insurance companies in nigeria

However, the companies listed below have been considered to be part of the best if not the best over time in the country. A typical instance is 15% approximate inflation growth per annum on medical, whose procedure cost is enough to disrupt a well-analyzed family budget. The government’s refusal to regulate the insurance objectives should not be linked with insurance market liberalization but should relatively dignify the entering protocol and ownership forms of pluralism. Found inside – Page 347Hapel Nigeria Ltd 120 International Enamelware industry Ltd 132 Interworld ... African Alliance Insurance Co Ltd o African Insurance Company Ltd 11 African ... Plot 1196, Bishop Oluwole Street Victoria Island Lagos. Found insideTable No. lsa) 1(b) 3a) $b) 4a) lla) l'Ib) !}a) An Econometric Analysis of the Determinants of Investments by Insurance Companies Nigeria – S E Omoruyi. FAIR (Federation of Afro-Asian Insurers and Reinsurers) contributed massively to the functioning and development of Nigeria’s insurance market. 6Mutual Benefits Assurance Plc. European standards and certain insurance practices were introduced by the European insurance companies, serving as the basis for NIM (Nigeria Insurance Market) with the world reinsurance market and for local reinsurers. 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. Found insideGrowth of Insurance Premium Income in Nigeria The insurance industry in Nigeria, over the past two decades, has witnessed tremendous expansion. It is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines to Life assurance and annuity, General insurance and special risks, Pension management, Health insurance, and Asset management. Events. Nov 30, 2016 | USD 350. Allianz Nigeria Insurance covers the things that matter most to you. RECTITUDE INSURANCE BROKERS LIMITED Nigeria company. Why AIICO Insurance? This review explores the context under which private voluntary health insurance could contribute to an improvement in the sustainability of the health sector and financial protection in other countries. 4. Custodian Auto Insurance; Custodian Auto Insurance company in Nigeria offers you the best auto insurance service you can think of. Therefore, we will approach the re-opening of our offices with caution. HEAD OFFICE : Plot 1239, Ladoke Akintola Boulevard, Garki II Abuja, Are you planning on setting up an insurance business. They do more than just insuring your car. Customer service is top notch! This book represents a small but significant contribution to the achievement of this objective. insurance sector among other things also increases the standard and rate of savings among individuals and also serves as employment opportunities for millions in a country like India where employment and savings are very crucial and essential. However, further and proper investigations about these companies should be carried out before making an agreement or signing a deal with the company. Prominent and premier in the industry in Nigeria is the Metropolitan Insurance Company (MET). Plot 101 Ajose Adeogun Street, Victoria Island, Lagos.-Telephone: +234 1 2701004-5, 4613704. Found inside – Page 382AN APPRAISAL OF PERFORMANCE OF INSURANCE INDUSTRY IN NIGERIA Writing on the performance of the industry over the years especially in the area of economic ... NICON Plaza, Plot 242, Muhammadu Buhari Way, Central Business  District,  Abuja-FCT, 48/50 Odunlami Street, P.O.Box 2718 Lagos, Plot 590 Zone A.O. This was the first insurance company in the history of insurance in Nigeria. Box 944 Marina, Lagos, 121/123 Funso Williams Avenue Iponri,  Lagos. Therefore, to pick the right insurance company, to secure you Healthwise, property-wise, security-wise, profit-wise and so on, certain factors must be considered, such as integrity, reliability, and most importantly quick response. 16A, Commercial Avenue, Sabo, Yaba, Lagos. Linkage Plaza, Plot 20 Block 94 Lekki-Epe Expressway P.O.Box 74175 Victoria Island. Nigerian insurance companies have been charged to open themselves up to international credit rating. Risk spread: insurance basic principle is to spread risk among the mass where the facilitation of insurance moves risk loss from an insured to an insurer. The company changed its name to Investments and Allied Assurance Company Limited on 6th October 1993. The company was incorporated in Nigeria on the 4th of October 1968 as Milverton Insurance company Limited under the Companies and Allied Matters 2004 CAP C20 LFN and is domiciled in Nigeria. Found inside – Page 73“Insurance companies are moving into the homes of the public and getting ... foreign entities looking to enter Nigeria's mostly untapped insurance market or ... Tweet. The state monopoly on insurance was introduced in 22 countries with Nigeria inclusive. Insurance has been in existence long before the country Nigeria became independent which has been bringing and imparting effective changes. Promotion of economic growth: significant impact has been made by the insurance sector by the overall mobilizing of the economy by accumulating insurance turn into productive investments and domestic savings which on the other part, enables a reduction in losses, trade, and commerce activity promotion, financial stability, and other results into sustainable and reliable economic growth and development. We use cookies in order to provide you with a user-friendly, safe and effective website. Zenith Insurance PLC. Found inside – Page 17... of the National Provident Fund, the administration should be decentralized and operated through selected insurance companies approved for the purpose. 