Odunlade Adekola Biography, Did He Really Marry a Second Wife? The framework for insurance in Nigeria is weak. Amid the economic challenges, some insurance companies have continued to make significant progress, as revealed by their gross premium income and market share. While everything may be smooth at a moment, you never can tell what happens the next minute. African Alliance Insurance Plc African Alliance Insurance plc is another top life insurance company in Nigeria that was incorporated on May 6, 1960. With time, the private insurance companies took over the state-owned insurance companies. The property insurance allows the insured to make claims to reimbursement as long as they are covered. All these are forms of damages opened to marines. Life Reassurance business was commenced in January 1990, the requisite license having been obtained in September 1989. The company’s success has been the result of its ability to evaluate its potentials, set realistic goals and take necessary actions to achieve them. We have compiled a list of insurance companies in Nigeria. So, there you have it. This form of insurance covers all the risks that are results of fire. Hence, the need to be protected when the unexpected happens. Often times, the slow process of things lead to delay in settlement of claims, fraudulent practices and sometimes errors in the whole process of business. The reason is that most insurance companies do not train their staffs adequately. Fire Insurance is also an important type of insurance in Nigeria. Types of Insurance In Nigeria. This is a requirement of the law in Nigeria. is very much the same as in any part of the world. We offer general insurance covers and risk management. However, this does not mean that all insurance companies in Nigeria still go about insurance business like in the 90s. Here, what is being insured is life itself. He is celebrated as one of the finest Nigerian actors, directors, and filmmakers. Niger Insurance Plc was established in 1962 as a Specialist Life Company under the name Yorkshire Insurance Company. In addition, the outfit also focuses on general and special risks, life assurance, annuity and health insurance as well. AXA Mansard Car Insurance AXA Mansard provides different packages of motor insurance. Law Union & Rock Insurance Plc is one of the first generation insurers to open shop in Nigeria almost five decades ago. For... Richard Mofe-Damijo RMD is a Nigerian famous actor, his career in Nollywood started in the late 1990s. has built a reputation as a strong underwriting house providing its numerous policyholders the security of its financial reserves, underwriting expertise, and first-class reinsurance treaties. Unilever Nigeria Plc – This is yet another FMCG company in Nigeria that produces different kinds of popular products like Vaseline, Royco, Knorr, Blueband, Lipton, Omo, etc.. 3.Nigerian Breweries – The largest beverage manufacturing company in Nigeria.. 4. The University of Ilorin (Unilorin) is a Federal Government tertiary institution situated in Ilorin, the capital city of Kwara State, Nigeria. Before we go deep into the article, there are certain things you should know about insurance. 4 Capital Express Assurance 13, Bishop Kale Close, Off Kasumu Ekemode Street, Victoria Island, Lagos Nigeria 0818 827 4220, 0818 827 4227, 0700 22739 27787 Highlight of the 2021 Federal Government Budget, Lagos State Announced The Removal of 200 Shanties at Opebi, Ikeja, Lagos Assembly Passed The Second Reading of Real Estate Regulations in the State, Lagos State Gives 7 Day Ultimatum to Communities with Unapproved Street Gates, Fulfilled Prophecy: Number of Vacant Houses Increase in Lekki & Ikoyi, When Your Girlfriend is Your Next door Neighbour, How Government Housing Policies Affect Low Income-Earners, Top 10 Fun Places to be in Lagos Island (UPDATED), Why Real Estate Investment is the Solution to Nigeria’s Recession. All of us in Nigeria are well accustomed to the term “insurance”. Although the industry faces lots of challenges, there are also lots of positives in the industry. Through struggle and hard work, Ivorian professional footballer and legendary Chelsea Football Club striker, Didier Drogba, who is one of the most decorated players in... Lagos State, a region located in the southwestern geopolitical zone of Nigeria, was created on May 27, 1967, in accordance with the State Creation and... First City Monument Bank, FCMB, is a commercial financial service provider in Nigeria with its headquartered located in Lagos. Which was a total of 157 insurance companies at that time. It has a history of being a company with close attention to relationships, having started operations as a direct motor insurance company. When it comes to picking the right insurance company to secure a policy from, certain things are to be considered, such as reliability, integrity, and quick response. This law applies compensation to four types of mishap viz: Industrial and General Insurance Plc also known as IGI is one of the leading providers of Insurance and risk management services in not just Nigeria but in West Africa. 