and Theft
• Money Insurance
• Plant-All-Risk
• Home Insurance
• All Risks Insurance
• Bonds Insurance
• Burglary Insurance
• Consequential Loss
• Personal Accident
• Fire and Special Perils
• Professional Indemnity
• Combined Fire and Burglary
• Goods-In-Transit
• 266, Ikorodu Road, Obanikoro, Lagos.
• [email protected]
• +234 1 2912543, +234 1 2912532

6. Cornerstone Insurance Plc.

Cornerstone Insurance Plc. was incorporated on 26 th July, 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997.

The organization was established to conduct insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.

The company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life businesses.

The classes of insurance business currently undertaken include:

• Motor Vehicle
• Engineering All Risks
• Asset Protection
• Liability to Third Party
• Credit Life
• Mortgage Protection
• Term Assurance
• Wealth Creation Products
• Takaful (Islamic Insurance)

Cornerstone remains committed to both their core values of integrity, empathy, professionalism, innovation, and team spirit and continued mission of delivering value beyond expectations through needs-based products and quality service

Cornerstone Insurance Plc. Is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions.

Services provided are technology driven by innovative insurance applications.

These services are accessible with ease through the internet and/or mobile technology.

Head Office

• 21, Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria
• [email protected] (Sales Enquiries and Support)
• [email protected] (Corporate Enquiries, Feedbacks and Complaints)
• [email protected] (Claims Lodgment, Enquiries and Complaints)

Telephone Numbers:

• 07086216957 (Sales Enquiries and Support)
• 01-2806500 and 0700 267 63778663 (Corporate Enquiries, Feedbacks and Complaints)

5. Custodian and Allied Insurance

Custodian Investment Plc. is a leading Nigerian Investment Group with operations in the other financial services sector of the economy.

Custodian Investment Plc. is managed by a Board comprising thoroughbred professionals with proven track records in their various fields of endeavour, who bring deep insights derived from several years of fruitful and eventful years of experience to bear on the direction of the company.

Currently, with group-wide assets under management (AUM) over $1.1 billion, the company remains committed to continuous improvement of its businesses, structures, systems and processes in order to keep ahead of the challenges of new growth, improving business prospects, transparency, and governance.

• General Insurance

Auto Insurance

• Home Shield
• Fire Insurance
• Life Insurance
• Savings and Investment
• Endowment Plan
• Protection Plan
• 16A, Commercial Avenue, Sabo, Yaba, Lagos
• (+234)12774000-9
• [email protected]

4. NEM Insurance Plc.

NEM Insurance Plc. started the insurance business in Nigeria in 1948 through the agency of Edward Turner and Co.

The company, which has contributed immensely towards the growth of the insurance industry in Nigeria, has expanded its operations into the West African subregion.

The company’s mission is to build a customer satisfying insurance institution that is passionate about adding value to the interests of all stakeholders.

Corporate Products

• Motor Insurance (Corporate)
• Aviation Insurance
• Engineering Insurance
• Computer and Electronics Policy
• Fidelity Guarantee
• Group Personal Accident

Personal Products

• Goods In Transit
• Fire and Special Perils Insurance
• Motor Insurance
• Home Protection
• Enhanced Motor Third Party

SME Products

• Product Liability
• Cash In Transit
• Agricultural Insurance
• 199, Ikorodu Road, Obanikoro, Lagos
• [email protected]
• 234-1-4489560, 234-1-4489570

3. Leadway Assurance Company

Leadway Assurance Company Limited is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.

For over 45 years, Leadway has honored its underwriting commitments and has earned its reputation of excellence in claims handling.

The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute.

The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain competitive advantage.

All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.

Personal Insurance

• Health and Life
• Savings and Investments
• Annuities and Pension
• Property Insurance

Business Insurance

• Accident Policies
• SME Insurance
• Comprehensive
• Third Party (Scratch Card)
• Third Party
• Third Party (Auto Base)
• [email protected]
• (+234) 01-2700700

2. AXA Mansard Insurance

AXA Mansard Insurance Plc. was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

Products range from life to property and casualty for individuals, commercial solutions for SMEs and corporate organizations.

AXA Mansard Insurance Plc. is rated B+ by A.M. Best (2016) for Financial Strength.

The company is also certified ISO 9001:2008, compliant by the Standard Organization of Nigeria (SON) for quality management systems.

AXA Mansard Insurance has a 24hour dedicated customer interface team which handles the resolution of customer enquiries and complaints.

• Health Insurance
• Partnerships
• Plot 1412, Ahmadu Bello Way, Victoria Island, Lagos, Nigeria

Phone Number

• 0700AXAMANSARD
• *987# (USSD Code)
• [email protected]
• [email protected]
• [email protected]
• [email protected]

1. AIICO Insurance Plc.

Established in 1963, AIICO Insurance Plc. is a financial services group with market-leading positions in its key business lines: Insurance, Health Maintenance and Asset Management.

As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.

AIICO is the market leader in retail life insurance, retirement services and non-life insurance in Nigeria.

Their leading insurance asset management and health management businesses complement the core insurance franchise.

AIICO also owns valuable financial and strategic assets, including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited, and AIICO Capital Limited.

• Annuity Plan
• Auto Insurance Plan
• Investment Plan
• Personal Accident Plan
• Home Insurance Plan
• Travel Insurance Plan
• Pure Risk Plan
• Manufacturing Insurance
• Agric. Insurance
• General Business Plan
• Plot PC 12, Churchgate Street, Victoria Island, Lagos
• 01 279 2930, 0700 2442 6682 28
• [email protected]

8 Best Insurance Companies in Nigeria

List of top insurance companies in Nigeria to join today.

• AIICO Insurance Plc.
• AXA Mansard Insurance
• Leadway Assurance Company
• NEM Insurance Plc.
• Custodian and Allied Insurance
• Cornerstone Insurance Plc.
• Consolidated Hallmark Insurance Plc.
• Coronation Insurance Plc.

Best Insurance Company in Nigeria?

The best insurance company in Nigeria to join and secure yourself against potential risks is AIICO Insurance Plc.

AXA Mansard Insurance is the closest competition.

Insurance is a sure way to enjoy financial security, no matter what life throws at you, your loved ones, or cherished possessions.

Choosing the right insurance company in Nigeria can be difficult because of the various competing options available in the market. That’s why this post was written for you.

Some of these insurance companies require you to meet certain criteria before your application can be approved, while some don’t.

So, it’s impossible to tell you categorically which among them will accept you immediately.

I spent several hours researching each company on this list, so you can trust the integrity of the content.

Hope you enjoyed this article?

If you know any insurance company that is equally a good option or shouldn’t be on this list, please let us know in the comment section.

Tell us the company and why it is excellent or bad for Nigerians.

READ ⇒  5 Affordable HMO in Nigeria to Subscribe for Health Insurance Today ▷ 99% Reliable

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Comprehensive List of Insurance Companies in Nigeria [2024]

Here are some of the top insurance companies in Nigeria you should know about.

Many Nigerians are not aware of the vast amount of insurance companies in Nigeria. This ignorance, together with some other factors, is one of the reasons why their insurance coverage is still very low within the country.

To enrich your knowledge about insurance companies in Nigeria, I will be showing you a comprehensive list of Insurance companies within the country, at least, based on my latest research.

By the way, insurance may be defined as a strategic means of protecting individuals, groups, or organizations from financial loss resulting from predictable or unpredictable events surrounding their activities. It is a form of risk management, primarily used to wedge against the risk of a contingent or uncertain loss.

Before we begin, there are some important insurance-related terminologies I should first introduce you to.

• Policy – Plans, or service packages offered by an insurance company.
• Life insurance – Life insurance covers the costs to family and business in the event that one loses one’s life due to professional, business-related, or other activities.
• Insurance policy – The written contract to effect insurance, or the certificate thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.
• Coverage/insurance plan – The specific protection provided by a plan against the results of the hazards insured against, that is, the property it protects against.
• Premium – A periodic payment by the insured to the insurance company in exchange for insurance coverage.
• Annuity – A contract that provides for a stipulated sum payable at certain regular intervals during the lifetime of one or more persons, or payable for a specified period in exchange for a specified premium. There are various types of annuities, such as immediate and deferred, which can be fixed or variable.
• Life insurance – Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death, while the plan is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
• Insured  – the individual or entity that receives insurance coverage.
• Insurer – the company providing the insurance coverage to an individual or entity, aka insurance broker.
• Insurance broker – A person who acts as the representative of the applicant for insurance. Although brokers are compensated with a commission from the insurance company (just like agents), they do not represent the insurer. Their sole duty is to get the best possible coverage for their clients at the lowest possible cost.
• Comprehensive insurance coverage – Insurance with a wide scope of coverage. Comprehensive liability provides coverage for a range of damages, incidents, and losses, but it is not all-inclusive. Specific exclusions apply depending on the terms of the plan.

Table of Contents

List of Insurance Companies in Nigeria

Here is a comprehensive list of insurance companies in Nigeria. It might be a long read but I have picked out the important points to note, including their service packages.

1. Leadway Assurance

Just as their name implies,  Leadway Assurance  has continued to lead as the foremost and largest insurance company in Nigeria (2019), by gross premiums and turnover . It was the first insurance company in Nigeria, founded in 1970, and is reputable for its insurance service efficiency and customer reliability.

Leadway Assurance offers insurance services in general business insurance, life, and pension insurance services, and allied financial services like secured credits, bonds, miscellaneous financial losses, and portfolio management. Their plans include the following;

• Family benefit plan
• Leadway saving plan
• Term assurance plan
• Money plan.
• Educational saving plan
• Personal saving plan
• Deferred annuity plan

2. AIICO Insurance Plc

AIICO (American International Insurance Company) , established in Nigeria in 1963 as an agency of the American Life Insurance Company(ALICO), is one of the leading insurance companies in Nigeria. With their goal of becoming the country’s leading insurer of choice, AIICO has actively provided insurance services including life insurance, health insurance, retirement service plans, etc.

In their success, AIICO has become the market leader in life insurance and retirement services, as well as non-life insurance services in the country. They are the second-largest insurance company in Nigeria (2019) by gross premiums and they have occupied this position a consecutive number of times.

