Top 10 Insurance Companies In Nigeria.

 Top 10 Insurance Companies | Among the list of insurance companies Nigeria, there are few ones that stand out and we have rated them as in Top 10 Insurance Companies in Nigeria. The list of insurance companies in Nigeria 2017 is endless because in the past years, there exist numerous insurance companies ranging from car insurance companies to theft insurance companies in Nigeria. Hence the need to group and classify this insurance companies into the list of top 10 insurance companies Nigeria.

This list contains insurance companies such as acen insurance company and lead way insurance company.

There are many insurance companies in the country and it would not be easy listing the best ten as there are many indices to use in drawing a conclusion as to which ones are the best. The best insurance companies must have the following features.

Top 10 Insurance Companies
Top 10 Insurance Companies

They must be known to the public Top 10 Insurance Companies

No matter the name a company has made. Its better recognized in its industry. When you take about shoes, you remember Nike and timberland. When you talk about cars, you look for ford or Toyota. The same applies to the insurance industries. Any company known to the public when people are asking is still a reputable company.

They should have a track record as Top 10 Insurance Companies

While I am not an insider in most of these companies, I have been fortunate to attend large organizations with thousands of employees where these insurance firms do business. You can always get subtle data as regarding the performance and record of insurance companies and with this sort out the best.

They must have testimonials

What do I mean by this? A testimony is also known as testimonials from satisfied customers. This testimonial gives anyone who is interested about the firm a knowledge of what to expect.

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Using the first criteria to choose the best insurance company in Nigeria, there are 16 insurance companies that meet the first criteria. Following the study conducted by GIZ, a German agency for development and Risk guard-Africa Limited. There are:

  • Aiico
  • Custodian Insurance plc
  • Consolidated hallmark insurance
  • Lead way Insurance
  • IGI Insurance
  • Gold link Insurance
  • Niger Insurance plc
  • NEM Insurance
  • Mutual Assurance plc
  • Staco Insurance plc
  • Oasis
  • Mutual Benefits
  • Royal Exchange

The report stated that other companies identified as underwriting firms include, Savana Insurance, Gateway insurance, Quality Insurance, Liberty Insurance.

Using criteria 2 – you would have to take a visit to each of this company or sign up with one of them. The ones I would vouch for are already listed but no special favour would be given to any as each customer experience differs.

Frankly, most of the insurance companies would pass criteria 2. I would rather move to the all-important three. Reason been that I have not tried all the insurance companies but there seem to be a lot of improvement going on in the industry.

Using criteria three to determine the best insurance company in Nigeria

Testimonials are the lifeblood of any business aside adequate funding. If any business is going to succeed in the long run, then testimonials from satisfied customers are a must.

What do clients say about the insurance companies?

Some may say good other have their negatives but none is perfect. This criterion is meant to help your decision. You should not follow it if you don’t want. But I love getting to know more of what people have to say about this firms and their services.

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Top 10 best insurance companies in Nigeria based on customer opinions

  • Aiico

Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines:

  1.  Life assurance and annuity
    2.  General insurance and special risks
    3.  Pension management
    4.  Health insurance and
    5.  Asset management

    AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”). The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly owned subsidiary of ALICO/AIG – in 1970 – to offer Life and Pension products and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested.

  • Custodian insurance plc.

Custodian and Allied Plc. (CA Plc) is a holding company with leading specialist companies and brands including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited; all rendering best in class services in its versatile fold.

CA Plc. is managed by a Board comprising thorough bred professionals with proven track records in their various fields of endeavor, who bring broad and deep insights derived from several years of fruitful and eventful years of experience to bear.

  • Consolidated hallmark insurance

one of the Top 10 Insurance Companies is Consolidated Hallmark Insurance (CHI) Plc. It is a General Business and Special Risks Insurance underwriting firm fully capitalized in line with statutory requirements of the industry regulatory body – the National Insurance Commission.

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 underwriting including Motor, Fire and Special Perils, Goods-in-Transit, Engineering Insurance, amongst others.

With a formidable Team of highly experienced professionals, CHI Plc prides itself with a robust training and retraining programme to enable the team keep abreast of developments locally and at the global level. This is backed by the deployment of a state-of-the art technology infrastructure that ensures prompt service delivery across the on-line real time network of regional offices across Nigeria.

  • Lead way Insurance

One of the best Top 10 Insurance Companies is  Leadway Assurance Company Limited. Leadway is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability. For over 40 years, Leadway has honoured its underwriting commitments and has earned its reputation of excellence in claims handling.

  • IGI Insurance

Within few years of its existence, the company recorded landmark achievements which underscored its high potentials as a market leader and frontline player in the nation’s insurance industry. IGI made history in 1996 as the first private insurance company in Nigeria to post N1 billion premium income, that is four years after it began operations. In 2004, the company consolidated its leadership position in the industry with a premium income in excess of N4 billion.

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  • Niger Insurance plc.
  • Mutual Assurance plc
  • Oasis
  • Crusader

You may search for more information on each by Google. Hope you find this helpful.

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