An insurance company is a business entity that provides financial protection, to individuals or organizations in exchange for regular premium payments. Insurance companies in Nigeria offer various types of insurance policies that are designed to cover potential risks and losses in different areas of life, such as health, property, automobiles, businesses, and more.
The primary function of an insurance company in Nigeria is to tackle the risks of its policyholders and provide them with financial compensation in case of covered events or losses. When a person or organization purchases an insurance policy, they enter into a contractual agreement with the insurance company. then the insurance company agrees to compensate the policyholder for specified losses or damages as outlined in the policy.
Insurance companies in Nigeria assess the risk associated with providing coverage and determine the appropriate charge based on factors such as the likelihood of a claim, the value of the insured item or property, the policyholder’s risk profile, and other relevant considerations. They also maintain funds to cover potential claims and invest those funds to generate additional income.
The List of Insurance Companies in Nigeria
1. Leadway Assurance Corporation
Leadway Assurance Corporation is an insurance company in Nigeria with its headquarters in Lagos. It is well known for its reputable service, efficiency, and customer reliability. It ranks among the largest insurance providers in Nigeria. Leadway offers life assurance, travel insurance, business and personal property, and casualty insurance. Additionally, it provides ancillary financial services, such as bonds, secured credit, other financial losses, and fund/portfolio management.
Leadway has 24 branches in Nigeria, with the Kaduna branch serving as the registered office and Lagos as the corporate office.
One of their offices is located at No 121/123 Funso Williams Avenue, Ipnri, Lagos.
Leadway offers the following
- Life assurance
- Travel Insurance
- Personal property insurance
- Casualty insurance
Email; insure@leadway.com.
2. Allco Insurance Company
AllCO means American International Insurance Company, the subsidiary of American International Group (AIG), founded in 1963. It is a financial services group with a market-guiding view. It’s been recorded as the best insurance companies in Nigeria. The key business lines are insurance, health maintenance, and asset management. The branch in Lagos is at Plot 12, Churchgate Street, Victoria Island, Lagos, Nigeria.
AIICO offers the following:
- Life assurance and allowance
- Health insurance
- Business lines
- Health maintenance
- Asset management.
Email address: aiicontact@aiicoplc.com
Official website: https://www.aiicoplc.com.
3. stealing Assurance Company Limited
Sterling Insurance Company Nigeria Limited was incorporated in 1990 and provide competitive services for all category of general insurance. Sterling has been one of the fastest-growing independent insurance agencies in the country. Due to its emphasis on superb, prompt, and efficient underwriting and claims services, the company has won the trust of important intermediaries and corporate insurance buyers. it is one of the insurance companies in Nigeria.
Sterling Assurance Company offers the following
- Motor insurance
- Money insurance
- Workman Compensation Insurance
- Marine insurance
- Household policy
- Group/personal Accent
- Burglary and House Breaking insurance.
Email: insure@sterlingassure.com
Website: https://sterlingins.com.
Related Topic: To Banks that offer Business loan
4. Industrial and General Insurance Plc
It is one of the insurance companies in Nigeria and a major provider of insurance and risk management services in West Africa.
Industrial, life, and general insurance are all covered by this branch service facility. Additionally, it has spawned in the fields of engineering, aircraft, energy, and industrial risk management.
IGI offers the following
- Individual Life Assurance
- Group Life Assurance
- Aviation Insurance
- Engineering Insurance
- General Business Insurance
- Global Health Insurance Plan
- Marine Insurance
- Oil & Energy Insurance Services.
Email address: info@iginigeria.com
Official website:www.iginigeria.com.
5. Zenith General Insurance company
It is one of the leading insurance companies in Nigeria and the most dynamic insurance company. It deals with both insurance and general insurance. their headquarter is in victoria island Lagos
Adress:13/14-floor Zumba Mbadiwe avenue victoria island logos
Email: info@zenithinsurance.com.ng
official websites:https://www.zenithinsurance.com.ng
Zenith insurance offer
- motor insurance
- Marine insurance
- corporate insurance
- householder insurance
- personal assurance.
6. Staco Insurance Plc
Staco Insurance Plc is among the leading insurance companies in Nigeria licensed by NAICOM to underwrite all classes of general insurance and other financial services.
The company was incorporated in Nigeria in October 1991 and subsequently licensed to transact all classes of insurance business
Email: info@stacoplc.com
Website: http://www.stacoplc.com
Staco Insurance Plc offers
- Motor Insurance
- Marine insurance
- Household and homeowner insurance
- Property and insurance
- Fire and special peril insurance
- Burglary insurance
- Aviation insurance.
7. NEM Insurance PLC
NEM provides both life and non-life insurance services. It is an insurance brokerage company. The Federal Government of Nigeria started the procedure in 1948 and completed it in 2007 with a recapitalization of Nem Insurance Plc. They offer all classes of life and non-life insurance products to personal and corporate sectors in Nigeria.
The partnership between the business and a watchful insurance provider is restricted to handling and overseeing all general insurance classes.it is one of the best insurance companies in Nigeria.
Email address: nem@nem-insurance.com
website: https://nem-insurance.com
What NEM insurance offers
- Marine insurance
- motor insurance
- Aviation and Gas
- Engineering bonds.
8. African Alliance Insurance Company Limited
It is regarded as Nigerian most seasoned and most powerful specialized life insurance provider. African Alliance Insurance Plc serves thousands of clients with individualized insurance products suited for each stage of their lives by offering life assurance, pension products, and hospitality services. therefore it should be among the top insurance company in Nigeria.
The company is located at NO 54 Awolowo Way, Ikoyi
Lagos; Lagos.