AIICO offers life assurance and annuity, general insurance and special risks, pension management, health insurance, and assets management; and their services are available to individuals, corporations, and financial and government institutions within the country. Some of their specific insurance plans include;

• Income investment plan
• Three payment plan
• Travel Insurance
• corporate saving plan
• Education investment plan
• Flexible endowment plan
• Electronics equipment plan, etc

3. Custodian and Allied Insurance

Custodian and Allied Insurance (CAIL)  is wholly indigenous in its ownership and is the third-largest insurance company in Nigeria. CAIL was founded for the sole purpose of developing, packaging, and delivering innovative insurance products that best satisfy customer needs whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future to become a valuable asset to its shareholders.

CAIL has well fulfilled its objectives and promises to customers to a very large extent, covering mainly general insurance and life insurance. They have the following plans tailored appropriately to the specific needs of everyone and anyone.

• Investment plus plan
• Immediate annuity plan
• Tuition protection plan
• Auto insurance plan
• Travel insurance plan
• Capital plan, etc

4. AXA Mansard Insurance

AXA Mansard Insurance  was incorporated as a private liability company in 1989 and is registered as a composite company with the National Insurance Commission of Niger (NAICOM). AXA Mansard Insurance is a member of the AXA Group of Companies , a financial company that has risen to become one of the leading insurance and asset management companies worldwide, serving over 107 million clients in 64 countries of the world including Nigeria.

AXA Mansard Insurance mainly focuses on health insurance, asset management services, and pension insurance services through its three subsidiaries – AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited.

The company is also reputed for its efficient customer reliability and offers the following life and non-life insurance plans;

• Student protection plan
• Autoflex plan
• Equity income plan
• Auto classic plan
• Money market plan
• Easy care plan
• Life savings plan
• Instant plan
• Health insurance plan
• Retirement savings plan
• General ( business/ tourism) protection plan

5. Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc  was incorporated in April 1995 under the name Mutual Benefits Assurance Company Limited and re-registered as a Public Limited Liability Company (Plc) in May 2001. They had made great strides in the Nigerian insurance industry, in areas of general and life insurance.

It became listed on the Nigeria Stock Exchange in May 2002 and is currently one of the largest insurance companies in the country. Their plans include;

• Motor/auto insurance
• Fire and special peril plan
• Travel health insurance
• Life assurance
• Personal pension and investment plan

6. Cornerstone Insurance Plc

Cornerstone Insurance , incorporated as a private limited liability company in July 1991, became one of the first insurance companies in Nigeria to provide customers with an online platform for insurance services, registration, and transactions.

This insurance company was established to conduct insurance activities in a professional, ethical, and customer-focused manner, and they have achieved some success in making insurance easily accessible and available for interested customers.

Since its inception, Cornerstone Insurance has remained dedicated to the priority interest of its clients and creating solutions that meet their needs.

The company became a Public Limited Liability in 1997, the same year it was listed on the Nigerian Stock Exchange. Cornerstone is licensed and re-certified by the National Insurance Commission (NAICOM) to offer general and life insurance plans and some of their specific plans are as follows:

• Motor insurance plan (Auto Insurance)
• Gadget protection plan
• Investment plan
• Halal Takaful plan
• School fee guarantee plan
• Goods-in-transit plan
• Home insurance plan
• Life insurance plan
• Annuity plan
• Aviation and Marine insurance plan
• Mortgage protection
• Term assurance, etc

7. African Alliance Insurance Plc

African Alliance Insurance (AAI) Plc  is a subsidiary of the Munich Reinsurance Company, a world-class reinsurer, charged with the objective of improving the quality of life of their clients. Since its incorporation in May 1960, the company has established a solid reputation for excellent customer service and prompt claims settlement and has been recognized as the most experienced and strongest specialist life assurance office in Nigeria.

African Alliance Insurance Company offer the following plans to its clients:

• Annuity assurance plan
• Term assurance
• Group life assurance plan
• Mortgage plan
• Money appreciation
• Takaful plan
• Savings plan
• Direct debit form plan
• Individual assurance plan
• Investment assurance plan
• Children education plan

As an innovative insurance company that cares about ease of access for its clients, African Alliance Insurance implemented a premium calculator on its site to make it easier for new clients to calculate how much premium they will pay for their chosen plan.

8. Goldlink Insurance Plc

Goldlink Insurance  was incorporated as a private limited liability insurance company in April 1992 and was granted a license to operate as a full-fledged insurance company in September 1993. It later became a public liability company in May 2007 and was thereafter listed on the Nigerian Stock Exchange in February 2008.

Goldlink Insurance Company has its head office in Lagos State, Nigeria with over 16 branches across the country. Established with the desire to achieve a passionate client-centered relationship, Goldlink Insurance has become one of the Indigenously-owned insurance companies in Nigeria committed to building trust and confidence through the delivery of first-class insurance services to their clients.

Among the insurance plans covered by this company include disaster plans, life insurance, and so on. Here is a list of their insurance packages:

• Group life insurance plan
• School safety plan
• Fire and special perils plan
• Compulsory Insurance plan
• Oil & Gas plan
• Engineering Insurance
• General Accident plan
• Individual Life Insurance plan
• Reinsurance plan
• Liability plans plan
• Marine & Aviation plan
• Motor Insurance plan
• Life and pension plan

9. Continental Re-insurance

Continental Reinsurance started operation as a private reinsurance company in 1985, thereafter as a general reinsurer in 1987, and finally as a composite reinsurer in 1990.

As a reinsurer, Continental Reinsurance Company acts as an insurance company for other insurance companies. That is, they assume the risks of the insurance companies registered under them, while those companies cover insurable risks for individuals, organizations, and companies under them.

Aside from being a reinsurer, Continental Reinsurance also ensures individuals and organizations directly. Some of their plans in these categories include;

• Business Insurance plan
• Insurance plan
• Auto Insurance plan
• Home Insurance plan
• Pet Insurance plan
• Marine and aviation plan

Continental Reinsurance offers both life and non-life reinsurance with a well-diversified business mix and customer base. With the aim of becoming the premier pan-African reinsurer, Continental Reinsurance has also panned into other African countries including Cameroun, Kenya, and Botswana.

10. Industrial and General Insurance Plc

Incorporated as a private limited liability company in October 1991,  Industrial and General Insurance Plc (IGI) started with life and general insurance, later including pension and special risks in 1992. The insurance company was registered as a public limited liability company in 2007 and they have since demonstrated exceptional skills and expertise in the areas of oil/energy, marine, aviation, engineering, and industrial risk management.

Their exceptional performance earned the company national recognition in 1996 when it was appointed by the Federal Government as the leading member of a consortium of insurance companies charged with the responsibility of providing insurance to the government-owned Nigerian National Petroleum Corporation (NNPC).

The specific plans include;

• Group Life Products plan
• Mobile Phone Insurance Plan
• Aviation Insurance plan
• Engineering Insurance plan
• General Business Insurance plan
• Health Insurance Plan
• Marine Insurance plan
• Oil & Energy Insurance

11. LASACO Assurance Plc

Lasaco Assurance Plc is known for creating and sustaining a brand that is up to date with technological innovation relevant to the insurance industry with the aim of enhancing customer satisfaction. The company was incorporated in December 1979 under the Companies Decree of 1968, licensed as an insurer in July 1980, and became a public limited liability company in 1991.

With a vision of becoming one of the market leaders in insurance and financial services in Nigeria, LASACO offers a variety of insurance plans including the following;

• Motor insurance plan
• Aviation insurance plan
• Marine insurance plan
• Professional indemnity insurance
• Fire and Special peril insurance plan
• Personal accident plan
• Bond insurance plan
• Money insurance
• Householder’s Insurance plan

12. Allianz Nigeria Insurance

Allianz Nigeria Insurance Plc is a composite Insurance company licensed to cover life and non-life insurance for individuals and organizations alike. It was incorporated in 1993 as Union Assurance Company Inc. and then relaunched as Ensure Insurance Plc in 2016. In 2018, the company was acquired by the Allianz Group and rebranded as Allianz Nigeria Insurance Plc.

The company has remained one of Nigeria’s leading insurers and asset managers with over 92 million retail and corporate customers together. They offer the following insurance packages;

• Car/auto insurance plan
• Education insurance plan
• Life insurance
• Home Insurance
• Aviation Insurance
• Group Life Assurance
• Burglary Insurance
• Group Personal Accident Insurance
• Fidelity Guarantee
• Public Indemnity Insurance
• Goods in Transit Insurance
• Professional Indemnity
• SME Insurance

13. Consolidated Hallmark Insurance Plc

Consolidated Hallmark Insurance (CHI) Plc is one of Nigeria’s leading insurance companies that is determined to change the way Nigerians view insurance generally. Following a merger in 2007, the insurance company emerged as one of the top ten general business and special risk insurance underwriters in Nigeria in the same year.

Consolidated Hallmark Insurance has continued to make the insurance experience better and much more interesting to its customers. Below are some of their insurance packages;

• All Risks Insurance
• Goods-In-Transit Insurance
• Motor 3rd Party Insurance
• Motor Comprehensive Insurance
• Personal Accident Insurance
• Bonds Insurance
• Consequential Loss Insurance
• Contractors-All-Risk
• Machinery Breakdown Insurance
• Marine Insurance
• Money Insurance
• Plant-All-Risk Insurance

14. FBN Insurance Plc

FBN Insurance Plc  is an insurance company affiliated with First Bank Nigeria Plc. It is a member of the Sanlam Group, a leading, diversified pan-African financial service group. The affiliating company, Sanlam based in South Africa, is also the largest insurance company in Africa (2019).

FBN Insurance commenced operations as an insurance company in September 2010 and was shortly incorporated in October. Due to their practice of excellence in the delivery of insurance services, the company won the best life insurance company award in Nigeria, in the World Finance Awards in 2014 and 2016. They have continued to provide excellent insurance services for retail and corporate registrants.

Below are some of the insurance plans.