2. Currently, AIICO is the 2nd largest insurance company in Nigeria. Health Insurance – If you are taking a health insurance then that is going to give cover to you and your family. Spring Life Assurance Plc. Fire and Marine Insurances are strictly called Property Insurance. . General insurance means Fire, Marine and Miscellaneous insurance which includes insurance against burglary or theft, fidelity guarantee, Profam insurance for employer’s liability, and insurance of motor vehicles, livestock and crops. Name & List of Insurance Companies in Nigeria. They do not trust the system. https://www.entrepreneurs.ng/insurance-companies-in-nigeria This is a composite insurer: issuing life and non-life policies. It overtook South Africa to become Africa's largest economy in 2014. The number of insurance companies in Nigeria is on the rise because of the lucrative future of the industry. 2. His... Mike Ezuruonye rose to prominence in Nollywood for his diverse acting skills. Private Limited Company (Ltd) A private limited company is a legal entity in it own right, separate from those who own it, the share holders. What life insurance does is to provide protection against premature death or ensure an adequate amount of money at old age. Hence, people tend to not want anything to do with insurance companies in Nigeria. Insurance in Nigeria: What You Should Know. Adic Insurance. Type. The number of insurance companies in Nigeria is on the rise because of the lucrative future of the industry. Hence, the need to be protected when the unexpected happens. Industrial and General insurance company was first incorporated as a private limited liability insurance company in Nigeria, on 31st October 1991 and in 2007. 1. After Nigeria gained independence, there was a rise in the number of subsidiaries created by the European companies. List of Registered Insurance Companies in Nigeria and their CEOs 005 Anchor Insurance Company LtdMr. This means the industry today is definitely not what it is as at when it started. It is, however, important that before a claim can be made, it must be as a result of the specified risk. Through the platform, a member donates... Stanbic IBTC is a commercial bank that provides integrated financial services, pensions and wealth management products and services in Nigeria. It is also known as personal insurance. The property insurance may include homeowners insurance, renters insurance, flood insurance etc. Established in 1988, Prestige Insurance Brokers Ltd was duly registered as Insurance Brokers by the National Insurance Commission (NAICOM) to transact all classes of insurance business. Forty years after, UNIC continues to deliver quality service consistent with the UNIC brand name to its market. BuzzNigeria – Famous People, Celebrity Bios, Updates and Trendy News, 10 Successful Nigerians Who Are Not University Graduates, Chinedu Ikedieze Biography, Wife, Age, Height and Other Facts. Crusader insurance (Nigeria) Plc is a highly reputable company renowned for its efficient service delivery and prompt claims settlement. One of the best insurance companies in the country. The company has four subsidiaries in the country in addition to an insurance firm in Liberia. Nigeria Deposit Insurance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of the Central Bank of Nigeria (CBN), to examine the operations of the banking system in Nigeria. Within a very short period of its incorporation, the company has been recognized by many that want to be part of her success story. Insurance is Nigeria didn’t just start today or a few years back. Since its incorporation in 1965, Unic Insurance plc. It is also known as personal insurance. There are 15 licensed life insurance companies in Nigeria, according to the National Insurance Commission. The insurance industry in Nigeria, like every other industry, as no doubt evolved over the years. So, the overall idea of a marine insurance is to insure the ship, cargo and freight. Great Nigeria Life Assurance Ltd. vacant Great Nigeria House. The company is registered and licensed by NAICOM under the provisions of the Insurance Act 2003 to carry out General insurance businesses. There are no doubt improved laws, increased number of insurance companies in Nigeria among other things. In cases like document management, things are still done manually in most insurance companies. It is one thing that has become a major problem faced by all the industries in Nigeria. Is Osita Iheme Married? That must be Industrial And General Insurance Company Plc (IGI). Some of the different types of insurance companies include: standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London and more. is arguably one of the most popular types of insurance in Nigeria. Most people love their natural hair yet they can't do without the artificial hair. This insurance company offers general insurance e.g. African Alliance Insurance Company Limited: 112 Broad Street, Lagos Island, Lagos. The company has experienced success and has … There are over a thousand existing insurance companies in Nigeria which makes it harder to rate the best. All these are forms of damages opened to marines. He is... Odunlade Adekola is a Nigerian actor, singer, producer, and director who is regarded as the top pillar upholding the Yoruba movies in Nigeria. The Royal Exchange Assurance Agency at that time was synonymous to insurance in the country. In 2005, Corporate Ideals Insurers (CII) was bought over by Oceanic Bank International Plc; the company (CII) is currently being restructured and repositioned in line with the new recapitalization requirements. It will be instructive to read through all to find the one that is suitable for you and your car, based on your lifestyle as well as the worth of the car. The life insurance is, however, more than just protection, it is also a form of investment. 