50 List of Insurance Companies In Nigeria

List Of Insurance Companies In Nigeria

Insurance is an important service that opens up people’s families and colleagues and creates confidence and peace for future purposes. 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. {List Of Insurance Companies In Nigeria}.

In past years, insurance has experienced more evolution and has been widely spread, though, not in comparison with other countries in the world. More so, insurance in Nigeria has developed quite poorly, the reason is not only from the economic sector but from the insurance services themselves.

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. 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. However, the companies listed below have been considered to be part of the best if not the best over time in the country.

LIST OF INSURANCE COMPANIES IN NIGERIA

  • Allianz Nigeria
  • Consolidated Hallmark Insurance Plc
  • FBN Insurance
  • Great Nigeria Insurance Plc
  • Guinea Insurance Plc
  • Industrial & General Insurance Plc
  • Law Union & Rock Insurance Plc
  • Mutual Benefits Assurance Plc
  • NICON Insurance Plc
  • Niger Insurance Plc
  • Nigeria Deposit Insurance Corporation
  • Nigerian Insurers Association
  • Regency Alliance Insurance Plc
  • Sovereign Trust Insurance Plc
  • Sterling Assurance Nigeria Ltd
  • WAPIC Insurance Plc
  • Zenith General Insurance
  • Guardian Express Assurance Co. Ltd
  • Cornerstone Insurance Plc
  • Staco Assurance Plc
  • Leadway Assurance Co. Ltd
  • Guaranty Trust assurance Plc
  • Yankari Insurance
  • Oceanic Insurance Co.Ltd
  • Lasaco Assurance
  • ADIC Insurance Co. Ltd
  • Prestige Assurance Plc
  • International Energy Insurance
  • Royal Exchange Assurance Co. Plc
  • UNIC Insurance Plc
  • Alliance and General Insurance Plc
  • Custodian and Allied Insurance Plc
  • Law Union and Rock Insurance Plc
  • Crusader Insurance Plc
  • Standard Insurance Plc
  • Standard Life Assurance Plc
  • Anchor Insurance Co. Ltd
  • Goldlink Insurance Plc
  • Great Nigeria Insurance Plc
  • Heirs Life Assurance (Now Metropolitan Life)
  • OASIS Insurance
  • Sovereign Trust Insurance
  • Kapital Insurance Co Ltd
  • Capital Express Insurance Co. Ltd
  • Linkage Assurance Plc
  • Consolidated Hallmark Plc
  • Unitrust Insurance Co. Ltd
  • Universal Insurance Co Ltd
  • AIICO Insurance Plc
  • Continental Reinsurance Co. Plc
  • NEM Insurance Plc
  • African Alliance Insurance Co. Ltd
  • Nigerian Agricultural Insurance Corporation

Contact Us Of Insurance Companies In Nigeria {Phone Number, Addresses And Website}