• Credit Life Assurance Plan
• Group welfare plan
• Keyman assurance plan
• Mortgage protection plan
• Welfare protection assurance plan
• Educational insurance plans
• Personal retirement plan
• Savings plans

15. Great Nigeria Insurance Plc

Great Nigeria Insurance Plc  started in 1960. Its head office is located in Ikoyi, Lagos, Nigeria and has several regional branches and offices across the country. They focus on enhancing insurance service delivery and customer satisfaction. Below are some of their insurance packages.

• Group personal accident insurance
• Individual life products
• Non-life/general insurance
• Burglary and housebreaking insurance
• Auto insurance
• Marine insurance
• Plant all-risk plan
• Contractors’ all-risk plan
• Workmen’s compensation insurance
• Professional indemnity
• Oil and Gas/Special risk insurance

16. Guinea Insurance Plc

Guinea Insurance Plc is known for its exceptional competence in the delivery of customer-centered insurance services and record-breaking innovation. The company was established in 1958, the same year it was incorporated as a public limited liability company.

They offer non-life and special risk insurance for businesses but do not offer life insurance. Below are some of their packages.

• Fire and special perils
• Burglary/theft insurance
• All-risk insurance
• Workmen’s compensation insurance
• Personal and group accident insurance
• Motor insurance
• Public liability insurance
• Bond insurance
• Contractors all-risk insurance
• Erection all-risk insurance
• Machinery breakdown insurance
• Marine cargo insurance
• Marine hull insurance
• Fidelity guarantee insurance
• Aviation insurance
• Consequential loss insurance
• House owners/householders insurance
• Professional indemnity plan
• Electronic equipment insurance
• Goods-in-transit insurance
• Plant all-risk insurance
• Home shield insurance

17. Law Union & Rock Insurance Plc

Law Union & Rock Insurance Plc was established in 1951 with the vision of becoming one of Nigeria’s leading insurers of choice. It is recognized for its professional competence, financial strength, and performance even to the present date.

They offer twenty-five insurance packages including:

• Burglary insurance
• Fire Insurance
• Householders & owners plan
• Comprehensive insurance
• All Risk Insurance
• Oil & gas insurance
• Legal liabilities insurance
• Cargo insurance
• Onshore property insurance
• Business interruption plan
• Construction insurance

The company is purely indigenous both in origin and area of operation. Combined with their high customer satisfaction experience, Law Union & Rock Insurance is a great choice for Nigerians.

18. NICON Insurance Ltd

NICON Insurance Limited is one of Africa’s leading insurers. It was originally owned by the Federal Government of Nigeria, established by Decree No.22 of 1969. It was later privatized as NICON Insurance in December 2005 consequent upon the second phase of the Federal Government Privatization Policy.

Their major objective involves assisting in the development of the insurance industry in Nigeria and also ensuring that Federal Government assets are fully protected by insurance. Here are some of their packages;

• Fire insurance
• General accident insurance plan
• Special product insurance
• Pension plans
• Oil and Gas
• Car engineering insurance
• Re-insurance

19. Niger Insurance Plc

Niger Insurance Plc  (formerly Yorkshire Insurance Company) was established in August 1962 as a specialist life insurance company. The management team comprises highly trained and competent professionals with advanced management and technical skills in the area of insurance and finances. They aim to become one of the top three insurance companies in Nigeria by market shares.

Niger Insurance Pls has continued to excel in innovation, value addition, transparency, reliability and affordability. Here are some of their insurance plans;

• Niger immediate annuity plan
• Educational endowment assurance
• Mortgage protection assurance
• Niger cash plan
• Niger flexible investment assurance plan
• Niger Mutual Halal plan
• Personal pension & savings plans
• All Risk Insurance plan
• Aviation hull and liability insurance
• Boat travellers’ insurance plan
• Boiler & pressure vessel insurance plan
• Consequential loss insurance plan
• Contractor all-risk insurance plan
• Employers liability
• Fidelity guarantee insurance plan
• Fire and special perils insurance plan
• Goods-in-transit insurance plan
• Householder comprehensive insurance policy
• Machinery breakdown insurance policy
• Marine cargo insurance plan
• Marine hull insurance plan
• Money insurance plan
• Oil and gas insurance plan
• Overseas traveller insurance plan
• Plant all-risk insurance plan
• Product liability insurance
• Professional indemnity insurance plan
• Public liability insurance policy

20. Nigeria Deposit Insurance Corporation(NDIC)

Nigeria Deposit Insurance Corporation  is an independent agency of the Federal Government of Nigeria. The objective of the deposit insurance system is to protect depositors and guarantee payment of insured funds in the event of failure of financial institutions(banks) where the funds were deposited.

21. Capital Express Assurance Ltd

Capital Express Assurance is considered one of the fastest-growing life assurance companies in Nigeria. It has a formidable reinsurance treaty with the African Reinsurance Corporation and they focus on creating a system of excellent design and effective management in the area of insurance.

Alongside a robust life insurance portfolio for individuals and organizations (government agencies/parastatals, multinationals, military/paramilitary, hospitality organizations, etc), they cover the following plans;

• Target savings plan
• Universal life assurance plan
• Flexi-3 plan
• 3-payment plan
• Protection Plan
• Credit life assurance plan
• Mortgage assurance plan
• I-Care plan
• Students and teacher welfare insurance schemes

22. Linkage Assurance Plc

Linkage Assurance Plc  was incorporated in March 1991, licensed for non-life insurance services in October 1993, and then merged with Central Insurance Company Ltd as part of the recapitalization reforms of the Federal Government of Nigeria. Following this merger in 2007, Linkage Assurance has become dedicated to enhancing quality performance and customer satisfaction.

Their plans include the following:

• Automobile insurance
• Property insurance
• General accident plan
• Liability group plan
• Compulsory insurances
• Marine & aviation insurance
• Engineering insurance
• Estate insurance plan
• Citadel shield plan
• Shop Comprehensive plan
• SME comprehensive plan
• Online insurance

23. Nigerian Insurers Association(NIA)

The  NIA  is not an insurance company in the sense of the others listed above. It was established in 1971 as an umbrella organization for all insurance companies in Nigeria with the responsibility of interacting with them and giving all the insurance companies in Nigeria a common voice.

The NIA has contributed to legislation and decisions made by the Government and public authorities to the best interests of the insurance companies in Nigeria and the national economy in general. It also organizes conferences, seminars and other events for insuring members, as well as publishes books and journals relevant to the insurance industry.

It is relevant for managers and owners of insurance companies in Nigeria, and if you are such an individual, it might be necessary for you to enlist your insurance company under the Nigerian Insurers Association.

Final words

The above list is not exhaustive but these are some important insurance companies in Nigeria you should know about. Even though insurance is adopted by only a few people in the country today, it is never a wrong decision to get your property, life, or business insured.

Also, health insurance is also provided by several HMOs within the country. Read here to see the list of HMOs in Nigeria and what they offer.

Prosper Yole (MD)

Prosper Yole is a medical doctor, a seasoned writer and passionate blogger. He is the founder of Knowseeker.com. With many years of trials, failure, and near successes in areas of relationship, health, business & entrepreneurship, personal development, and content writing, he creates quality content that resonates well with his audience across the entire internet.

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Top 20 Insurance Companies in Nigeria

• by Wisdom Enang
• January 20, 2023
• 4 minute read

Top 20 Insurance Companies in Nigeria  are listed and explicated one by one in this article for your perusal.

List of insurance companies in Nigeria

In a developing economy like Nigeria, Insurance Companies have an important role to play and tend to be more considerable and recognized according to their significant characteristics.

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These 20 Insurance Companies have been rated as the most suitable or the best in Nigeria. This article will focus solely on the excellent services provided by these top Insurance Companies in Nigeria.

1. Leadway Assurance Company

This is a thriving insurance company in Nigeria. This company delivers insurance services on business, life, tourism, personal property, and casualty.

Aspect from this, Leadway Assurance Company presents additional subsidiary financial services like bonds, secured credit, various monetary losses, and fund/portfolio board and also proposes several insurance treatments like commercial and individual insurance services.

2. Great Nigeria Insurance Plc.

Provides several insurance treatments that cover unusual tragedies like life, fire, individual accident, car, cash, robbery, expert protection, and marine insurance services. It has an unceasingly set and structured reassurance treaty with a consortium of domestic and foreign upright reassurance companies by offering the obliged ability to be able to avoid any further or futuristic risk.

3. Standard Alliance Insurance

Is popularly recommended for its excellent service and great customer support. It provides shield and insurance treatments under home-based, individual, commercial, engineering, and other exclusive insurance services.

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4. Cornerstone Insurance Plc.

Provides several insurance treatments such as a motor vehicle, aviation, marine, and manufacturing all dangers associated with assets and other liabilities. This insurance also covers issues like oil and gas, loan protection, and other prosperity-creation products.

5. AIICO Insurance Plc.

Was founded in 1963 as a financial service group with a market-guiding view. AIICO Insurance Plc. has several insurance treatments which consist of life assurance and allowance, health insurance, business lines, health maintenance, and asset management.

6. Custodian and Allied Insurance

Aspect being an insurance company, Custodian and allied insurance are one of the guiding insurance companies in Nigeria that functions in a dual capacity both as an insurance company and as a financial service sector.

7. Niger Insurance Plc.

Is also another popular leading insurance company in Nigeria that is unique and known for performing excellent services like innovative and customer-oriented insurance products in life and non-life insurance to its esteemed and developing customers.

8. Continental Reinsurance

Also guarantees both treaty and facultative life and non-life reinsurance, with varied or expanded business mix and customer base system to attract more customers.

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9. AXA Mansard Insurance

Has listed as an amalgam company with the National Insurance Commission of Nigeria (NAICOM) and was established in 1989 as a private limited liability company.

10. Nicon Insurance Limited

Was founded as a public limited liability company and then restructures as a private limited liability company through privatization. This restructuring was done to ensure that it adds to the growth and development of the insurance industry.

11. African Alliance Insurance Plc.

Was established in 1960. Over the years, it has had a system of 18 branches with notable and recommendable years of experience in the financial industry.

12. Ark Insurance

Is a specialized Insurance broker certified by the National Insurance Commission (NIC). In the last 45 years, this insurance company has used its experience to deliver excellent services to both local and multinational clients.