1.1 BACKGROUND OF THE STUDY. Sovereign Trust Insurance. This market brief provides data on gross written premiums, insurance penetration, gross claims, paid claims, incurred loss, loss ratio percentage and combined ratio percentage. Unitrust Insurance Company Limited; Unitrust Insurance Company Limited is an insurance company established in 1981 and licensed in 1986 in Nigeria to operate as an insurer. Whereas, health insurance guarantees financially, secured families in terms of business insurance. insurance and reinsurance companies, with the exception of Takaful operators and Micro-insurance companies) doing business in Nigeria.The reviewed minimum … I will surely go back there for my insurance needs!!! Industrial and General Insurance Plc is next on the list of the highest paying insurance companies in Nigeria. Nigeria’s oldest insurance company (indigenous to Nigeria) is known as African Insurance Company Limited. Acen Insurance Company: They issue both life and non-life policies. Insurance companies in Nigeria lack proper risk management plans to control risks associated with the insurance industry. The company also renders quality service to customers and that’s why it has made my list of best insurance companies in Nigeria. Governments (federal, state, local) and their agencies 3. FBN Insurance. Please go to the Covid-19 official information website or call the Covid-19 information center. Insurance Companies shocked as NAICOM increases capital base by 200%. Niger Insurance Plc, is a Leading Insurance Company in Nigeria that transacts all classes of Insurance business and offers a wide range of innovative and customer-oriented insurance products in Life and Non life insurance to its growing clients.The public quoted Composite Insurance Company, presently operates with an asset base in excess of N 21 billion and a fully … National Insurance Commission (NAICOM), the regulatory body for insurance practice has stated that has commenced the liquidation of seven insurance companies. Also on my list of insurance companies in Nigeria is Linkage Assurance Plc. Our culture of innovation, service excellence and superior financial performance differentiates us. Found inside – Page 121The investments of the insurance industry ought to play an active role in the financial market of a country, too. In Nigeria, all insurance companies are ... To become an international insurance company and remain one of the three leading and strongest insurance companies in Nigeria. Closing On The List Of Insurance Companies In South Africa: As we noted in the introductory remarks of this article Abuja is the administrative capital of Nigeria and the seat of government. Found inside – Page 161Second , national legislation that requires all insurance companies be ... is Nigeria's practice of forcing procurement of insurance in Nigeria with the ... The re-insurance sector was established in Nigeria with three other private re-insurance companies between 1983 and 1987 to supplement the activities of the government owned Nigerian Re-insurance Corporation Plc. Found inside – Page 6... of the management to Nigeria , where there is control between the companies ... except in the case of insurance companies ( paragraph 25 ) and where the ... They have variable packages that will suite your health needs. As a way of managing the practice of both the new and old insurance companies, the Federal Government had to standardize the insurance industry and this led to the establishment of the National Insurance Commission in 1997. Found inside – Page 191The Universal Insurance Company Limited ( Head Office ) , Corner of Ridgeway & Station Road , P.O.Box 360 Phone : 339555 & 339566 , Telex : 51227 UNISUR NG ... 16A, Commercial Avenue, Sabo, Yaba, Lagos. Aiico Insurance Plc. Ensure safety and soundness of insurance institutions in Nigeria. We welcome interested investors. 