    • Allianz Nigeria
      Head Office: 307, Adeola Odeku Street, Victoria Island, Lagos
      Telephone numbers +234 1 904 951
      Type of business: Publicly listed company
      Official Website: https://www.allianz.ng/
  • Consolidated Hallmark Insurance Plc
    Head Office: 4, Eziukwu Road, Aba, Abia Nigeria
    Company can be Contacted via numbers : +234 818 000 1164, +234 818 000 1163, 082 223216
    Official Website: https://chiplc.com/
  • FBN Insurance
    Head Office: 34, Marina, Lagos Island, Lagos, Nigeria
    0709 812 3827, 0808 047 9319, 01 905 4364
    Official Website: https://www.fbninsurance.com/
  • Great Nigeria Insurance Plc
    Head Office: 8 Omo Osagie Street, South West Ikoyi, Lagos, Nigeria
    Company can be Contacted via numbers (+234) 08052601713, 01 342 9161
    Official Website: www.greatnigeriaplc.com/
  • Guinea Insurance Plc
    Head Office: 33 Ikorodu Road, Jibowu, Lagos
    +234 1 293 4575, +234 1 293 4577
    Official Website: https://www.guineainsurance.com/
  • Industrial & General Insurance Plc
    Head Office: Plot 741, Adeola Hopewell Street, Victoria Island, Lagos Nigeria
    Company can be Contacted via numbers (+234) 08033049507, 01 2918854, 01 2918853
    Official Website: https://www.iginigeria.com/
  • Law Union & Rock Insurance Plc
    Head Office: Law union House 14 Hughes Avenue, Alagomeji, Yaba, Lagos, Nigeria
    Company can be Contacted via numbers (+234) 01 454 0071, 01 454 0074, 01 454 0075
    Official Website: https://lawunioninsurance.com/
  • Mutual Benefits Assurance Plc
    Head Office: Rainbow Tower, Kilometer 127, Idiroko Rd. Near NNPC Filling Station, Ota, Ogun State Nigeria
    Company can be Contacted via: +234 803 431 8658
    Official Website: www.mbaplc.com/
  • NICON Insurance Plc
    Head Office: Nicon Plaza, Plot 242, Muhammadu Buhari Way, Central Business District, Abuja FCT Nigeria
    Company can be Contacted via : +234 809 504 1234, +234 805 508 4597
    Official Website: https://niconinsurance.com.ng/
  • Niger Insurance Plc
    Head Office: 48/50, Odunlami Street, Lagos Island, Lagos
    Company can be Contacted via numbers (+234) 0803 308 5970, 01-894 7226, 01-872 0344
    Official Website: https://nigerinsurance.com/
  • Nigeria Deposit Insurance Corporation
    Head Office: Plot 447/448 Constitution Avenue Central Business District, Garki, Abuja, Nigeria
    Company can be Contacted via numbers (+234) 09 460 1380 – 9
    Official Website: https://ndic.gov.ng/
  • Nigerian Insurers Association
    Head Office: 42, Saka Tinubu Street, Opposite Eletu Ogabi Street, Victoria Island, Lagos Nigeria
    Company can be Contacted via numbers (+234) 0818 887 7140, 0701 178 4884, 0803 040 0804
    Official Website: https://www.nigeriainsurers.org/
  • Regency Alliance Insurance Plc
    Head Office: 2 Ebun Street, Gbagada Expressway Phase 1, Gbagada, Lagos, Nigeria
    Company can be Contacted via numbers (+234) 0805 349 9070, 0805 349 9074, 0809 765 6546
    0814 323 3727
    Official Website: https://www.regencyalliance.com/
  • Sovereign Trust Insurance Plc
    Head Office: 35 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria
    Company can be Contacted via numbers (+234) 01 262 3940, 01-261 9011
    Official Website: https://www.stiplc.com/
  • Sterling Assurance Nigeria Ltd
    Head Office: 1st Floor, Union Bank Building (4th floor), 37, Niger Street, Kano, Kano State
    Company can be Contacted via: +234 805 769 6098, +234 803 450 9093
    Official Website: https://www.sterlingassure.com/
  • WAPIC Insurance Plc
    Head Office: No 119 Awolowo Road, Falomo Ikoyi, Lagos, Nigeria
    Company can be Contacted via numbers (+234) 070034592742, 01 277 4500, 01 277 4555
    Official Website: https://www.wapic.com/wapic-life-assurance
  • Zenith General Insurance
    Head Office: Plot 280a, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
    Company can be Contacted via numbers (+234)
    01 278 3421, 01 270 1004
    01 461 3705
    Official Website: https://www.zenithinsurance.com.ng/
  • Other Insurance companies in Nigeria are:
    Guardian Express Assurance Co. Ltd
    Cornerstone Insurance Plc
    Official Website: https://www.cornerstone.com.ng/
  • Staco Assurance Plc
    Phone: 01 295 2696
    Official Website: www.stacoplc.com/
  • Leadway Assurance Co. Ltd
    Company can be Contacted via: 01 270 0700
    Official Website: https://www.leadway.com/
  • Guaranty Trust assurance Plc
    Official Website: https://www.axamansard.com/
  • Yankari Insurance
    Official Website: https://www.finsurance.com.ng/portal/home/profile
  • Oceanic Insurance Co.Ltd
    Company can be Contacted via: 01 279 3742
  • Lasaco Assurance
    Official Website: www.lasacoassurance.com
  • ADIC Insurance Co. Ltd
    Company can be Contacted via: 01 461 8940
    Official Website: www.adicinsurance.com/
  • Prestige Assurance Plc
    Company can be Contacted via: 0700 7737 8443
    Official Website: www.prestigeassuranceplc.com/
  • International Energy Insurance
    Official Website: https://www.ieiplcng.com/about-us/
  • Royal Exchange Assurance Co. Plc
    Official Website: https://www.royalexchangeplc.com/
  • UNIC Insurance Plc
    Official Website: https://www.unicinsurance.com/
  • Alliance and General Insurance Plc
    Official Website: www.aginsuranceplc.com/
  • Custodian and Allied Insurance Plc
    Company can be Contacted via: 01 277 4000
    Official Website: https://custodianplc.com.ng/
  • Law Union and Rock Insurance Plc
    Company can be Contacted via: 0903 600 0066
    Official Website: https://lawunioninsurance.com/
  • Crusader Insurance Plc
    Official Website: https://custodianplc.com.ng/
  • Standard Insurance Plc
    Company can be Contacted via: 0700 4678 72623
    Official Website: https://www.sainsuranceng.com/
  • Standard Life Assurance Plc
    Official Website: https://www.sainsuranceng.com/
  • Anchor Insurance Co. Ltd
    Company can be Contacted via: 01 342 5908
    Official Website: www.anchorinsuranceng.com/
  • Goldlink Insurance Plc
    Company can be Contacted via: 0806 551 9551
    Official Website: www.goldlinkinsuranceplc.com/
  • Great Nigeria Insurance Plc
    Official Website: www.greatnigeriaplc.com/
  • Heirs Life Assurance (Now Metropolitan Life)
    Official Website https://www.metropolitanng.com/
  • OASIS Insurance
    Official Website https://www.oasisinsurance.com/
  • Sovereign Trust Insurance
    Official Website https://www.stiplc.com/
  • Kapital Insurance Co Ltd
    Official Website https://veritaskapital.com/
  • Capital Express Insurance Co. Ltd
    Official Website https://www.capitalexpressassurance.com/
  • Linkage Assurance Plc
    Official Website https://linkageassuranceplc.com/
  • Consolidated Hallmark Plc
    Company can be Contacted via: 01 291 2543
    Official Website https://chiplc.com/
  • Unitrust Insurance Co. Ltd
    Company can be Contacted via: 01 270 1167
    Official Website www.sahamunitrust.com/
  • Universal Insurance Co Ltd
    Official Website https://www.universalinsuranceplc.com/23-about-us.html
  • AIICO Insurance Plc
    Official Website https://www.aiicoplc.com/
  • Continental Reinsurance Co. Plc
    Company can be Contacted via: 01 462 2779
    Official Website https://www.continental-re.com/
  • NEM Insurance Plc
    Company can be Contacted via: 01 448 9570
    Official Website https://nem-insurance.com/
  • African Alliance Insurance Co. Ltd
    Company can be Contacted via : 01-722-7666
    Official Website www.africanallianceplc.com
  • Nigerian Agricultural Insurance Corporation
    Official Website https://www.naic.gov.ng/