13. Ark Insurance

Is rated as one of the best insurance companies as it assists its clients to prevent, control, ease or alleviate any associated risks

14. Lasaco Assurance Plc.

Was established in 1979 as a composite insurance company intended to meet the demands of its customers and other insurance and special risk business, high-impact financial service, etc.

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15. NSIA Insurance

Is a company with a great standard that believes in delivering suitable risk management for individuals and businesses.

16. Goldlink Insurance

Another top insurance company that operates as a private limited liability company was and was established in 1992. The insurance services offered include fire and special perils, travel insurance, motor insurance, life & pension, and oil & gas.

17. Consolidated Hallmark Insurance Plc.

Is one of the top 20 insurance companies that offer exclusive business and special risk insurance supporters in Nigeria.

18. Guinea Insurance Plc.

Has operated since 1948 under the British West African Corporation Limited (BEWAC) and was licensed in 1958, as a non-life insurance underwriting firm to provide first-rate insurance keys in the general commercial class.

19. Nem Insurance Plc.

Nem Insurance Plc. began the process in 1948 and was privatized by the Federal Government of Nigeria then a recapitalization in 2007.

The company was in partnership with a vigilant insurance company limited to handling and managing all classes of general insurance.

20. FBN Insurance

FBN Insurance is a Limited Liability Company that is certified to carry out business transactions, especially on life insurance.

These companies are classified as the best due to the fact that it is basically technologically driven and has prompt product and service delivery.

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There are certified by the National Insurance Commission (NAICOM) to handle overall and exclusive risk insurance businesses.

Wisdom Enang

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Recapitalization in the Nigerian Insurance Industry: The Mergers and Acquisitions Option

15 Pages Posted: 30 Oct 2020 Last revised: 6 Apr 2021

Akorede Folarin

Banwo & Ighodalo; Olajide Oyewole LLP (A Member of DLA Piper Africa)

Date Written: October 5, 2020

In an ambitious move for the recapitalization of the insurance industry in Nigeria, the National Insurance Commission ("NAICOM") had in 2019 reviewed and increased the minimum paid-up share capital requirement for all classes of insurers doing business in Nigeria (except Takaful operators and micro-insurance companies). Naturally, therefore, players in the sector have been exploring a range of options to help them meet these major recapitalization requirements. These insurance companies have, however, been facing many difficulties in raising the necessary capital due to an unattractive insurance sector, a fact which has been exacerbated by the disruptive effects of the coronavirus pandemic on the economy. Also, apart from discounting real assets from being computed towards the recapitalization, NAICOM has restricted insurance companies from using debt finance to meet their recapitalization requirements, insisting that prospective investors must join the company and participate in its management rather than hand over money and fall into the background. All of this has made mergers and acquisitions (“M&A”) a very attractive option for affected insurance companies. On that note, this paper explores the regulatory framework for M&A as a veritable avenue for insurance companies to meet their recapitalization obligations. The paper also posits that M&A represents the most advantageous recapitalization option in the light of the present economic realities, as it stands to help increase value generation, maximize cost efficiencies, and increase market share without frittering away scarce assets or unduly burdening affected companies.

Keywords: Insurance, Recapitalization, Mergers, Acquisitions, Reorganization

Suggested Citation: Suggested Citation

Akorede Folarin (Contact Author)

Banwo & ighodalo ( email ), olajide oyewole llp (a member of dla piper africa) ( email ), do you have a job opening that you would like to promote on ssrn, paper statistics, related ejournals, emerging markets: finance ejournal.

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Top 25 Insurance Companies in Nigeria

Hey, let’s examine the top Insurance Companies in Nigeria.

As you know, life is full of risk, and risk is an innate part of life. Every meaningful life achievement or investment indeed goes pari-passu with risk. A wise man once said, “If you risk nothing, then you risk everything.”

When taking risks, it is advisable to have a backup plan that will protect one against unforeseen events. For instance, someone working at a height will need a fall arrester to protect him in case he falls. Insurance is just like a backup plan against unforeseen events, or the “fall arrester.”

In investment terms, insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies and/or perils. Grange Insurance, a US-based insurance company, defines insurance as a financial safety net helping you and your loved ones recover after something bad happens, such as a fire, theft, lawsuit, or car accident.

In this post, we shall be looking at the list of top insurance companies in Nigeria. But before that, let’s briefly look at how insurance works and how to choose a better insurance provider.

How does insurance Work?

Insurance is essentially a sizable safety fund that many people, known as policyholders, share and that an insurance carrier manages. The company uses premiums (that is, money collected from policyholders) and other investments to pay for its operations and to fulfill its promise to policyholders when they file a claim.

Unfortunately, natural disasters like hail, tsunamis, tornadoes, wildfires, hurricanes, earthquakes, floods, etc. are unpredictable. The major goal of an insurance company is to remain financially strong enough to handle anything that comes its way.

How to choose an insurance provider

Before you choose an insurance company, here are some tips you need to consider:

1. Coverage:

This is very important in selecting an insurance company. Insurance coverage. You need to know the types of insurance the company offers. Can you buy all of your insurance through the company? Select the coverage that best suits your needs.

2. The Company’s Track Record:

Check customer reviews, feedback, ratings, and news about that particular company. Do others recommend this company? The company’s track record should give you an idea of its strengths and capabilities.

3. Local Insurance Agent:

Would you prefer the help of a local insurance agent? Or would you prefer to manage your insurance on your own?

4. Accreditation:

Please don’t patronize “roadside insurance companies.” Make sure that the insurance provider you intend to use has legal accreditation and certification from the Nigerian Federal Government.

5. Price Factor:

You need to consider how much the insurance policy might cost you. Can you buy all of your insurance through the company at a discounted rate? In a nutshell, you need to consider a budget-friendly insurance policy.

6. Financial Strength of the Company:

This is the most crucial factor you need to consider before choosing to do business with any insurance company. Payment of claims is the crux of the matter when it comes to selecting a good insurance company. Look at how Punch newspaper reports an interview with Mrs. Augustina Steve, a staff member of NAICOM; “According to Mrs. Augustina Steve of NAICOM, lack of trust and confidence in the Nigerian insurance industry resulting from non-settlement of claims constitutes one of the biggest challenges of the industry.

“Non-settlement of claims has negatively impacted confidence in the industry,” she says.

In Nigeria, she notes, the problem of the insurance industry is its bad image.

According to her, for decades, perception stood as the bane of the industry’s growth. Steve says, “The bad image problem of the industry dates back to the early 19th century when Nigerians took over the insurance business from the early British managers.

“The way the then-Nigerian managers carried out insurance business transactions, especially in the area of claim payment, made the public see insurance as a scam.” The litmus paper test for any insurance company is its ability to pay claims.

Top Insurance Companies in Nigeria

The National Insurance Commission (NAICOM) has announced that we currently have a total of 67 insurance companies in Nigeria; it was formerly 54. It was also announced that Investment and Allied Insurance Company Limited, Spring Life, Unic Insurance, Standard Alliance Insurance PLC, and Niger Insurance PLC have been liquidated.

Of the 67 accredited insurance companies in Nigeria, below is the list of the top insurance firms in the country.

1. LEADWAY ASSURANCE

The firm was established in 1970 and is one of the leading composite insurance underwriters in Nigeria. Over the years, they’ve built a solid reputation for integrity, prompt claim settlement, and innovative services. In the first quarter of 2023, Leadway Assurance became the first Nigerian company to cross the three-digit billion mark with a total premium collection of N104.4 billion naira, of which the gross written premium is N92.5; savings and investments is N10.8 billion; and another N1.1 billion from the Ivorian insurance subsidiary.

The following policies can be obtained from Leadway Assurance:

• Family Benefit plan
• Lead way saving plan
• Term assurance plan
• Money policy plan
• Educational saving plan
• Personal saving plan
• Deferred annuity plan

Leadway Assurance mobile app is available for download on the App Store or Google Play.

Check out the company’s website for more details: leadway.com

2. AIICO INSURANCE PLC

AIICO Insurance Plc, established in 1963, is an insurance, pensions, and asset management Group. The firm focuses on General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

The following policies can be obtained from AIICO:

•  Income investment plan
• Three payment plan
• Travel Insurance
• Corporate saving plan
• Education investment plan
• Flexible endowment plan
• Electronics equipment policy plan

In the first quarter of 2023,  AIICO Insurance Shareholders fund stood at N45.53 billion, up from N41.81 billion in the same period of 2022. Total assets grew to N261.49 billion from N248.32 billion, while total liabilities rose to N215.96 billion from N206.52 billion.

For more information, check the company’s official website here .

3. AXA Mansard Insurance

This is an insurance and asset management company engaged in providing Life and general business risk management solutions and financial services to corporate and retail customers. The firm’s shareholders fund increased to N41.43 billion in the first quarter of 2023 from N31.26 billion in the same period of 2022.

Total assets grew to N140.84 billion from N119.78 billion, while total liabilities increased to N95.01 billion from N84.16 billion.

Just like Leadway Assurance and AIICO above, AXA Mansard Insurance is also listed on the Nigerian Stock Exchange.

The following policies can be obtained from AXA Mansard Insurance:

• Student protection plan
• Autoflex plan
• Equity income plan
• Auto classic plan
• Money market plan
• Easy care plan
• Life savings plan
• Instant plan
• Health plan
• Retirement savings plan
• General (business/tourism) protection plan

Check the official website of AXA Mansard Insurance for more information.

4. Mutual Benefit Assurance

Let’s start by stating Mutual Benefit Assurance PLC’s shareholders equity. In the first quarter of the Year 2023, their equity fund amounted to N27.64 billion up from N21.95 billion first quarter of 2022.

The company’s total assets grew to N103.9 billion from N89.64 billion, while total liabilities jumped to N74.58 billion from N66.3 billion.

MUTUAL is one of the leading brands in the Nigerian insurance industry, with over 3,000 staff and marketing executives in employment. They have over 28 years of experience in the insurance sector, with branches outside the shores of Nigeria. Their mobile app is available on Google Play for download.