3 BEDROOM FLAT APARTMENT FOR SALE IN SURULERE. The Federal Government of Nigeria in order to manage the old and new insurance companies established the National Insurance Commision in 1997. Employers Liability Insurance (Group Life) Under the Pension Reform Act 2004. Another important type of insurance is property insurance. They offer a compensatory price for damage to property and life in the home. Consolidated Hallmark Insurance (CHI) Plc is a General Business and Special Risks Insurance underwriting firm and is a top insurance company in Nigeria. People often make use of property insurance to protect their property/properties from unexpected losses. A&G Insurance is set to combine 20 years experience and safety of an underwriting company with the efficiency and innovation of the next generation risks and financial solutions provider. This insurance policy was made compulsory for owners and drivers of vehicles, motorcycles and other special type vehicles (both private and commercial). It is important as every other insurance policy because they are things we do not have control over. A list of Best Insurance companies in Nigeria, Policies 2021 Nigeria is one of the most highly populated countries in Africa. All rights reserved. Rated among the top 10 in Nigeria, Custodian Insurance company stands out among the competition. This requirement is satisfied by purchasing Workers' Compensation insurance, which is available from private insurance companies that are licensed by the National Insurance Commission (NAICOM). Under Suspension By NAICOM Plot 855, Bishop Aboyade Cole Street, Victoria Island,Lagos Life. Insurance in Nigeria is very much the same as in any part of the world. As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. Another major challenge faced by insurance in Nigeria is the perception people have about the industry. LASACO Assurance Plc (LASACO) was incorporated on 20th December 1979 under the Companies Decree of 1968 and was granted License to carry out the business of insurance and other related business on 7th July 1980. The company has subsidiaries in African countries like Ghana, Gambia, Rwanda and Uganda. As mentioned earlier, there are also a number of challenges insurance in Nigeria faces like every other industry. That is, most of the insurance policies were either to combat the foreign dominance on the insurance industry or direct copy of foreign policies. Motor, Theft, Fidelity and Machine Insurances include the extent of liability insurance to a certain extent. The company started in 1963 as a pension and asset management group. In 1999, Continental Reinsurance was converted to a Public Limited Company (PLC). 5 Safest States in Northern Nigeria (UPDATED), Documents Required For Property Transfer In Nigeria (UPDATED). The truth is, you can never be too careful in cases like this. Formerly called First Nigeria Insurance Company Limited, Equity Life insurance was incorporated on the 10th of November 1983 and was licensed as Life Specialist Company to transact life and pension business. Aiico has become the largest Life Insurer in Nigeria and a major player in General Insurance business. It is the same with insurance in Nigeria. So, let's have a look together! The Nigerian Insurance Industry, like most other industries, is affected by the macroeconomic environment. Many of them are general business insurance, but quite a … There are lots of different types depending on what exactly you wish to protect – a property, business ideas, or whatever. People often make use of property insurance to protect their property/properties from unexpected losses. Sovereign Trust Insurance Company Plc commenced business in 1995 following the acquisition and recapitalization of the former Grand Union Assurances Limited with an authorized share capital of NGN30 million and a fully paid-up capital of NGN20 million. Below are some of the available types of insurance in Nigeria: Continental was registered in 1985 as a professional reinsurance company under the Companies Act 1968 and obtained license to transact Non-Life Reinsurance business on December 10, 1986. Plot 105B Ajose Adeogun Street, Victoria Island, Lagos State. 3. It is important to note that most of these policies in places today are old and are a result of the dominance of foreign insurance companies. They should properly educate prospective clients; especially during the process of signing insurance policies. The public quoted Composite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N2,868,307,000. LEADWAY Assurance Company. It commenced business in January 1987. The Company was at inception registered to undertake some classes of insurance business. After Nigeria gained independence, there was a rise in the number of subsidiaries created by the European companies. It is evident that insurance in Nigeria has over the years evolved. 8, Omo-osagis Street Off Awolowo Road Ikoyi SWI, Lagos Life. This form of insurance covers all the risks that are results of fire. However, before Nigeria’s independence, African Insurance Company Limited was established. This is because there are more people in industries in which they know little or nothing about. 