Area of insurance specialization
- Direct Life insurance,
- Health insurance
- Medical Insurance Carriers
Website: http://www.africanallianceplc.com
Email adress: customer@africanallianceplc.com
9. International Energy Insurance Company
It is an international financial organization called international energy insurance Plc that offers integrated solutions to the energy, industrial, and service industries. They began operations as Nigeria’s first energy-focused insurance company, specializing in top-notch underwriting solutions for both onshore and offshore hazards and the general insurance industry. when you need an insurance company in Nigeria for energy you should consider this.
The company was founded as Nigeria Exchange Insurance Company Limited in 1969. their head office is at plot 294, Jide, Oki Street, Off Ligali Ayorinde Street victoria island, Lagos.
International Energy insurance company provides the following
- Motor and life
- Oil and gas
- Engineering/car
- Bond and finance guarantee
- Money risks
- Fire and allied perils
- Burglary and housebreaking
- Personal accident
- Goods in transit.
Email address:info@ieiplcng.com
website:https://www.ieiplcng.com.
10. Linkage Assurance Plc
Linkage Assurance Plc was incorporated on 26th March 1991 and was licensed to cover and transact non-life insurance businesses on 7th October 1993, it is one of the insurance companies in Nigeria. The Company offers individual and group life insurance products as well as non-life insurance products such as motor and casualty insurance.
11. UBA Metropolitan Life Assurance Company Limited
The United Bank for Africa (UBA) assurance is a package of financial services aimed at fulfilling the insurance needs of their customers. It involves essentially the provision of life assurance. The services are available at their entire branch network, through Premier Relationship Managers, Micro banking services, Sales Agents, and other channels within the bank. They have different branches depending on the area or country, check any of the UBA branches close to you for more inquiries.
What they offer to customers
- Life assurance
12. Consolidated Hallmark Insurance Plc
It is one of the leading general business and risk insurance companies in Nigeria and is located at 266 Ikorodu Road Obanikoro Lagos.
Email info @ chiplc.com
What the offer
- Burglary insurance
- Motor insurance
- Home Insurance
- Personal Insurance
- Travel Insurance
- Aviation insurance
- Bound insurance.
Email: info@chiplc.com
Website: https://chiplc.com.
13. Unitrust insurance company limited
It is an insurance company in Nigeria that was licensed in 1981 in Nigeria to operate as insurance, The Company provides all classes of insurance business as general and personal insurance. head office is at No105 b, ajosa adeojun street victoria island, Nigeria.
Email info@unitrust.gmail.com
What the offer
- Motor insurance.
- Marine insurance.
- Aviation insurance.
- Engineering insurance.
- Energy gas and oil insurance.
- Travel insurance.
- Agric insurance.
14. sovereign Trust Insurance Plc
The company offers life and non-life insurance. They operate currently through a network of branches Nationwide, the headquarters is in Head Office on 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 insurance. It is among the insurance companies in Nigeria.
The type of insurance they offer
- Family well-being insurance
- Motor insurance
- Easy travel insurance cover
- Marine insurance.
The website: https://www.stiplic.com.
15. Allianz Nigeria Insurance company
Allianz insurance company sells life and non-life insurance services to their customer.
They help to protect lives and empower people to achieve their dreams and provide Peace of mind to many people. They have nurtured sir lanked dreams in a unique and personal way to support our policyholders and the people they love. they have different branches in Abuja, Lagos Ibadan, and Benin. their head office is NO 24 Ekololu street, sukalera Lagos Island.
They offer life assurances such as
InvestmentInsurance
Protection Insurance
Health Insurance
Employment Insurance
Car insurance
Education insurance
Website: https://www.allianz.ng.
16. Royal Exchange General Plc
The principal activities of this company are life Assurance, health and general insurance, Financing, and asset management. Its segment includes life assurance and health insurance.
Email address info@royalexchangeplc.com
Website: www.royalexchangeplc.com
17. TANGERINE GENERAL INSURANCE LIMITED
It is an insurance company in Nigeria that is licensed to all classes of insurance business both non-life insurance policies which cover motor five, burglary, general household and homeowners comprehension, group personal accident, all risk, workmen’s comprehension, general third party liability, marine professional indemnity goods-in-transit money fidelity guarantee. their office is at NO 22 Funsho Williams Ave, Surulere 101241, Lagos.
official website: https://www.general.tangerine.africa.
18. MUTUAL BENEFITS ASSURANCE PLC
They provide both life and general insurance, they are a leading brand with a strong and well-capitalized team of highly trained professionals. The company offers Motor, Marine, Travel, Fire, Aviation, and group life insurance. they are located at Aret Adams House, 233 Ikorodu-Ososun Rd, Ilupeju 100252, Lagos.
Website: www.mutualng.com.
19, WAPIC INSURANCE PLC
The company deals with both life and general insurance, it operates both in Nigeria and Ghana, and its activities include Car, Life, Marine, investment, and home. their headquarter is in Ikoyi Lagos.
Website: www.wapic.com
Email: info@wapic.com.
20 Goldlink Insurance PLC
The company offers both general and life insurance to companies and individuals example fire and special perils, motor insurance, life & pension, and oil & gas. Head office located at NO 6 Emmanuel St, Maryland 101233, Lagos. It is one of the top insurance companies in Nigeria
Website: www.goldlinkinsuranceplc.com.
21. Lasaco Assurance Plc
Lasaco Assurance plc operates at all stages of the oil and gas exploration, production, refining, storage, and transportation process in Nigeria. The head office is at No 16 Acme Rd, Agege 101233, Ikeja, Lagos.
Website: https://lasacoassurance.com
Email: info@lasacoassurance.com.
Conclusion: Insurance companies in Nigeria play a vital role in helping individuals and businesses manage the financial impact of unforeseen events or losses. By spreading the risk among many policyholders, insurance companies provide a mechanism for individuals and businesses to solve potential financial burdens and protect themselves against various risks.