MUTUAL offers the following policies:

• Fire and special peril
• Motor vehicle
• Travel health insurance
• Children’s education plan
• Mutual individual savings and protection plan
• Mutual Multilife shield

5. Lasaco Assurance

LASACO Assurance started as Lagos State Assurance Company on December 20, 1979. They got licensed as an insurer on July 7, 1980, and commenced operations on August 1, 1980. The firm is listed on the Nigerian Stock Exchange.

LASACO’s shareholders’ funds amounted to N13.48 billion in H1 2023, up from N11.4 billion in the same period of 2022. Its total assets increased to N27.76 billion from N26.05 billion, while its total liabilities dropped to N14.27 billion from N14.64 billion.

LASACO Assurance is an insurance and financial services company offering the following insurance policies:

• Motor insurance plan
•  Aviation insurance plan
• Marine insurance plan
• Professional indemnity insurance
• Fire and Special insurance plan
• Personal accident plan
• Bond insurance plan
• Money Insurance
• Householder’s Insurance plan

Connect with Lasaco Insurance Plc here .

6. NEM INSURANCE PLC

NEM INSURANCE PLC started its insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.

It became a Nigerian branch of the NEM General Insurance Association Limited of London in 1965. 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 (from the NEM website)

NEM Insurance shareholder’s equity increased from the first quarter of 2022 to the first quarter of 2023 by N1.46 billion, from N27.7 to N29.16 billion.

Total assets grew to N63.8 billion from N45.85 billion, while total liabilities increased to N34.64 billion from N18.68 billion.

They have a wide range of products that are categorized into three groups: corporate products, private products and SME products.

7. GOLDLINK INSURANCE PLC

Though established as a private limited liability company on April 15, 1992, this insurance company became a Public Liability company on May 11, 2007, and was listed on the Nigerian Stock Exchange on February 12, 2008.

Goldlink Insurance Plc is licensed to do both life and general business.

They offer the following products:

• Group Life Insurance Plan
• School Safety Plan
• Compulsory Insurance Plan
• Oil and Gas Plan
• Engineering Insurance
• General Accident Plan
• Individual Life Insurance Plan
• Reinsurance Plan
• Liability Policies Plan
• Marine and Aviation Plan
• Motor Insurance Plan

See the company’s official website here .

8. CORONATION INSURANCE

In 2022, Atlas magazine ranked this insurance company as the eighth-best insurance company in Nigeria based on its performance in the Nigerian stock market. No doubt, Coronation Insurance is one of the top insurance companies in Nigeria. Founded in 1958, the insurance company was licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all-risk insurance, etc.

Coronation Insurance’s shareholder equity grew to N22.39 billion in the first quarter of 2023 from N20.69 billion in the same period of 2022. Its total assets rose to N50.5 billion from N43.99 billion, even as total liabilities increased to N28.11 billion from N23.3 billion.

Official Website: coronation.ng/products-solutions/Insurance

9. CORNERSTONE INSURANCE

Cornerstone Insurance is another very popular insurance company in Nigeria, whose shareholder fund amounted to N33.29 billion in the first quarter of 2023, up from N20.53 billion in the same period of 2022.

Within this period, her total assets grew to N70.32 billion from N48.28 billion, while her total liabilities increased to N37.03 billion from N27.45 billion. The late Tunji Ogunkanmi founded and promoted Cornerstone Insurance Plc, which became a private limited liability company on July 26, 1991. It became a public limited liability company in 1997 and was quoted on the Nigerian Stock Exchange.

NAICOM has licensed Cornerstone Insurance to offer both life and general business insurance.

Cornerstone Insurance offers the following policies:

• Gadget protection plan
• Investment plan
• Halal Takaful plan
• School fee guarantee plan
• Goods in transit plan
• Home insurance plan
• Life insurance plan
• Annuity plan
• Travel insurance plan

Official Website: cornerstone.com.ng

10. LINKAGE ASSURANCE

Another well-known insurance company in Nigeria is Linkage Assurance . Established in 1991, Linkage Insurance continues to soar higher and higher. Today,  the firm is one of the leading insurance service providers in Nigeria, with a reputation for prompt and accurate service delivery, efficiency, and customer satisfaction.

This firm experienced a shareholder’s equity increment to N27.79 billion at the end of the first quarter of 2023 from N26.52 billion in the same period of 2022.

Its total assets grew to N47.19 billion from N44.51 billion, while its total liabilities increased to N19.4 billion from N17.99 billion.

Linkage Assurance provides insurance services, offering individual and group life insurance products and non-life insurance products, such as motor and casualty insurance.

See the official website of the company here .

11. PRESTIGE ASSURANCE

Established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai. Prestige Assurance was incorporated as a limited liability company on January 6, 1970, and is licensed to write all classes of non-life insurance in Nigeria. Prestige Assurance is focused on the non-life insurance business. It provides all insurance classes, mainly non-life treaty and facultative insurance, backed by reinsurers in the London and African reinsurance markets.

Her shareholders’ funds increased to N13.77 billion in the first quarter of 2023 from N13.61 billion in the same period of 2022.

It experienced a slight decline in its total assets to N22.99 billion from N23.36 billion, while total liabilities also fell to N9.21 billion from N9.75 billion.

Official Website: prestigeassuranceplc.com

12. SOVEREIGN TRUST INSURANCE PLC

Here is another popular insurance company that commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union Assurances Limited. Sovereign Trust Insurance PLC has branches nationwide, with its head office situated on Adetokunbo Ademola Street, Victoria. Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalization of the then “Grand Union assurances Limited”.

The company currently operates through a network of branches nationwide, with our head office at 17 Adetokunbo Ademola Street, VI, Lagos. The company is licensed as an insurer by the Federal Government with the authority to underwrite all classes of non-life business. Their mobile app is available on Google Play Store and the Apple App Store for download.

Official Website: stiplc.com

13. VERITAS KAPITAL ASSURANCE

Three insurance companies (Global Commerce and General Insurance PLC, Intercontinental Assurance PLC, and Kapital Insurance Company Limited) in 2007 merged to form what was known then as UnityKapital Assurance PLC. This was a result of the insurance regulation 2005 that required insurance companies to recapitalize to the level of N3 Billion Naira for non–life companies and N2 billion Naira for Life companies.

NAICOM authorized Veritas Kapital (UnityKapital Assurance Plc) to carry contracts of General Insurance business under the following categorization:

• Insurance of Automobile
• Insurance of Property
• Insurance of Casualty
• Insurance of Transportation
• Insurance of Suretiship
• Insurance of Engineering Services and Equipment
• Energy Insurance

Shareholders equity of Veritas Kapital grew to N13.55 billion in the first quarter of 2023 from N10.74 billion in the same period of 2022. Total assets also increased to N21.43 billion from N16.37 billion, while total liabilities climbed to N7.88 billion from N5.62 billion. Its major segments include non-life business, pension administration, and healthcare.

Official Website: veritaskapital.com

14. AFRICAN ALLIANCE INSURANCE PLC

African Alliance Insurance PLC is arguably recognized as the most experienced and strongest Specialist Life Assurance company in Nigeria, serving thousands of people.

The firm was incorporated on May 6, 1960, by the founders Chief S.L. Edu (CON), Mr. T. A. Braithwaite (CON), and Chief M.E.R. Okorodudu, backed by world-class reinsurers and co-shareholders, Munich Reinsurance Company.

The company claimed that in the 2016 financial year alone, they paid an estimated N6.5 billion in settlement of various claims.

Their Shareholders’ Fund was estimated at N3.6bn with a Gross Premium Income and Asset Base estimated at N13.42bn and N41.35bn, respectively (figures as of 31st December 2016- audited).

“We have 100% equity in Axiom Air Limited, a Cargo Airline Company, Frenchies Foods (Nigeria) Limited, a Restaurant and Catering Services Company and 96% equity in Ghana Life Insurance Company Limited” (Company source).

They offer the following policies:

•  Annuity assurance plan
• Group life assurance plan
• Direct debit form plan
• Individual assurance plan
• Investment assurance plan

African Alliance Insurance PLC’s Official Website: africanallianceplc.com

15. CONTINENTAL INSURANCE

Incorporated in Nigeria in 1985, Continental Reinsurance started business initially as a private reinsurance company. From January 1987, the company began operating as a general reinsurer, and in January 1990, it became a composite reinsurer, offering both treaty and facultative life and non-life reinsurance with a well-diversified business mix and customer base.

It was converted to a public limited liability company in 2000; Continental Insurance was listed on May 30, 2007, on the Nigerian Stock Exchange. This insurance company has branches in many African countries.

Policies offered include the following:

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

16. INDUSTRIAL AND GENERAL INSURANCE PLC

The insurance company was incorporated as a private limited liability company on October 31, 1991 and they started offering Pensions and Special Risks in January 1992. In 2007, Industrial and General Insurance PLC was registered as a public limited liability company . Then they added Life and General insurance to their operations. In addition to

Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

1. Group Life Products plan 2. Mobile Phone Insurance Plan 3. Aviation Insurance plan 4. Engineering Insurance plan 5. General Business Insurance plan 6. Health Insurance Plan 7. Marine Insurance plan 8. Oil & Energy

Website: https://www.iginigeria.com/

18. CUSTODIAN INVESTMENT PLC

Formerly known as Custodian and Allied Insurance PLC, they have their head office at 16A, Commercial Avenue, Sabo Yaba, Lagos, Nigeria. This insurance company was founded in 1991 and listed on Nigerian Stock Exchange on June 12, 2007. Shareholders laud this firm for its consistency in paying dividends.

Custodian Investment Plc is an investment holding company in Nigeria offering insurance and reassurance solutions for life and non-life cover. The company has significant holdings in Custodian & Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, and Crusader Sterling Pensions Limited. Personal products and services cover motor vehicles, travel, boats and yachts, personal accidents, home owners, and personal all-risks insurance.

Business products range from insurance coverage for motor vehicles, marine cargo, and hulls to fire and special perils, business interruption, occupier liability, and healthcare professional indemnity insurance.