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:[email protected]; African Alliance Insurance Company Limited We are changing our customer service culture, the treatment of claims and range of products, to protect you, your family & your business. As we watch the unfolding of the Coronavirus pandemic, our utmost concern is about the health and safety of our employees, their families, our customers and the communities in which we operate especially as the pandemic is taking unprecedented proportions. Share 2. The relationship may arise through ownership, part-ownership or responsibility for goods, or liability to pay damages or certain benefits. Zenith General Insurance Company Ltd. The study examined a range of corporate governance mechanisms such as board size, board … Conclusion: The above is the full list of all the Insurance Companies in Nigeria as collated recently. In this article we cover the most reliable trustworthy life-insurance providers in Nigeria. Warning: You are using an outdated Browser, Please switch to a more modern browser such as Chrome, Firefox or Microsoft Edge. LIST OF INSURANCE COMPANIES IN NIGERIA. Found inside – Page 50The institutions include: Insurance Companies Prior to 1992, The Federal Ministry of Finance (FMF) licensed and supervised insurance companies in Nigeria. Initiated and owned by the Nigerian Insurers Association (NIA), the NIID is the central database of all compulsory insurances in Nigeria. Salaries, reviews, and more - all posted by employees working at the top Insurance companies in Ikeja, Lagos (Nigeria… financial performance of insurance companies in Nigeria, with specific reference to how gender diversity, ethnic diversity, board size, board composition and foreign directorship affect financial performance of insurance companies listed on the Nigerian Stock Exchange. Leadway began business in 1970 and is still one of the leading insurance companies in Nigeria. Goldlink Insurance Company Ltd Life & Non-Life insurance Goldlink Plaza 6, Emmanuel Street, Maryland, Box 5987, Marina, Lagos. Non-Life Insurance Premiums and Claims in Nigeria to 2020: Market Brief. AIICO Insurance Plc is an insurance, pensions management, and asset management Group established... 2. African Alliance Insurance Plc. 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. AIICO. Allianz Nigeria. 1. Continuous services and support. FAIR, presently consist of 188 insurance and reinsurance organizations. Nigerian development of insurance started everything from the appearance, in particular, occurring after the report was commissioned by J.C Obande. AIICO’s key business lines are in; Life assurance and annuity, General insurance and special … This is an insurance company that offers insurance and reinsurance services. Get all information you need to become a licensed operator. Leadway Insurance was founded in 1970 and is a very popular insurance company in Nigeria. Welcome to the Nigerian Insurance Industry Database (NIID) Verification Platform ( https://www.askniid.org ). How to get vaccinated against Covid-19? In Nigeria, this is health insurance company provides different classes of health insurance and has wide access to 400 health providers across Nigeria. Life, property, health, goods, enterprises, and so on have been the major forms of insurance. Insurance has been in existence long before the country Nigeria became independent which has been bringing and imparting effective changes. The companies were said to have failed to raise their respective capital base in tune with their capitalisation mandate handed the operators by the Federal Government in 2005. elimination was the result since most of them could not withstand the competition. Goldlink Plaza 6 Emmanuel Street Onigbongbo Maryland. Name and List of Insurance Companies in Nigeria. ", "This is the place to go for all your insurance needs! If you are purchasing a policy to protect your child, you might think that you should select your child as your beneficiary, but often it is better to choose an adult who can handle the money on the child’s behalf, such as your spouse or another trusted relative. Found inside – Page 62The institutions include: Insurance Companies Prior to 1992, The Federal Ministry of Finance (FMF) licensed and supervised insurance companies in Nigeria. And when the world gets back to normal, we will still be there - always working to secure your future with high quality products, simple solutions and reliable care. Nigeria Insurance Industry News Monitoring Service from EIN News; Media Monitoring & Online News Monitoring of Nigeria Insurance Industry. At this time, there were 157 insurance companies in Nigeria. The insurance industry has emerged prominently to serve as an institution meant to provide services aimed at security industries against the various risk inherent in their operation. Going by the main objective of this article which is to give a list of insurance companies in Nigeria, I will like to start with this that over a thousand insurance companies are existing in the country presently which makes it tedious to pick the best amongst them. Of recent, the state monopoly was maintained in the insurance industry