Top insurance companies liter Nigeria and this is so because insurance is never enough in the giant of Africa. Insurance itself is a means of protection from financial loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. Insurance companies in Nigeria has recorded great achievements over the years, however, most Nigerians, individually do not see the need for insurance. Reason for this is sometimes is the ignorance of what insurance is. In Nigeria, there are various types of insurance policies you would learn about upon interactions with an insurance company. Understanding this will help you realise the importance of insurance in Nigeria.

Importance of Insurance

• Insurance indemnifies
• Generates financial resources
• As a business it allows you to take and spread risks.
• It’s a form of saving and investment
• Medical support
• Security of your family’s future.
• Protects against losses
• Insurance is compulsory in Nigeria for vehicles

Top 10 Insurance Companies in Nigeria

1. Leadway Assurance Company

Leadway Assurance Company also known as Leadway is a Nigerian insurance corporation headquartered in Lagos, Nigeria and is one of the best in the country. The company was founded in 1970 by Sir. Hassan O. Odukale and started out as a motor insurer. Over the years the company has expanded to provide both life and general insurance. In 48 years of service, the company’s capital has grown to enable Leadway to underwrite risks of very high magnitude as regards heavy industries, such as Oil and Gas and big manufacturing outfit and also offer subsidiary financial services like Bond, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management. As of 2015, Leadway Assurance had assets recorded at N137.3 billion and a net income of N6.2 billion.

2. ARM Life

ARM Life is an insurance subsidiary for Asset & Resource Management Company Ltd (ARM). ARM Life is licensed and regulated by the National Insurance Commission of Nigeria (NAICOM) to underwrite Life, Annuity and Health insurance. Its parent company ARM is the largest financial service company in the country. Established in 1994, ARM started operations as just a traditional asset management company that specialised in the management of quoted equities and fixed income securities. Over the years ARM has maintained its quality services and has evolved into a diversified financial services institution. The firm recently launched a savings and investment application in March.

3. Consolidated Hallmark Insurance.

Consolidated Hallmark Insurance (CHI) Plc is a General Business and Special Risks Insurance underwriting firm and is a top insurance company in Nigeria. 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, amongst others. CHI is a company that can boast of a robust training and retraining programme of its team, to keep them up to date with developments in the field ensuring them a highly skilled, highly experienced and current human resource. In the Nigerian Insurance industry, Consolidated Hallmark Insurance has paved the way for deployment of ICT infrastructure for the online transaction of insurance business in the industry through a user-friendly platform.

4. AXA Mansard Insurance Plc

AXA Mansard Insurance plc is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries. AXA Mansard Insurance plc was incorporated as a private limited liability company in 1989 is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). Over the years, AXA Mansard Insurance has grown to offer offers life and non-life insurance products and services to individuals and institutions across Nigeria. Through its three subsidiaries AXA Mansard Pensions Limited, AXA Mansard Health Limited, and AXA Mansard Investments Limited the company also offers asset/investment management services, medical insurance solutions and pension fund administration. With its over 20 years of service, AXA Mansard Insurance Plc has Market Capitalization more than N28 billion thereby remaining the biggest insurance company on the Nigerian Stock Exchange.

5. Custodian Insurance Plc

Custodian Insurance Plc is one of the best insurance companies in Nigeria. Through years of operations, the company offers a range of General Insurance, Life Insurance, Trustees and Pension plans. Custodian & Allied Insurance is a wholly owned Nigerian Company. CAIL’s sole purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs

6. AIICO Insurance

AIICO Insurance is the largest Life Insurer in Nigeria and a major underwriter for General Insurance business. The company is a key player in Oil and Gas with a market leader travel insurance unit. AIICO Insurance is a household name that offers a wide range of products and services in General Insurance for Retail and Institutional customers. The firm boasts of a solid global support that enables the company to provide sophisticated and high profile options for their clients making them a top insurance company in Nigeria.

7. NEM Insurance

NEM Insurance Plc came to be through the Edward Turner & Co agency in 1948. The company’s history records that It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. Merging numerous subsidiaries, NEM Insurance Plc has expanded its operations into the West African Sub-region, offering all classes of General Insurance.

8. Mutual Benefits Assurance

Mutual Benefits Assurance a leading brand in the Nigerian Insurance industry with over 5,000 staff on its payroll. The company can be described as strong, well capitalised, with access to the international insurance market. The company commenced operation on the 2nd October 1995 and became a public liability company on 24th May 2001. Mutual Benefits Assurance transacts both Life and General Insurance with an authorised share capital and fully paid capital recorded in billions.

9. Royal Exchange

Royal Exchange commenced operations in Nigeria in 1918, represented by Barclays Bank DCO and in 1921 it was converted to a full branch of its then parent company, Royal Exchange Assurance, London. Royal Exchange is the insurance company in Nigeria that continuously focuses on customer service and product enhancement, our technology platforms and our human capital. The company’s operations spanning decades has contributed greatly to the Nigerian insurance industry, offering General Insurance, Life Insurance, Finance & Asset Management Investment, Health Insurance and Microfinance banking.

10. IGI Insurance

Industrial And General Insurance Plc (IGI) is an insurance company that with one of the most prominent logos. The company was first incorporated as a private limited liability company on the 31^st of October, 1991 and later re-registered as a public limited liability company in 2007. It commenced operations in January 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks. With a mix of corporate clients, professional team and modern technology, Industrial and General Insurance Plc has recorded various achievements over the years including being the first private insurance company in Nigeria to post N1 billion premium income.