In Nigeria there are a lot of insurance companies that provide various services to the public. Though insurance business has been growing gradually and steadily in the country, there are loads of business still to be done as there are many people who do not have any form of insurance policy.
Several people do have insurance policies and do not patronize insurance companies because of various reasons including:
They are not aware of what insurance policies entail and what insurance companies offer. This has led to calls for insurance companies to create more awareness of what they do and the policies they offer especially at the grassroots to be able to get more people patronizing them.
Some are skeptical of using insurance companies because they believe they may take long to investigate claims which could lead to payment being delayed for a long time. This is why it necessary for insurance companies to explain to its customers the reasons why it could take some time for claims to be paid as well as the procedures involved.
The ranking of the insurance companies is based on reviews obtained from various publications online and offline.
10 AFRICA ALLIANCE
Africa Alliance insurance company was the first indigenous insurance company to start the business of life insurance in Nigeria. The company which was incorporated as a private limited company in 1960 was initially set up in partnership with a German company called Munich Reinsurance Company which provides technical support to Africa Alliance when needed.
9 MUTUAL BENEFITS ASSURANCE
Mutual benefits assurance was incorporated as a private limited liability company in April 1995 and started operation in October 1995. Mutual benefits assurance is one of the leading brands in Nigeria with staff strength of about 5000 employees and transacts life and general insurance business.
8 NEM INSURANCE
NEM insurance became the Nigerian branch of NEM insurance Association limited of London in 1965 after it started business in Nigeria in 1948 through the agency of Edward Tuner& Co.
The company was mainly into life and non- life business but since the period of recapitalization, the company has merged with Vigilant insurance company ltd to engage in all types of general insurance business
7 NIGER INSURANCE
Niger insurance first known as Yorkshire insurance was established in 1962 as a specialist life company. Niger insurance is involved in all forms of insurance business and provides numerous products and services to its ever expanding customer base.
6 INDUSTRIAL&GENERAL INSURANCE (IGI)
IGI was incorporated as a liability company in 1991 and started operation in 1992. IGI is the biggest insurance group in Nigeria as well as the biggest underwriter in Africa. The company has about 45 branches across Africa with representative’s offices in Washington DC and London.
5 CUSTODIAN &ALLIED INSURANCE
Custodian is a fully owned Nigerian company and was set up to provide and offer innovative products and packages to meet t customer needs.
4 ZENITH INSURANCE
Zenith insurance aims to be one of the best providers of insurance services to the public. The company’s activities and operations are fully computerized as they strive to develop products that suit the needs of the people.
3 LEADWAY ASSURANCE
Leadway started operation in 1970 as a direct motor insurance company. Leadway has gone on to offer insurance services such as life, general business including property, pensions and other financial services as they strive to satisfy their customers.
2 AIICO INSURANCE
Aiico was established in 1963 and is an asset management, insurance and pension management group. They also offers services like health insurance, life assurance and annuity and general insurance and special risks.
1 AXA MANSARD INSURANCE
Axa mansard was incorporated as a private liability company in 1989. The company offers a lot of services including life and non-life products, asset and investment management services, pension fund administration and lots more.