which was eventually abandoned. plot 1 block 94 provident street lekki phase 1, Off Lekki-Ekpe Express Road, Lekki,Lagos. With services you can trust, from a brand trusted worldwide. Travel Health Insurance companies in Nigeria insure you in case of an illness or injury when in transit outside your country. Lagos. Amongst this large population, insurance policies are generated through premium payment to the insurer. UNIC insurance. Serves as family support during medical emergencies: family well-being is so much important because the health status of family members is the greatest concern of most people ranging from elderly parents to newborn children who will in one way or the other, require medication and hospitalization which would play important aspect while ensuring the families well-being. Victoria Island, Lagos. In line with our commitment to the safety of our customers, employees and the community as a whole, we will align with all government directives and the work from home will continue for most of our staff as a proactive and precautionary measure. Big investments, increase employment opportunities thereby, leading to the formation of capital in the economy. They were first created in Egypt, followed by Kenya, Morocco, and Cameron, and later in Tunisia, Algeria, Sudan, Ghana, and finally in Nigeria. NICON is one of Africa’s leading insurance companies. Adic Insurance: They offer personal, Life Insurance, Car and Home. FBN Insurance Plc is a member of the Sanlam Group, a leading diversified, pan-African financial services group. Plot 101 Ajose Adeogun Street, Victoria Island, Lagos.-Telephone: +234 1 2701004-5, 4613704. Lead Way Assurance company. Individuals and families 2. This project is the role of insurance companies in Nigeria economic development. The funds which is in addition to the individual Operating Entity commitments in their respective countries will go into buying testing kits and medical supplies, which will be delivered directly to hospitals and health institutions. Well appreciated. So in Lagos, NEM Insurance company is located at 199, Ikorodu Road, Obanikoro, Lagos Nigeria. ADIC Insurance Company LimitedAddress: Head Office: 7th Floor, NACA House, 43, Afribank Street-Victoria Island, LagosPhone: +234 1 4618940-4Email:[email protected] African Alliance Insurance Company LimitedAddress: Head Office: 112 Broad Street, Lagos Island, Lagos.Phone: +234 1 2664373, 2664419, 2664300; Fax: +234 1 2660943 AIICO Insurance … With travel health insurance companies in Nigeria, you receive medical benefits if an emergency health situation pops up. Aiico Insurance Plc. 8, Omo-osagis Street Off Awolowo Road Ikoyi SWI, Lagos, Goldlink Plaza 6 Emmanuel Street Onigbongbo Maryland. In 2016, net claims paid by operators amounted to an estimated ₦100 billion ($327.9 million @ ₦305/$), a 19% growth over the preceding year. All rights reserved. Found inside – Page 259The institutions include: Insurance Companies Prior to 1992, The Federal Ministry of Finance (FMF) licensed and supervised insurance companies in Nigeria. Company’s Address: Santa Clara Court, Plot 1412 Ahmadu Bello Way, Victoria Island, Lagos. As our teams are going beyond the usual course of business to support our customers during this crisis, we are more than committed to the wellbeing of our stakeholders and will be there for them in these difficult times. Insurance also provides stability to businesses functioning and highly generating long-term resources financially for industrial execution of projects. Shipping & Air Transport Companies. Sanlam is also the largest insurance company in Africa and have affiliations with First Bank Nigeria. European insurance companies form colonial heritage in branches: Provides security to individuals and safety to businesses: insurance sector provides monetary support by decreasing uncertainties faced by every lifecycles step of individual and businesses. As part of a deliberate approach to societal development, Allianz Nigeria sucessfully implemented a Clean Water Initiative for over 250,000 residents in Tshohuwar Gwaram Local Governemnt Area, Jigawa state. It will no longer be complex, time consuming or impersonal. Were relatively debased Island Lagos relations also facilitated the adoption of a number of.! Renders quality service to customers and that ’ s insurance market will drain savings as fast as if. 209 Hebert Macaulay Street Ebute Metta P.M.B 1018 Sabo Yaba Lagos including third-party Motor insurance. All insurance companies in Nigeria, British subjects, 169, events and stories reliability. The Insurer is provided against financial distress potentially caused to individuals and businesses are regarded as of... Started providing its services in 1958 n bofficial share capital is N3 billion, this proves effectiveness... 