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Best Insurance Company in Nigeria

Best insurance company in Nigeria

Best insurance company in Nigeria

Top Insurance Companies in Nigeria you can Patronize

Best insurance company in Nigeria – One major reasons Nigerians buy insurance is to protect them and their properties against unforeseen events.

These circumstances can make them go bankrupt. For fear of going bankruptcy, they buy insurance coverage.

Of what Value is insurance?

Insurance helps us to safeguard our investments and properties against potential risks that could make us lose everything. Knowing the Best insurance company in Nigeria will help you to make an informed choice.

Best insurance company in Nigeria

There are top insurance companies in Nigeria that help people seeking to protect their future from misfortune.

As a policy seeker, you have to know what you are looking for. You can not just wake up one day and decide to get yourself insured. You need to make a proper research to find out which is the Best insurance company in Nigeria, which insurance provider best fit your needs. And how the insurance agency works.

 In order to do that, there are factors to consider before you choose an insurance coverage.

Factors to consider before you choose insurance coverage

Best insurance company in Nigeria

Let’s take a look at some of these factors that contributes to selecting the best insurance company in Nigeria

1. The Insurance Company’s Image

You need to take your time to surf the internet for reviews and top news about brands of insurance. The company’s trecords should give you a lead of what they can offer.

The insurance company must be legally accredited and certified by the right bodies.

3. The policy Coverage also contributes to choosing the Best insurance company in Nigeria

This is one of the necessary factors to consider when selecting an insurance company.

Does the insurance company offer a coverage that best suits your needs?. For instance, if the insurance company does not cover certain aspect of your needs, that’s a sign to look elsewhere.

4. Financial Strength and Price Factor

How strong is the insurance company you would want to commit your future into?

It’s important to find out how the insurance company operates during a recession or bad economy and how that can affect you.

You may as well consider the price factor of the insurance company when searching. The price factors plays a major role in selecting the Best insurance company in Nigeria. If the price is affordable, go for it. If it’s not, go elsewhere.

The Top 10 Insurance Companies in Nigeria

1. AIICO Insurance Plc

When you talk of the best insurance company in Nigeria, AIICO insurance is one of them. Their main areas are general insurance coverage, pensions management, asset management.

AIICO Insurance offers the following policies:

2. Lead Way Assurance company

LEADWAY is among the best insurance company in Nigeria. They offers insurance services in both Life and Pensions management.

The Company also offers other financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.

Leadway offers the following policies

3. Custodian and Allied Insurance

You cannot mention the Best insurance company in Nigeria without Custodian and Allied insurance company. They provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of their clients.

They offer the following policies:

4.  Cornerstone Insurance Plc

Cornerstone insurance became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.

Since its existence Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their customers needs

They offer the following policies:

5. AXA Mansard Insurance

AXA Mansard is a member of AXA group of companies that serves over 107 million clients in over 60 countries. They are one of the Best insurance company in Nigeria.

The Company provides life insurance as well as on-life insuranceservices to individuals and organisations in the country.

They offer the following policies:

6. African Alliance Insurance Plc

African Alliance Insurance plc has provided a strong and trustworthy insurance coverage to her customers since it’s creation.

Their flexible services has earned them praises, there by placing them as one among the Best insurance company in Nigeria .They personalise their insurance products to meet their customers needs.

They offer the following policies:

The insurance policies they offer include:

8. Continental Insurance

Continental Insurance provides life and non-life insurance solutions to its clients across Africa as a continent.

They offer the following policies:

9. Industrial and General Insurance Plc

They provide services in Life and General insurance, in addition to Pensions and Special Risks.

The policies they offer are:

10. Lasaco Assurance Plc

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company, was called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1 1980.

The insurance policies they offer include:

The companies mentioned above are some of the best insurance companies in Nigeria.

They are listed in no particular order. This means that you can go with any of these companies, knowing you’re in safe hands.

Frequently Asked Questions

What is the name of the first insurance company in Nigeria?

Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria. However, the oldest indigenous insurance company in Nigeria was called African Insurance Company Limited. It started providing services in 1958.

How did insurance begin?

Related Article: History of Insurance in Nigeria till date

Insurance began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters.

Is there health insurance in Nigeria?

There are free health care provided. This is provided through a special health insurance scheme for government employees as well as private firms entering contracts with private health care providers.

What is NHIS in Nigeria?

Related Article: Nhis Nigeria-How to Register for nhis in Nigeria

This is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 constitution by the Federal Government of Nigeria to subsidize health care for Nigerians.

When did NHIS enter Nigeria?

Related Article:Universal Health Coverage in Nigeria

It was launched on the 6th of June, 2005 . Till date, the scheme has issued 4 million identity cards, registered and accredited 62 HMOs.

How can I register NHIS in Nigeria?

You can register online. Go to and click on ‘Register’. However, details such as surname, NHIS number and date of birth are required in order to register online. That way, you will be able to manage your account and see the information of your dependants.

What is the role of NHIS?

It protects families from the financial hardships of huge medical bills, limits the rise in the cost of health care services, and ensures equitable distribution of health care costs among different income groups.

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