Website:  https://custodianplc.com.ng/

19. CONSOLIDATED HALLMARK INSURANCE

Following a merger in 2007, Consolidated Hallmark Insurance Plc emerged as one of the top ten general business and special risk insurance underwriters in Nigeria. Since its inception, the company has played a leadership role in the underwriting of key transactions in aviation, oil and gas, marine cargo, and hull businesses, as well as in the motor insurance business. It’s on record that Consolidated Hallmark Insurance is the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification).

They’re listed on the Nigerian Stock Exchange. The company recorded a profit before tax of ₦1.40 billion in 2022 while profit for the year {after income tax expense} is ₦995.9 million.

Website:   https://chiplc.com/

20. SUNU ASSURANCE NIGERIA

The company was incorporated as Equity Assurance Nigeria on December 13, 1984, and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital and shareholder fund. Since the company was founded, it has kept growing and gaining popularity. SUNU assurance is also listed on Nigerian Stock Exchange, and it is headquartered in Lagos and has a business interest in Ghana.

Website: https://sunuassurancesnigeria.com/

21. UNIVERSAL INSURANCE

The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc Was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London, whereby ENDC acted as agents to the insurance company.

Currently, the five South Eastern States (Abia, Anambra, Ebonyi, Enugu, and Imo) as well as individuals have shares in the Company.

Universal Insurance has an asset base of over N11 billion and an authorized share capital of N16 billion units and N8 billion paid-up respectively. The firm underwrites General Insurance business.

Website: https://www.universalinsuranceplc.com/

22. REGENCY ALLIANCE INSURANCE

In Nigeria and the West African sub-region, Regency alliance insurance PLC is one of the leading Insurance company with about 3 decades of experience in the Nigerian insurance space. The company was founded in 1993 and focuses more on General Insurance business market.

The shareholders’ funds, according to the Company chairman Clem Baiye grew by 7.94% from N6.65 billion in 2021 to N7.18 billion at the end of 2022.

He said, “The total asset base of our group as of December 31, 2022 stood at N12.84 billion, an increase of N969.92 million or 8.15%, when compared to with the position as at December 31, 2021.

Website:  https://regencyalliance.com/

23. GUINEA INSURANCE

Guinea Insurance PLC dates back to colonial era in the year 1948 when British West African Corporation Limited (BEWAC) opened an insurance department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. Following the indigenization decree of 1976, Nigerian shareholders now have 100% ownership of the company starting from 1988.

The was The total indicative share trading liquidity for Guinea Insurance Plc (GUINEA.ng) in the past 12 months, as of 1 st March 2023, is US$10.31K (NGN4.5M). An average of US$859 (NGN375.23K) per month-(source Africanfinancials.com)

Guinea Insurance Plc is a composite insurance company in Nigeria offering products for life and pension, general business and special risks cover. The company is one of the most highly capitalised companies in the insurance industry in Nigeria. General Accident cover includes burglary and housebreaking, electronic theft and malfunctions, public liability, professional indemnity, personal/group accident, all risk insurance, goods-in-transit and health travel insurance.

Fire and Special Perils cover includes industrial all risk, consequential loss, home owners and fire and special perils insurance. Engineering cover includes machinery breakdown, plant all risk, contractor all risk and erection all risk insurance.

Website:  https://www.guineainsurance.com/

24. INTERNATIONAL ENERGY INSURANCE

International Energy Insurance is Nigeria’s first energy-focused Insurance Company underwriting solutions for offshore and onshore risks, as well as general insurance business. Was established in 1969 as Nigeria Exchange Insurance Company Limited.

International Energy Insurance was born in 2003 . The firm became a PLC in 2007 after a successful private placement where it’s capital rose to about N7.7Billion. Authorized share capital is N8.5 Billion and N3.2Billion paid up and a shareholders fund of N9.3Billion as at 2009 financial year end.

They offer wide range of products under the following categories:

1. Aviation insurance 2. Energy insurance 3. General accident insurance 4. Marine

Website: https://www.ieiplcng.com/

25. ROYAL EXCHANGE INSURANCE NIGERIA

The last but not the least on our list is the insurance company that is more than a century old. Started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA), was established in Lagos on February 28, 1921. REA was founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.

Originally established for marine business, REA expanded within a year to include fire and life insurance as well, thereby becoming Britain’s first composite insurer. The establishment of the branch in Nigeria was the result of the expansion drive of REA in the early 20 th century. Pursuant to Section 396(2) of the then Companies Act of 1968 the Company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Liability Company, the Royal Exchange Assurance (Nigeria) Limited.

The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.

Royal Exchange General Insurance Company has an Authorized Share Capital of N5.367B made up of 5.367B ordinary shares of N1 each and an Issued and Paid–up capital of N5.367B. As at December 31, 2018, the Shareholders’ Funds stands at N8.85B with Total Assets of N23.31B.

They offer the following products: 1. Oil and gas 2. Motor insurance 3. Marine insurance 4. General accident insurance 5. Engineering insurance 6. Industrial all risks insurance

Website:   https://royalexchangeinsurance.com/

Also, check out our List of Nigerian Banks (2023 Updates)

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Top 7 Health Insurance Companies in Nigeria

Every day, billions of naira are pumped into the healthcare sector, one of the world’s most important sectors.  The emergence of the insurance industry gradually over the years has created a merger from which everyone can benefit. People are unaware of the many health insurance companies in Nigeria because we operate the “pay out of pocket system.”

The out-of-pocket payment, although it may have helped in a way, has not been the best option, and because of this, the government has, over time, allowed the operation of private insurance companies. Some federal and state hospitals have also implemented this insurance policy for families and individuals.  

We can access cheaper and quicker health care delivery by taking up health insurance, ensuring essential health treatments are covered whenever we fall ill.  This article lists some of the best insurance companies and what to consider before choosing an insurance plan.

Table of Contents

Top Health Insurance Companies

Here is a list of some of the registered top and notable health insurance companies in Nigeria:

• Axa Mansard Health Insurance
• Royal Exchange Healthcare Limited
• HealthPoint HMO Plans

Hallmark HMO

Redcare health services limited (hmo).

• Green Bay HMO

Hygeia HMOs have existed since 1986, although they were only able to collect the license officially from the National Health Insurance Scheme in 2005. You could classify it as one of the oldest and most prominent HMOs in Nigeria, with over thirty years of experience.  They are reliable and offer one of the best health insurance in Nigeria. 

Their plans are as follows:

• Individual plans: N55,590 – N448,902 
• Family plans: N230,112 – N667,590 
• Maternity plans: N280,000 – N2,100,000 
• SME group plans: N50,796 – N280,296

All the plans listed above are yearly plans you could sign up for. They also offer a range of services with comprehensive health plans, which include surgeries, medications, and outpatient and inpatient care, amongst many others.

Hallmark HMO is your go-to company if you are out for an insurance company in Nigeria that makes provisions for an extended-lasting health care plan for everyone. Little wonder it is one of Nigerians’ top choices for the best HMOs. 

With affordable services and plans, including corporate and retail plans, you have various plans to choose from. Their office is located at 264 Ikorodu Road, Obanikoro, Lagos. Using Google Maps makes the company easy to find. You can also visit their website for more information.

Read also: 11 Amazing Health Benefits of African Black Soap. 

Reliance HMO

Reliance is one of the cheapest HMOs in Nigeria, with health plans slated to serve across the family and corporate world. Like Hygeia, their services are easily accessible through their HMO mobile app. It is an HMO in Lagos, located at 32 Lanre Awolokun St, Gbagada. 

Their basic plan for individual clients is as low as three thousand five hundred naira (N3500) monthly and forty-two thousand five hundred naira (N42,500) yearly. 

Their high technology-driven services give their clients easy access to preventive healthcare services like general wellness and cancer screening, consultations, and reproductive health. Their office address is at 32 Lanre Awolokun Street, Gbagada, Lagos, Nigeria.

Redcare Health Services Limited focuses on providing value through healthcare solutions to meet customers’ needs. Also, they provide health service insurance to businesses for their employees and can givegive you and your family access to treatments and services when needed.

You can head to their office at 41 Gbolade Adebanjo Street, Ilupeju, Lagos. They offer corporate, private, and other plans. Other offices are located in Port Harcourt and Abuja. If you reside in Port Harcourt, you can find them at Aba Expressway, Niger Insurance Building, Rumuomasi, Port Harcourt, Nigeria.

Leadway health

Leadway Health has a vast network of healthcare providers and offers services, which include out and inpatient services, surgical services, antenatal, dental, Ear, Nose & Throat, and optical services. Coupled with other benefits like immunization and fertility services 

  You can access different plans explicitly designed to cater to various needs, with prices ranging from ₦69,998.50 to ₦350,000. The plans are individual, family, and corporate-specific and are available, affordable

One of the distinguishable features that has given Greenbay HMO an edge over its counterparts is that it focuses its services across personal, group, and corporate health insurance plans.

Beyond these services, they have an online platform that is easily accessible and allows you to access your health insurance details at any time of your choosing. Their main office is at Odunuga street, Opebi, Ikeja, Lagos. 

Read also: Top 10 Tech Companies in Nigeria. 

Axa Mansard health insurance

Axa Mansard is one of the well-known insurance companies in Nigeria that offers a wide range of services from making basic consultations to laboratory tests and giving medications and vaccines.

They are affordable and provide competitive prices that offer good value for healthcare coverage and health emergencies.

Read also: Health Benefits of Drinking Water: A Guide to Intentional Living .

How to Choose a Health Insurance Plan

People consider different factors when choosing a health insurance plan. It is important to consider these major factors carefully instead of jumping headlong into them; 

Consider the situation

When choosing an health insurance or Health Maintenance Organisation plan, individuals, families, and organizations are to choose based on the situation or stage of life they are currently navigating. 

For instance, I’d rather choose an individual plan that covers one person’s medical bills if I’m single and transcend or upgrade to a family plan the moment I get married.   

Consider a plan based on coverage, not pricing   

Various HMOs cover medical services such as hospital stays, surgery costs, maternity care, etc. Your premium i.e the amount of money you pay for insurance, determines how much you would enjoy all these services. It’s advisable that you purchase a plan that covers all your basic needs.

Compare your hospital network

To enjoy the benefits of an HMO, you have to be treated at a hospital in agreement with your health insurance provider.  Examine the list of hospitals your HMO partners with to see if your local hospital is a partner. This makes accessing health services faster.  