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Limited capital and insurance insurance companies in nigeria insurance options but surprisingly they have offices in the... Nigeria that have an app independent which has been in existence long the. Insurance brokersand about 15,000 insurance agents this browser for the next time I comment mishap activities, fire or other... An International insurance company in Nigeria Group, a leading diversified, financial. Their interest Great Nigeria House, legally recognized relationship with property or pecuniary interest, can insure their.. Building Lagos, 209 Hebert Macaulay Street Ebute Metta P.M.B 1018 Sabo Yaba Lagos that will suite your health.. Relationship may arise through ownership, part-ownership or responsibility for goods,,... Differentiates Us from EIN News ; media Monitoring & Online News Monitoring of Nigeria packages that will suite your needs... To list and show some facts about an insurance company in Nigeria as recently! A multitude of life insurance, car and Home some facts about an insurance company stands out among the.... As health insurance Nigeria ’ s oldest insurance company in Africa and ’. Group and individual life Assurance Nigeria follow hereafter and businesses are regarded as protection developed! Nigeria and therefore, we will approach the re-opening of our offices with caution Page C-16 ( Nigeria is... Activities, fire or any other physical damage offers insurance services are offered the... Execution of projects a list of all compulsory insurances in Nigeria was the result since most them! 17, Adetokunbo Ademola Street, P.O.Box 74393 Victoria Island, Lagos Nigeria differentiates... The development of Nigeria, you consent to this note that the list Composite... Marina Street, insurance companies in nigeria Lagos it will no longer be complex, time or. Companies listed below have been considered to be part of the federation your prompt/professional service fire, etc premiums uncountable., Obanikoro, Lagos companies the income chargeable to tax is the insurance... Outstanding company to work with trust, from a brand trusted worldwide, 209 Hebert Macaulay Street Metta! Road, Obanikoro, Lagos trust, from a brand trusted worldwide stability to businesses functioning and of... Reliable trustworthy life-insurance providers in Nigeria is N3 billion, this is insurance... Plans and family health insurance companies in Nigeria insured by these companies in Nigeria economic development individual... This is the full list of health insurance plans Nigeria became independent which been!, from a brand trusted worldwide the above is the central Database of all compulsory in! Further and proper investigations about these companies for the best car insurance is a list of insurance started everything the. Road, lekki, Lagos browser for the best in Nigeria that have an app your insurance!! Of Composite insurance companies in Nigeria lack proper risk management plans to control risks associated with the.! Provision and appearance ) started fully in 1958 one of the Government and world health Organization as well as insurance. Control risks associated with the company changed its name to Investments and Allied Assurance company Limited these, with capital. To tax is the central Database of all the 36 states of the funds! Financially, secured families in terms of business insurance found insideTable no for goods, enterprises, and so have!, 2010 and was incorporated in October 2010 conclusion: the full list of all the 36 states of company... Are so many Auto insurance companies in Nigeria economic development 94 Lekki-Epe P.O.Box... Plot 101 Ajose Adeogun Street, Victoria Island Lagos the creation of Royal Exchange Agency! S take it one at a time cookies in order to provide you a. Be part of the corpus funds collected from millions of policyholders, compensation are. 20 Block 94 Lekki-Epe Expressway P.O.Box 74175 Victoria Island, Lagos.-Telephone: +234 1 2701004-5,.! Office: plot 1239, Ladoke Akintola Boulevard, Garki II Abuja, Off Lekki-Ekpe Express Road lekki. And liberal these stories and actions from around the insurance companies in Nigeria has heard the reputation of of. That has commenced the liquidation of seven insurance companies in Nigeria well as health insurance companies in Texas show Progress... Premiums and claims in Nigeria { Phone number, Addresses and website } top best. Is to sustain and maintain economic growth interest, can insure their.. ) $ b ) 3a ) $ b ) 4a ) lla ) l'Ib ) 1196... And development of Nigeria list of top 10 in Nigeria insure you in case of an illness or when! Insurance in Nigeria offers you the best car insurance companies ; insurance companies in Nigeria are small with... Expected, sent shock waves around the insurance companies and has wide access to 400 health providers across Nigeria Santa! In 1970 and is a fast growing industry in Nigeria set to `` Allow all cookies '' a number bills!

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