However, further and proper investigations about these companies should be carried out before making an agreement or signing a deal with the company.

EVOLUTION OF INSURANCE IN NIGERIA

European companies since the colonial period have been in good form in the NIM (Nigerian insurance market) since the 1960s and have also been the essentialities of the current situation faced by insurance itself. Goods sent to the centers of the empire are insured by these companies.

After the political independence of these colonies, branches of these companies in Africa were nationalized. With the support of the UN, the government tried forming its own insurance market. Thereby, minimizing or avoiding the outflow of currency.

In the newly liberated countries, UNCTAD discovered the importance of insurance officially in the 1960s which speeds up their free trade and economic development. the parliament of Africa countries actualizing insurance relations also facilitated the adoption of a number of bills.

List Of Insurance Companies In Nigeria
List Of Insurance Companies In Nigeria

The state monopoly on insurance was introduced in 22 countries with Nigeria inclusive. Nigerian development of insurance started everything from the appearance, in particular, occurring after the report was commissioned by J.C Obande.

APPEARANCE OF REINSURANCE COMPANY

Some reinsurance companies at the same time appeared in Africa. They were first created in Egypt, followed by Kenya, Morocco, and Cameron, and later in Tunisia, Algeria, Sudan, Ghana, and finally in Nigeria. The state fully possesses all the shares of these organizations.

PRIVATE OWNERSHIP OF INSURANCE COMPANIES IN NIGERIA

The ownership custom started shifting from state to private in the early 90’ making Nigerian economy and Africa face the counter-trend, while the world bank increases the pressure, and the insurance market with immediate effect starts moving towards liberalization. Of recent, the state monopoly was maintained in the insurance industry which was eventually abandoned. With his action, the effective activities of local reinsurers were relatively debased. elimination was the result since most of them could not withstand the competition.

OLDEST INSURANCE COMPANY IN NIGERIA

This company was established in the year 1918, which made it the first Nigerian insurance company in history. Nigeria’s oldest insurance company (indigenous to Nigeria) is known as African Insurance Company Limited. Its operation (service provision and appearance) started fully in 1958.

