Top 10 Best Insurance Companies In Nigeria 2024 | Highest Paying Insurance Companies

Today, you and I will quickly talk about the topic “Top 10 Best Insurance Companies In Nigeria 2024 | Highest Paying Insurance Companies“.

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Top 10 Best Insurance Companies In Nigeria | What is Insurance

According to Wikipedia, Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

A person or entity who buys insurance is known as an insured or as a policyholder.

The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss.

The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured.

The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.

If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

Top 10 Best Insurance Companies In Nigeria | Insurance Terms

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Agent: Someone who represents one insurance company and sells its insurance products.

Broker: Person or company who sells the insurance products of several different insurance companies

Coverage: Amount of protection you have purchased.

Claim: Official notice you provide to your insurer requesting to be paid for a loss of event covered by your insurance policy.

Insured: Person(s) protected by the insurance policy.

Insurer: Insurance Company that issues the insurance policy

Policy:  Legal contract between you and the insurer

Insurance companies in Nigeria consist of different types of insurance which includes:

• Life insurance
• Health insurance
• Buisness insurance
• Property and casuality (General) insurance
• Auto insurance .

Top 10 Best Insurance Companies In Nigeria  | Highest Paying Insurance Companies

1. AIICO Insurance Plc

AIICO known as the American International Insurance Company is an Agency Office of American Life insurance that commenced operation in 1963.

Their aim is to offer life assurance and annuity, general insurance, health insurance, pension management, property insurance, E-insurance, Education plan, Mortgage protection plans, Term assurance and so on.

It is one of the insurance companies in Nigeria that provides quality products to their customers.

AIICO Head office address: Plot PC 12, Church Gate Street, Victoria Island, Lagos. AIICO Website: http://www.aiicoplc.com AIICO Phone: 01 279 2930

2. AXA Mansard Insurance plc

Guaranty Trust Assurance Plc is also rated as one of my best insurance companies in Nigeria.

Their foundation is based on trust.

Some of the products they offer include Auto insurance which includes; Autoflex plan, Auto Go, Auto Classsic and others.

They also have easy care health plan, money market fund, equity income fund, general business and tourism protection, retirement plan inclusive.

Location is at 928A Aboyade Cole Street, Victoria Island, Lagos. You can also visit their website via https://www.axamansard.com/ Phone: 08150490199

3. Leadway Assurance Company Limited

In 1970, an insurance company which also provides integrated insurance and financial services to customers was founded by sir (Dr) Hassan Olusola Odukale and it started operation in 1971.

Leadway assurance management team are simply the best in the industry.

Leadway Assurance products includes;

General insurance, Life and Health Insurance, Savings and Investment Plan, Annuities and Pensions, Premium Finance, Leadway BOSS, Marine Insurance, Surety-ship, Agric Insurance, Motor Insurance, Property Insurance, Marine Insurance and Finally, Accident Insurance. The contact address of lead way assurance

Leadway is located at 121/123 Funso Williams Avenue Iponri, Lagos. Visit leadway website for more information on http://www.leadway.com Phone: 01-2700700

4. Mutual Benefits Assurance Plc

Another insurance company that started operation on 18th April 1995 is Mutual Benefits Assurance Plc. mutual benefits life assurance products includes pure lifew insurance, investment linked schemes like children education plans and pure investment . Others insurance products of mutual benefits assurance plc includes motor, marine, fire & periles, travel e.t.c.

mutual benefit assurance head office address: Aret Adams House, 233 Ikorodu Road, Ilupeju, Victoria Island Lagos. Website: http://www.mbaplc.com Phone: 09054644444, 09054744444

5. Cornerstone Insurance PLC

cornerstone insurance plc was incorporated on 26th July 1991 with registration number RC163170.

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

cornerstone insurance plc management team is another one that we can boast of with excellent service delivery.

This insurance company in Nigeria has received many award based on the level of professionalism.

cornerstone insurance plc products include: Motor insurance, Travel insurance, Home insurance, Life insurance, Annuity, Goods in transit, Combined fire and burglary, Marine Insurance, Mymoto shield, Gadget Inspector Plan, Drone Insurance.

Cornerstone insurance plc head office address: Water Corporation Drive off Ligali Ayorinde Street, Victoria Island, Lagos. Their website: https//:www.cornerstone.com.ng Phone: 0810 6000 800

6. Industrial and General Insurance Plc (igi)

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Industrial and General insurance company was first incorporated as a private limited liability insurance company in Nigeria, on 31st October 1991 and in 2007.

It was later re-registered as a public limited liability.

It started operating as a composite insurance company i.e life insurance and general which includes pensions, special risks in January 1992.

Products include; Motor Insurance, Life products, Engineering/contractor risk, Marine, Travel and Health insurance, Fire Insurance, Aviation, Oil and energy and so on.

industrial and general insurance have subsidiaries and below is their contact and office addres.

Igi office in Lagos: No 2, Agoro odiyan street, off  Adeola Odeku street Victoria Island Lagos state. Please visit their website for more information via http://www.iginigeria.com

7. Custodian and Allied Insurance Plc

It is one of the capitalized insurance companies in Nigeria.

The company started operation on 13th of August, 1997 and they provide both life and general insurance.

Their insurance products include; auto insurance, health, travel, home shield, personal accident and wealth management

This insurance company ensures their customers have access to an independent dispute resolution system if you need to file a complaint.

Their address is at 16A, commercial Avenue Sabo,Yaba, Lagos. custodian insurance portal online for more info: http:// www.custodianplc.com.ng Phone: 01 277 4000

8. NEM Insurance Plc

Another insurance company in Nigeria is NEM Insurance Plc.

This insurance company commenced operation in 1948 through the agency of Edward Turner and CO.

This insurance company offers general insurance e.g. Travel insurance, fire insurance, motor insurance and many more.

nem insurance Lagos Office address: 199 Ikorodu Rd, Obanikoro Lagos state and you can also visit their website at www.nem-insurance.com.

9. Consolidated Hallmark Insurance Plc

Consolidate Hallmark Insurance is also one of the leading insurance companies in Nigeria.

This company offers personal insurance to help protect individuals from potential losses e.g motor insurance, gadget insurance, home insurance, business insurance.

This Nigerian insurance company has highly competent staffs and also has sufficient funds to fulfill the gratuity needs of their employees at the right time

Address: No 266, Moshood Abiola Way, Obanikoro, Lagos state. you can also visit their website for more information via chiplc.com

10. Prestige Insurance Ltd

Prestige Insurance Ltd was founded in 1988. It is an insurance company in Nigeria that offers insurance and reinsurance.

Their services include auto, business, home, life and provision of risks identification management, claim advisory/management and many more.

Their excellent provision of service to customers makes this insurance company to be elected as the insurance broker of the year.

They’re located at 19, Ligali Ayorinde Street Victoria Island, Marina Lagos.

Visit their website for information: http://www.prestigeassuranceplc.com .

Above is the Top 10 Best Insurance Companies In Nigeria

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