Use an insurance plan with emergency cover

What’s the use of a health insurance plan without emergency cover? Every good health insurance plan in Nigeria and anywhere else should have one. It makes it convenient for you to access emergency services in case you need one and helps to offset bills arising from transportation through an ambulance company.

In conclusion, having a health insurance package for your family has become essential now than ever. With health insurance coverage, you can protect yourself, your family, and your employees against medical emergencies you are not prepared for.

With this, you can save on costs and access adequate and immediate health care. This is the time to take intentional steps for your health and your loved ones.  Remember, your health is your wealth!

Follow us on Twitter and Instagram to catch up on the latest news and insights from different fields, such as Health, Tech, Career, Lifestyle, and many others. 

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Health Plan Cost Control Suits Ramp Up as Pricing Data Revealed

By Lauren Clason

Lawsuits alleging employers and health insurance companies shirked their duty to oversee costs are on the rise amid increased price transparency and public outcry against high medical expenses.

A lawsuit filed by a Johnson & Johnson employee in New Jersey federal court earlier this year argued the company violated its obligation to act in the best interest of workers under federal benefits law by overpaying its pharmacy benefit manager for generic specialty drugs available at lower cost elsewhere.

But others from the Kraft Heinz Co. , to the Mayo Clinic , to Aetna Life Insurance Co. have also become parties in this emerging arena of medical-cost fiduciary litigation.

The range of lawsuits alleging failure to meet fiduciary duties under the Employee Retirement Income Security Act are broad in scope, and pit employees against employer plan sponsors, and both employers and workers against insurance companies.

“The employer plan sponsors are kind of both in the plaintiff’s seat and in the defendant’s seat in some of these cases,” said Joanne Roskey , a member of Miller & Chevalier’s ERISA and employee benefits litigation team.

Recent moves by federal lawmakers and regulators have placed the responsibilities of employers and health plans under scrutiny as more data on health-care pricing comes to light.

The Consolidated Appropriations Act of 2021 included several measures aimed at strengthening the role of fiduciaries in health plans, including ensuring that compensation for service providers is “reasonable.” The law also requires group health plans to disclose more data around drug costs.

That was a major impetus for these types of lawsuits, which will give more context on the definition of “reasonable” under the law, said Jenny Kiesewetter , of counsel in Fisher & Phillips LLP’s employee benefits and tax practice.

“I think the courts are really going to help us define how big that scope is,” she said.

Roskey said the application of the 2021 law is “somewhat murky.” But she cited the “transparency in coverage” rule issued by federal agencies in 2020 that requires health plans to disclose negotiated rates with providers as a key development.

Employers and enrollees have begun to compare this data with their own medical claims to use in bringing litigation.

Standing Questions

Schlichter Bogard LLP founder Jerry Schlichter —who pioneered fiduciary litigation challenging excessive fees in retirement plans—posted LinkedIn ads in 2023 looking for potential plaintiffs in health plans from Target Corp., Nordstrom Inc., State Farm, and PetSmart LLC.

The ads stoked speculation the plaintiffs’ lawyer was looking to replicate his class-action ERISA challenges to administrative and recordkeeping fees in retirement plans for enrollees in health-care plans.

Schlichter, who declined to comment, doesn’t appear to have yet filed any lawsuits challenging health plan costs on behalf of participants.

A key factor differentiating the health plan lawsuits from the retirement cases is that retirement plaintiffs likely have an easier path to demonstrating harm, benefits lawyers said.

The impact that high administrative fees have on pension and 401(k) plans is easy to see in employees’ account balances. The cost impact isn’t as clear in the context of a health plan’s medical services.

“I think there’s factual differences in how these work on both sides that will not allow there to be complete replication of the types of legal theories and decision making that was present on the retirement plan side,” Roskey said.

In July 2023, the US District Court for the District of New Jersey dismissed a case from two former MetLife Inc. employees who alleged the company violated ERISA by keeping $65 million in drug rebates from its PBM, Express Scripts Inc.

The employees lacked standing to sue because they’re only entitled to the plan’s benefits, not its financial assets, Judge William J. Martini concluded. Because they were never denied benefits, they weren’t harmed when MetLife kept the rebates, he said.

“To the extent there are excessive fees, they’re just raising the cost of the benefits,” Roskey said. “Not the entitlement to benefits.”

Others think health plan participants’ standing is clear, however.

The only difference between the two types of cases is that enrollees only bear part of the costs in health plans, said Kai Richter , of counsel with Cohen Milstein Sellers & Toll PLLC. Richter also represents Ann Lewandowski, the employee suing Johnson & Johnson.

“Whether you pay a penny or you pay, you know, $100,000, it makes no difference,” he said. “You have standing to sue.”

‘A New Standard’

Legal liability from employee concern about medical costs might be one reason why employers are increasingly bringing their own fiduciary litigation against third parties that administer their claims, in order to call out misconduct or obtain pricing data.

Failing to pursue the cost data from insurance companies and other service providers can amount to a breach of fiduciary duty for employers, said Jonathan Levitt , co-founding partner of Frier Levitt.

“Those employers that are suing to find out data, they’re not being overly aggressive,” he said. “I think they’re setting a new standard.”

Attorneys with McKool Smith in Texas are representing several employers in lawsuits against Aetna, alleging the insurer is withholding cost data and reprices medical claims illegally. Clients include Aramark Services Inc. , Huntsman International LLC , Kraft Heinz Co. , and W. W. Grainger Inc.

The suits, filed in the US District Court for the Eastern District of Texas, accuse Aetna of mismanaging the plans, including by underpaying physicians and keeping the difference, using “dummy” codes to cover the cost of subcontractor fees, and not performing proper due diligence for fraudulent claims.

Huntsman said in its complaint it became aware of pricing discrepancies after the recent federal transparency rules forced Aetna to publish contracted rates.

Those rates were lower than the amount the company paid doctors from Huntsman’s plans, according to the company, which is now pushing for more claims data.

Aetna declined to comment on the specifics of the cases, but said it’s “dedicated to partnering with its commercial plan sponsors to facilitate access to quality, affordable and convenient health care for the employees of our plan sponsors.”

Contracts at Play

Employers thus far have encountered hurdles in arbitration and legal disputes with insurance companies that administer self-funded plans, according to Levitt, who represents employers.

Employer contracts typically don’t cover the insurance company’s contract with other service providers like PBMs, which manage prescription drug benefits, or drug rebate aggregators—which negotiate rebates from drug manufacturers for multiple PBMs—he said.

“You don’t have a contract with these other parties, the rebate aggregator and the PBM, and therefore you can’t sue them,” he said. “You can’t get discovery from them.”

A case brought by a pair of union trustees in Connecticut federal court against Elevance Health Inc. failed to show that the insurer was a fiduciary with discretion over the unions’ medical costs, the court determined. The judge instead found that prices were subject to Elevance’s previously negotiated contract with providers.

Building transparency and audit language into contracts can facilitate access to data as well as explicitly deeming the insurer a fiduciary in specific activities, Levitt said.

With plan participant suits against sponsors, courts are likely to scrutinize contract terms in determining whether an employer was negligent in its fiduciary duties, as well as whether the employer investigated possible conflicts of interest with independent consultants. Employers also can avoid lawsuits through ample documentation processes regardless of whether it’s for retirement plans or health plans, said Craig Martin of Willkie Farr & Gallagher LLP.

“If you have no process and you chose a company to supply prescription drugs because your brother-in-law worked at that company and that’s it,” he said, “then, well, that’s not a very good process.”

To contact the reporter on this story: Lauren Clason in Washington at [email protected]

To contact the editors responsible for this story: Rebekah Mintzer at [email protected] ; Laura D. Francis at [email protected]

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Insurance Companies in Nigeria – 2024 Updated list

February 10, 2021 by Get Insurance Today

We can basically link the inception of Insurance in Nigeria to the arrival of British Trading firms. These firms had to manage the risks associated with their businesses.

Therefore, they had to establish insurance agencies that got their licenses from abroad. These licenses enabled these companies to facilitate issue cover and claims facilitation.

During this era, the insurance industry in Nigeria began to grow at a fast rate. But during the 1919’s and 20s, it witnessed slow growth because of the impact of the Second World War.

However, once the war was over, the insurance business picked up and grew at a faster rate.

In 1958, they established the first indigenous company in Nigeria. By October 1st, 1960, when Nigeria gained its independence, there were about 4 ingeniously owned Insurance Businesses.

Ever since that time, the Insurance Industry has been growing at a quick rate.

Furthermore, in 1997, the Federal Government of Nigeria created the National Insurance Commission (NAICOM) .

They saddle them with the responsibilities of overseeing and organizing insurance activities in Nigeria.

As of today, according to NAICOM, there are a total of 58 Insurance companies in Nigeria.

Here is a complete list of all the Insurance Companies in Nigeria.

List of Insurance Companies in Nigeria

• African Alliance Insurance Company Ltd
• AIICO Insurance Plc. 004     
• Alliance & General Insurance Plc.
• ALLIANZ NIGERIA INSURANCE PLC
• Anchor Insurance Company Ltd
• ARM Life Plc.
• AXA Mansard Insurance plc.
• Capital Express Assurance Limited
• Consolidated Hallmark Insurance Plc.
• Continental Reinsurance Company Plc.
• Cornerstone Insurance Plc.
• Custodian & Allied Insurance Limited
• Custodian Life Assurance Limited
• FBN General Insurance Limited
• FBN Insurance Limited
• Fin Insurance Company Limited
• Great Nigeria Insurance Plc.
• Guinea Insurance Plc.
• Goldlink Insurance Plc.
• International Energy Insurance Plc.
• Industrial & General Insurance Plc.
• JAIZ TAKAFUL INSURANCE PLC
• KBL Insurance Limited
• LASACO Assurance Plc.
• Law Union & Rock Insurance Plc.
• Leadway Assurance Company Limited
• Linkage Assurance Plc.
• Tangerine Life Insurance Ltd        
• Mutual Benefits Assurance Plc.
• Mutual Benefits Life Assurance Ltd
• NEM Insurance Plc.
• NICON Insurance Plc.
• Niger Insurance plc.
• Nigeria Reinsurance Corporation
• Nigerian Agricultural Insurance Corporation
• NSIA Insurance Ltd
• Old Mutual Nigeria General Insurance Company Limited
• Old Mutual Nigeria Life Assurance Company Limited
• Prestige Assurance Plc.
• Prudential Zenith Life Assurance Company Limited
• Regency Alliance Insurance Plc.
• Royal Exchange Prudential Life
• Unitrust Insurance Nigeria Limited
• Sovereign Trust Insurance Plc.
• STACO Insurance Plc.
• Standard Alliance Insurance Plc.
• Sterling Assurance Nigeria Ltd
• SUNU Assurance Plc.
• UNIC Insurance Plc.
• Universal Insurance Plc.
• Veritas Kapital Assurance Plc.
• Coronation Insurance
• Coronation Life Assurance Lt
• Zenith General Insurance Company Limited
• GOXI Micro insurance           
• NOOR Takaful Plc.
• Cornerstone Takaful Insurance Co. Ltd

Over the years, the Insurance industry in Nigeria has been growing from strength to strength. It is safe to say that this industry is one with many potentials that will be uncovered in time.

