These are the top 10 Insurance Companies in Nigeria – Ever heard the saying: “No one knows tomorrow”? That statement is the reason why we have insurance companies in the world today.
There are many insurance companies in Nigeria; each one of them with their different packages and policies which they use to attract customers to buy their policies.
The fact remains – Nigerians do not care about insurance; they believe that God will save them from all unforeseen circumstances; while I don’t dispute this, it is unarguable that insurance companies come in very handy when or if something bad were ever to happen, they also help you keep the money for your children’s education, assure your life, insure your house, business among numerous other benefits.
Buying an insurance policy for one reason or the other is never a bad idea; however, buying it from the wrong insurance company is a terrible idea. There are many dogs looking for food in the name of insurance, so you better be careful so you don’t fall victim.
In this article, I will talk about some of the best insurance companies in the country who are properly registered and who have good customer feedback.
What are the Things to Consider Before Choosing an Insurance Company?
1. Is the Company a Registered One?
Yes, any company that is not registered in Nigeria is bound to be closed down. So my advice to you is that before you choose an insurance company, please know if its a registered one.
2. Is the Company Legally Accredited?
This is also another factor that needs to be considered before choosing an insurance company which is that the company must be certified by the Nigerian government and should be legally accredited.
Companies put in check by the abiding government will most likely abide by the rules and regulations binding insurance companies.
The ones we have listed here are certified by the government.
3. What is the Company’s Brand
Seek for reviews on the internet and word of mouth before settling to work with an insurance company.
The company’s track record will speak for itself and its capacity of bearing your unforeseen risks and paying the required amount as at when due.
3. What is the Company Coverage
This factor is very important in considering the best insurance company to put your money.
Depending on your needs, you should seek the coverage the company covers, its promptness and the special features that stand them out.
If an insurance company can not account for certain risks that are important, it is a red flag.
4. Is the Company Financially Stable and What is their Price Factor
Finding out if an insurance company has enough grounds to stabilize despite economic pitfalls is very important.
From the stock ratings and ample business resources, you can dig deep to get the detailed answers you are looking for.
Also, the price factor should be put into consideration while picking a top insurance company in Nigeria.
Despite the enticing ads, you should understand that the prices given would determine the coverage you end up getting.
To save you from falling into the hands of illegal people, we have compile this list of insurance companies in Nigeria based on the following criteria;
- Good track record
- Customer opinion – good testimonials
- Quality of policies being offered
- Proper registration in the country
See the list here’;
1. Continental Re-insurance
Continental re-insurance is an insurance company that was registered in 1985 as a professional reinsurance company. The company was registered under the Companies Act of 1968. It obtained the license to transact the non-Life Reinsurance business on December 10, 1986. In January, 1987 Continental re-insurance started business as an insurance company. Since then, the company has been doing wonderfully well as a reputable insurance company in the country.
2. Adic Insurance
Adic Insurance is a also a reputable insurance company that has good testimonials from her customers over the years. The company offers insurance policies for cars, houses, education and life insurance.
They might not be the best in terms of advert and marketing, but they always leave their customers satisfied.
3. African Alliance Insurance Company Ltd
The few people that agreed to comment on African Alliance Insurance Company Ltd. Had good things to say about the company. The company’s policy for your children education is perhaps the best on offer.
African alliance insurance company Ltd is duly registered in Nigeria and has been operating successfully over the years.
4. Aiico Insurance Plc
When it comes to life insurance in Nigeria, Aiico insurance is the best choice for many. The company has gradually rose to become one of the largest Life Insurer in Nigeria.
The company has accrued plenty of success because of its uncanny ability to evaluate its potentials, set realistic goals and take necessary actions to achieve them. We’ve gotten all sorts of positive feedback from customers who do business with this company, so it’s one we can trust.
5. Cornerstone Insurance PLC
Cornerstone insurance has noised themselves as one of the best insurance companies in Nigeria and many of their customers agree to this. Cornerstone is a dynamic insurance company, who offers services that are in line with modern realities. The company is properly registered in Nigeria.
6. Consolidated Hallmark Insurance
Consolidated Hallmark Insurance Plc. Ranks high on the list of best insurance companies in the country. The company offers some mouthwatering policies to customers and is seen as a technology-driven and customer oriented company. This insurance company has carved a niche for themselves in the few years they’ve operated in the country.
7. AXA Mansard insurance
Other insurance companies on this list should better watch out for AXA Mansard insurance – these guys are gradually taking over the insurance market. Convincing a Nigerian to buy an insurance policy is not easy, but AXA MANSARD marketers will convince you with the mouth watering policies they have on offer.
The company has properly been registered in Nigeria and boasts of good customer testimonials.
8. A&G Insurance
When you see a company that has lasted for over 20-years without failing, you just have to show some respect. That’s A&G Insurance for you. The company brings in years of experience and a good track record to the game.
Customers say they admire the insurance policy being offered by the company, and that they pay without hassle when damages occur.
9. Crusader Insurance Plc
If you are someone who is close to the media, you must have heard of Crusader Insurance Nigeria Plc. This is one highly reputable company which is renowned for its efficient service delivery and prompt payment in cases of damages.
The company has plenty of branches in Nigeria which are all networked in a computerized manner. The testimonials I saw about the company looks good.
10. Custodian Insurance Plc
The last insurance company on my list is Custodian insurance. The company is noted for keeping the promises it makes to customers while selling their policies.
I checked out some of their policies on car, house, child education, and life assurance and I was really impressed. Custodian Insurance company is a registered company in Nigeria and boasts some good testimonials.
The above insurance companies are a class apart! These are the guys I can absolutely vouch for, however, there are other numerous Insurance companies in Nigeria which are also good, but then, only ten can be in a top ten!
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