10 Best Insurance Companies in Nigeria

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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 such as OEP insurance. The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. The collective experience of the other countries in Asia has already deregulated their markets and has allowed foreign companies to participate. If the experience of the other countries is any guide, the dominance of the Life Insurance Corporations such as the best term life insurance canada are not going to disappear any time soon. The aim of all insurance is to compensate the owner against loss arising from a variety of risks, which he anticipates, to his life, property and business.

Insurance is mainly of two types: life insurance and general 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. Insurance solutions for businesses operating in the Marine Leisure Sector have been slow to evolve compared to other sectors. Until relatively recently, a boatyard owner could find him/herself having to source a suite of insurance products to cover buildings, contents, financial risks, vessels, pontoons and indemnity against a range of legal liabilities. Whilst the first Marine Traders “Combined” policy that provided cover for all these risks appeared in the late 1990s, the market did not rush to embrace the new paradigm. Some significant providers of insurance in this Sector did not release a “Combined” solution until as late as 2007 and others still only offer stand-alone covers. Medicare supplement plans 2021 are one of the most profitable and risk free plans.

They must be known to the public

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 and is well valued by an auto insurance company. In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune after they have agreed to the terms and insurance quote from the insurer. It lets you protect yourself against everyday risks to your health, home and financial situation. Insurance in India started without any regulation in the Nineteenth Century. It was a typical story of a colonial epoch: few British insurance companies dominating the market serving mostly large urban centers. After the independence, it took a theatrical turn. Insurance was nationalized. First, the life insurance companies were nationalized in 1956, and then the general insurance business was nationalized in 1972. It was only in 1999 that the private insurance companies have been allowed back into the business of insurance with a maximum of 26% of foreign holding. Here is a popular Rockwall insurance agent notes.

They should have a track record

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.

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
    • NICON
    • LASACO
    • Oasis
    • Mutual Benefits
    • Royal Exchange
  • Crusader

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.

Top 10 best insurance companies in Nigeria based on customer opinions

  • Aiico
  • Custodian insurance plc.
  • Consolidated hallmark insurance
  • Lead way Insurance
  • IGI Insurance
  • Niger Insurance plc.
  • Mutual Assurance plc
  • NICON
  • Oasis
  • Crusader

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

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