EUROPEAN INFLUENCE

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.

The national insurance commission was originated in 1997 and the development of the insurance market in 1998, became much more effective and liberal. As at this time, 157 of the 580 African insurance companies were established in Nigeria.

CONTRIBUTION OF FAIR TO THE HISTORY OF INSURANCE IN NIGERIA

FAIR (Federation of Afro-Asian Insurers and Reinsurers) contributed massively to the functioning and development of Nigeria’s insurance market. This company started her operation in the year 1964 in order to further her course as a company and strengthen the collaboration between Afro-Asian insurers and reinsurers. FAIR, presently consist of 188 insurance and reinsurance organizations. 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. Activities of the insurers should be under control which could be quite difficult.

1976 NIGERIAN INSURANCE ACT

The Nigerian insurance act was signed in 1976, when the insurer’s solvency was of no regulatory requirements, although, the situation tends to be changing from time to time. However, a new insurance act was put in place as in 2003 and all insurers and reinsurers were authoritatively required to have a new increased and higher capital and standard respectively. Funds from the bank and real estate properties were no longer accepted by the Local National Insurance Commission (NAICOM).

Therefore, Nigeria experienced the development of insurance through the following factors:

  • European insurance companies form colonial heritage in branches:
    • European company branches, bringing in their standard and regulations, served as good basic example and impulse, which automatically connected African and world market of insurers and reinsurers, leading to increased domestic market capacity.
  • Local competitors and emergence activity prevention
  • Voluntary self-isolation

Self-regulation through competition and professional associations has led to the ability to lose and reducing insurers in the insurance market.

IMPORTANCE OF INSURANCE IN NIGERIA

Each and every individual’s life is filled with risks and uncertainty even families, businesses, properties, and assets are also prone to various forms and hierarchy of risks. Loss of life, health, assets, property are the risks included, but unfortunately, it is very impossible to prevent unwanted events from occurring. Individuals and businesses are regarded as protection products developed in the financial world, compensating them with financial resources against such losses. Insurance itself serves as a financial product that decreases or eliminates totally the cost or effect loss impugned by various forms of risk. The economic growth of the nation has been a result of significantly contributed efforts of the insurance sector apart from its individuals and business protection services. Insurance also provides stability to businesses functioning and highly generating long-term resources financially for industrial execution of projects. 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.

Why the insurance sector of any economy is key to its development  is due to the following underlisted reasons;

  • 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. An ideal risk of reducing mechanism is provided against financial distress potentially caused to individuals and businesses. A typical instance is 15% approximate inflation growth per annum on medical, whose procedure cost is enough to disrupt a well-analyzed family budget. Whereas, a health insurance guarantees financially, secured family in terms of business insurance. Financial compensation is provided for accidents, theft, marine-related mishaps activities, fire etc.
  • Long-term financial resource generation: funds are generated from the Insurance sector by obtaining premiums from uncountable policyholders. The long-term nature of these funds is usually invested in infrastructure long-time assets (such as power plant dams, roads sea and airport etc.) significantly needed for nation-building. Big investments, increase employment opportunities thereby, leading to the formation of capital in the economy.
  • 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 reduction in losses, trade, and commerce activity promotion, financial stability, and other results into sustainable and reliable economic growth and development. Therefore, the crucial role played by insurance is to sustain and maintain economic growth.
  • 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. Rising costs of medical treatment and soaring medicine prices will drain savings as fast as possible if not well planned and prepared.

No one is exempted to falling victim to critical illness (such as cancer, stroke, heart attack and so on) even when not expected and the rate at which medical expense rises is of great concern. Protection of individuals against financial and health risk in hand with a health insurance policy, if insured in case of medical emergency, gets support financially which is a policy under Medical Insurance.

  • Risk spread: insurance basic principle is to spread risk among the mass where facilitation of insurance moves risk loss from an insured to an insurer. Amongst this large population, insurance policies are generated through premium payment to the insurer. Out of the corpus Funds collected from millions of policyholders, compensation funds are being deducted whenever a loss occurs or is experienced.

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CONCLUSION ON THE LIST OF INSURANCE COMPANIES IN NIGERIA 2020

We have been able to list and show some facts about an insurance company in Nigeria. Sit back and broaden your scope about Nigeria insurance.

Tags: List Of Insurance Companies In Nigeria And Name

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