016. See Also: 10 Successful Nigerians Who Are Not University Graduates. The Nigerian Insurance Industry, like most other industries, is affected by the macroeconomic environment. There are many insurance companies in Nigeria and below is a list of some of the well known and reputable insurance institutions among them. Although the industry faces lots of challenges, there are also lots of positives in the industry. . Kindly share your view(s) or experience(s) about insurance in Nigeria with fellow PropertyPro.ng readers. There are many insurance companies in Nigeria and below is a list of some of the well known and reputable insurance institutions among them. Cornerstone is a dynamic insurance company, offering services in line with modern realities. What is The Meaning of IPOB, Who is The Leader and What Are They Fighting For? There are a good number of insurance companies in Nigeria. One of the major challenges that face insurance in Nigeria is lack of skilled personnel. This can be on the basis of the type the health insurance is. The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM). Marine insurance is a type of insurance that provides protection against loss of marine perils. 015. These are some of the insurance policies you can get: ... Read More about How to start an Insurance company in Nigeria. Best Types of Health Insurance in Nigeria. Unitrust Insurance Company Limited continues to operate in Nigeria as one of its most reliable insurance companies. Unlike before where the number of risks handled is small, there is a wide range of marine insurance today. is a type of insurance that provides protection against loss of marine perils. On the basis of the function, an Insurance policy can be classified into several types. Name & List of Insurance Companies in Nigeria. RIC Number. However, there is still a kind of response that people give when they come across insurance related topics. This company offers personal, car, home and life insurance in Nigeria. It overtook South Africa to become Africa's largest economy in 2014. Types of Insurance. So as to know what they are signing for entails. Top 10 Insurance Companies in Nigeria the Policies they Offer. Who Is The Wife, Here are Facts You Need To Know, Mike Ezuruonye Biography, Son, Wife, Daughter, Age and Other Facts, Richard Mofe-Damijo RMD – Bio, Children, Wife, Family, Age and Net Worth, 20 Beautiful Pictures and Videos of Natural Hair Styles, University of Ilorin: School Fees, Courses, Admission and Students Portal Info. Though there have been various changes over the years, like every other industry, it still has its challenges. The company has carved a niche for itself through big-ticket transactions in Aviation, Oil and Gas, Marine Cargo and Hull Business and other non-life insurance underwritings including Motor, Fire and Special Perils, Goods-in-Transit, Engineering Insurance… This means the industry today is definitely not what it is as at when it started. 21 -The development of a roadmap on how oil and gas insurance business should be conducted in Nigeria by leveraging on the Nigerian oil and gas Content Development Act 2010 to increase participation in petroleum industry insurance. When you are inspired to conquer new frontiers in life and in business, you need the solid backup of a dependable, forward-thinking and world-class insurance partner that will never let you down. Leadway Assurance Company Limited was founded in 1970. Over the years, these companies have shown high credibility in their dealings, making themselves commendable with their different policies package. Here, what is being insured is life itself. This is in order to protect themselves or their loved ones in cases such as fire outbreak, terminal illness or death. Though the insurance industry like every other industry needs to step up, it is in the same vein that people must change their perception about insurance in Nigeria. It was later re-registered as public limited liability. It is also arguably the most important of all types of insurance. AXA Mansard is one of the best companies providing different types of health insurance in Nigeria. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. In fact, it is one of the most common types of insurance in Nigeria. NEM started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. It is evident that insurance in Nigeria has over the years evolved. This also means that there are many insurance companies involved in catering for the high and always growing population of people in different sectors. The management of Mutual Benefits Assurance Plc, one of the 48 recertified underwriting groups in the country, has taken stock of its activities in the recent past reaffirming that it has expanded its operations even beyond the Nigerian business environment. This company was the first to register with the Nigerian Health Insurance Scheme (NHIS) and … Your email address will not be published. The act only car cover In this post, we will talk about the 7 major and distinct kinds of insurance options in the country. Company Name. Some of the reasons are because of the slow process of settling claims or denying claims totally. in 1958. Presently, the authorized share capital of the Company is over N4 billion and all branches and business processes are fully computerized. Though it didn’t cover the regulatory requirements for insurer’s solvency until 1993. Acen Insurance Company. 