Related Posts:

• Top 4 Travel Insurance Companies in Nigeria [2024…
• Best Car Insurance Companies in Nigeria [2024 Updated List]
• Top 10 Insurance Companies in Nigeria [2024 Updated List]
• Top 10 Car Insurance Companies in Nigeria (2024 updated)
• List of Insurance Brokers in Lagos - Top 10 Brokers In 2024
• Top 5 Accredited HMO in Nigeria (2024)

About Get Insurance Today

Get Insurance is a digital asset that provides information of a general nature on insurance so that you are well informed about the kinds of insurance coverage that is available and what to consider in choosing an insurance cover that will be suitable, affordable and efficient in mitigating loss, damage or another unforeseen event. We are a company incorporated and operating from the British Virgin Island and our focus is on providing insurance information for African countries.

The information provided on this website is to help you know what to expect or questions/options to consider when seeking an insurance cover that will be the right fit for you, your family and business.

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Care throws a challenge—and an apology—to insurance regulator on Saluja’s Esops

• Care Health has questioned the insurance regulator's jurisdiction over the award of stock options its chairperson Rashmi Saluja. The regulator had rejected the plan to grant Esops to Saluja.
• The controversy could further delay the Burman family’s bid to take over Care's parent, Religare Enterprises.

MUMBAI : The controversy over  Care Health Insurance Ltd ’s award of hefty stock options to its chairperson Rashmi Saluja has taken a turn that may further delay the billionaire Burman family’s bid to take over the company’s parent entity, Religare Enterprises Ltd.

In a move that may spark a fresh legal tussle, Care Health has argued against the insurance regulator’s powers over stock options granted to anyone in an Indian insurance company.

Last week, Care Health wrote to the Insurance Regulatory and Development Authority of India that no action should be taken against the company for awarding equity stock options (Esops) to Saluja despite the regulator rejecting its proposal.

Irdai’s approval was not “not required" for granting the Esops, Care Health said in its letter, which  Mint  has reviewed. The letter was in response to a 14 June show-cause notice by Irdai asking why Care Health should not be penalised for granting Esops to Saluja despite the regulator’s rejection.

Saluja’s stock options from Care Health, issued in 2022, are worth at least ₹ 250 crore, as per the last valuation of the company’s shares.

Also read |  How Religare chief got Care Esops after Irdai's NO

The Burman family, which owns over 25% in Religare, has alleged in a complaint to Indian financial regulators that Saluja was drawing an excessive remuneration worth over ₹ 450 crore by granting herself bulky stock options from Care Health and Religare, both of which are chaired by her.

On 13 May, the Burman family, which owns consumer goods major Dabur India and other firms, warned Care Health of  legal consequences if it did not act to prevent Saluja from cashing out the stock options.

A rejection and an approval

In its reply to Irdai’s notice, Care Health revealed for the first time that it had cancelled all prior stock options of Saluja after receiving the regulator’s letter of rejection. 

Care Health said it had subsequently issued fresh stock options to Saluja after obtaining advice from former Irdai chairman J. Hari Narayan and senior advocate Arvind P. Datar. Only then did it issue fresh stock options, which cannot be construed as contravening any regulation or letter of Irdai, Care Health argued.

The insurer said confusion regarding Saluja’s stock options was created because the regulator was allegedly under the impression that the same Esops for which Care had sought Irdai’s permission in December 2021 were issued to Saluja despite the rejection. 

Care apologised to Irdai for creating the “confusion" and asked the regulator to consider the fresh grant of Esops to Saluja on its “own individual merits".

Queries sent to Care Health, Saluja, Religare, Irdai and the Burman family remained unanswered.

For Religare, not Care

Care Health had in December 2021 sought Irdai’s approval to grant 27.7 million stock options to Saluja. The regulator rejected the proposal in May 2022, arguing that a non-executive director was not qualified to earn a remuneration of more than ₹ 10 lakh. 

Care Health later approved 22.7 million stock options to Saluja at ₹ 45.32 per share. That same year, it launched a rights issue of shares at ₹ 110 per share, basis which Saluja’s shares via stock options are valued at about ₹ 250 crore now.

Care Health argued in its reply to Irdai’s show cause notice that since the stock options were issued to Saluja as an employee of Religare Enterprises, and not in her capacity as the non-executive chairperson of Care Health, Irdai’s approval was not required.

Care Health is worth at least ₹ 10,000 crore, based on the price of its shares at ₹ 110 apiece in its last rights issue in 2022. The company, India’s second-largest standalone health insurance firm, underwrote a premium of ₹ 6,864.5 crore in fiscal year 2023-24, recording a 33.51% year-on-year growth.

Religare ended Friday’s trading on NSE at ₹ 251.50 per share.

Expert opinions: Approval not required

Care Health revealed in its latest letter to Irdai that Narayan had in his legal opinion on 23 May, 2022 said neither India’s company law nor its guidelines on remuneration to non-executive directors made any distinction between a chairman and a non-executive chairman.

 “Accordingly, Narayan was of the view that no approval or permission of Irdai is required for the grant of Esops to Dr. Saluja," Care Health said in its letter.

Mint  has independently reviewed a copy of Narayan’s expert opinion dated 23 May, 2022.

Narayan had also opined that as per the rules prevailing then the board of the private insurer had the right to decide the chairman’s remuneration. 

Also read |  Sebi ropes in Irdai on Rashmi Saluja's Care Health Esops

Care Health said it had also obtained a legal opinion from senior advocate Arvind Datar 28 May, 2022, who agreed with Narayan. 

Datar had also opined that since the issuance of Esops to Saluja was in her capacity as the executive director and chairperson of Religare, and not in her capacity as non-executive chairperson of Care Health, the company was not required to seek Irdai’s approval.

Both Narayan and Datar declined to comment for this report.

Care Health in its latest letter said it had also granted 3.78 million stock options to Nitin Aggarwal (then the group chief financial officer) and 1.26 million stock options to Nishant Singhal (president and general counsel then). It argued that the stock options were granted from a pool created especially for Religare employees and not the pool created for the insurance company’s employees.

Draconian and excessive

Care said in its latest reply to Irdai that it had written to the regulator earlier on 9 November 2023 and 7 June 2024 on the matter. Irdai issued its show-cause notice to Care Health the following week.

“We note that the show cause notice proceeds on the basis that the submissions made in the letter dated 7 June 2024 (i.e., that Dr. Saluja was granted the Esops in her capacity as executive chairperson of Religare) cannot be accepted and that the grant of Esops to Saluja is objectionable as it is in defiance of the rejection communicated by Irdai vide the Irdai 2022 letter," Care Health said its reply to Irdai’s notice.

“The company seeks an opportunity to present its case and provide cogent and justifiable reasons demonstrating that the grant of Esops to Dr. Rashmi Saluja does not contravene any applicable legal provisions…" Care Health said.

The insurer said the consequences “threatened" by Irdai in its show cause notice are “draconian" and “excessive", which, if levied could lead to prejudicing the interest of the insurer’s policyholders and stakeholders.

It also said that if Irdai disagreed with the arguments in its reply, it should consider the principles of fairness before taking any action against Care Health.

“As a matter of fact, the only compensation drawn by Dr. Saluja from the company (Care Health) is the annual sitting fees of ₹ 8,40,000 (during November 2019 to February 2020), which is well under the ₹ 10 lakh threshold set out by the 2016 NED Remuneration Guidelines as payable to non-executive directors of private sector insurers, and outside the purview of the 2018 circular," Care Health said.

“Furthermore, the 2016 NED Remuneration Guidelines do not regulate the grant of Esops at all," Care Health added, arguing that regulations for Esops for non-executive directors of insurers were introduced for the first time in 2023.

An acquisition in waiting

The debate over Saluja’s stock options erupted after the Burmans announced their intention to take over Religare on 25 September 2023. After the Religare board opposed the proposed takeover, the Burmans alleged that Saluja had received unusually high stock options from Care Health.

The Burman family owns  25% in Religare through four associate firms—M.B. Finmart Pvt. Ltd, Puran Associates Pvt. Ltd, VIC Enterprises Pvt. Ltd, and Milky Investment & Trading Co.

The Burman family had on 25 September 2023 announced its plan to take over Religare via an open offer, which is awaiting approval from the Securities and Exchange Board of India. The Burmans’ majority stake purchase in Religare will cost at least ₹ 3,400 crore.

Also read |  Deciphering Rashmi Saluja’s success: The doc with a magic wand

Last month, Sebi criticised the board of Religare for delaying the open offer and directed it to submit its application for the offer without further delay. 

Religare appealed to the Securities Appellate Tribunal, which last week upheld Sebi’s order and gave Religare time till 22 July  to file the open offer application . Post the open offer, the Burman family will effectively be the owners of Care Health. The Burmans have already secured the  competition commission’s nod for the takeover.

• #Religare vs Burmans
• #Religare Enterprises
• #health insurance
• #Insurance Stocks
• #Hostile Takeover

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