34 Best Insurance Companies In Nigeria 1. Hence, they have little or no experience of the field they find themselves. The Company commenced operations on the 2nd of October, 1989 and still keeps its head high in the industry. Required fields are marked *. Nice write up. It is important to choose a reputable company, so do preliminary research and check with a few companies before deciding on a policy. As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. Most of which is due to people’s perception of the industry, lack of skilled personnel, weak regulatory framework among other things. Chief Executive. List of Insurance Companies in Nigeria and Their Contact Details (Addresses, email and Phone Numbers) ADIC Insurance Company Limited Address: Head Office: 7th Floor, NACA House, 43, Afribank Street-Victoria Island, Lagos Phone: +234 1 4618940-4 Email:info@adicinsurance.com; African Alliance Insurance Company Limited Though there is the argument that people learn on the job, it is often not reliable. Allianz Insurance is one of major insurance companies located in Marina, a central business location in Lagos Nigeria. Oasis is an authorized composite insurance company that underwrites all classes of life and non-life insurance businesses with an authorized capital of N3billion and paid up share capital of N545 million. Below are some of the available types of insurance in Nigeria: Life Insurance or Personal Insurance. Zenith Life Assurance Company is a member company of the Zenith Bank Group and is fully capitalized to the tune of N2 billion in line with the recapitalization requirements of NAICOM. So, the aim of the article is to equip you with the necessary knowledge about insurance and insurance in Nigeria. It is basically for the same reason that people have insurances – life being unpredictable. Chinedu Ikedieze is a Nigerian famous comic and dramatic actor who rose to fame after starring in the blockbuster movie ‘’Aki na Ukwa’’. It is very obvious that the majority of the public who are ignorant of the contributions made by the insurance industry have more faith in the banking or other financial industries. List of Car/Vehicle Insurance Companies in Nigeria 1. Address. Nigeria is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. They began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for a U.K leading insurance company, the first Nigerian to have such authority. The insurance industry from all indication plays a vital role in Nigeria economic development as well as in the problem of risk management in Nigeria. The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts. Insurance is mainly of two types: life insurance and general insurance. It is, however, important to note that the Nigerian Insurance Act was signed a year earlier. There are still a number of things that need to be looked into: it’s inability to set standard premium rates for certain insurance products. Knowing this helps us to become more flexible in deciding what we uniquely need thereby making it more affordable and yet get the best premium insurance cover available. The downturn in Nigeria’s fortunes which had its roots at declining global crude oil prices since 2014 has triggered changes in the consumption pattern of insurance products in … Over the years, it is usually hard convincing the average Nigerian to sign up for insurance policies. The insurance companies listed in this article, over time have been considered among the best in the country, however, further investigations about them should be carried out before signing a deal. These include: Health Maintenance Organization (HMO) Being a notable type of health insurance, Health Maintenance Organizations are groups that takes the medical risk of it … Email. Didier Drogba Age, Wife, Height, Weight, Net Worth, Lagos State: People, Logo, Postal Code & Map, FCMB Online Internet Banking, Transfer Codes, Customer Care, What Exactly Is iCharity Club Nigeria? This company offers personal, car, home and life insurance in Nigeria. African Alliance Insurance Company Ltd. has been known in Nigeria over the years for its good reputation. There is a shortage in the number of skilled professionals in the industry; brokers, underwriters, actuaries etc. 01 461 7031, 01 461 7032, 01 270 1167-8. Like many other financial... Union Bank Nigeria is the commercial bank with branch offices located in all states across the nation with an asset base estimated at NGN1.381 trillion ($4.1... Access Bank is a Nigerian multinational corporation and commercial bank licensed by the Central Bank of Nigeria. Royal Exchange General Insurance Company Limited (REGIC) Nigeria’s foremost insurance company since 1921. In this case, marine perils include cases or situations like a collision with rocks or other ships, attacks from enemies, fire etc. Though we cannot predict the time of a person’s death, we can, however, make insurance. Thank you, this is really helpful. It is basically for the same reason that people have insurances – life being unpredictable. Also, there are a couple of offices outside Africa which include London and Washington D.C. Welcome To The National Insurance Commission. Below are some of the available types of insurance in Nigeria: Life insurance is arguably one of the most popular types of insurance in Nigeria. Amid the economic challenges, some insurance companies have continued to make significant progress, as revealed by their gross premium income and market share. One notable thing about this was that it was a loss on Nigeria’s path as more money went into foreign accounts. In Nigeria there are varieties of car insurance covers; Depending on your needs, their individual functions vary on what areas they cover and what areas they don’t cover. I need to save to buy a well finished mansion... copyright 2021 PropertyPro.ng. This confirms that they are one of the highly capitalized insurance companies in Nigeria. As such, they benchmark their activities at every level against global best practices.
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