Tag: Insurance Companies

This article will give a list of insurance companies in Nigeria. All the names of companies contained in the list have been duly registered by the National Insurance Commission.

Insurance simply means the management of future risks! I believe you got that straight. However, if you didn’t, watch out for the subsequent ones.

Insurance is a form of aid to trade that helps in the provision of a guarantee for unexpected situations. For example, a fire outbreak can occur at your restaurant, just like at the popular restaurant in Albuquerque, and you would spend less or even nothing on bringing your restaurant back to life. Certainly, that sounds funny. But it’s actually real.

Insurance Terminologies

There are certain institutions that offer insurance services to individuals or firms; these institutions are called insurance companies. They are also called insurers. That should definitely ring a bell. Oh, yes! That’s why you’re here.

On the other hand, the individuals or firms that receive insurance services and products are called the insured.

Before you can begin to receive insurance benefits, you must have been paying a regular fee (either monthly, yearly, etc.) to your insurance company. This fee is known as a premium.

Therefore, if the unexpected happens, your insurer will take care of a certain percentage of your loss/expenses.

There is a category of insurance known as life insurance. To clarify, in life insurance, if the insured dies, then a certain sum of money is paid to the family of the deceased or to a specified individual. This is known as a replacement cost.

However, these insurance products and services cannot be enjoyed by anyone if an agreement is not reached. This agreement is known as an insurance contract.

So, I will give you a list of insurance companies in Nigeria that have been duly registered by the National Insurance Commission (NAICOM).

List of Insurance Companies in Nigeria 2021

So let’s get down to the business of the day. According to NAICOM, over 50 insurance companies have been duly registered as of January 23, 2020. These registered insurance providers spread across five major categories of insurance. They include;

1. Life Insurance.
2. General Insurance.
3. Composite Insurance.
4. Reinsurance.
5. Takaful Insurance.

Life Insurance Companies in Nigeria

Life insurance covers the loss of the insured and pays a certain amount to someone or people. This beneficiary must have been designated by the insured from the onset of the contract.

List of Life Insurance Companies in Nigeria, registered by NAICOM as at the 23rd of January, 2020 are;

1. Assurance and General Insurance Life Assurance.
2. A.R.M. Life PLC.
3. African Alliance Insurance Company Ltd.
4. Capital Express Assurance Limited.
5. Custodian Life Assurance.
6. FBN Insurance Ltd.
7. Metropolitan Nigeria Life Assurance Ltd.
8. Mutual Benefits Life Assurance Ltd.
9. Old Mutual Nigeria Life Assurance.
10. Prudential Zenith Life Insurance Company.
11. Royal Exchange Prudential Life PLC.
12. Spring Life Assurance PLC.
13. UNIC Insurance PLC.
14. Wapic Life Assurance Ltd.

General Insurance Companies in Nigeria

This is also known as non-life insurance. In general insurance, your insurer provides protection for your valuables, like your car, home, land, office, etc., and any other thing that isn’t under life insurance.

The insurance companies that provide only general insurance services and products in Nigeria include:

1. Alliance & General Insurance Company Ltd.
2. Anchor Insurance.
3. Consolidated Hallmark Insurance.
4. Custodian and Allied Insurance.
5. FBN General Insurance.
6. Fin Insurance.
7. Guinea Insurance.
8. International Energy Insurance.
9. Investment & Allied Insurance.
10. KBL Insurance.
11. Union & Rock Insurance.
12. Linkage Insurance.
13. Mutual Benefits Assurance.
14. NEM Insurance.
15. Nigerian Agricultural Insurance Corporation.
16. Old Mutual Nigeria General Insurance.
17. Prestige Assurance.
18. Regency Alliance Insurance.
19. Royal Exchange General Insurance.
20. Sahara Unitrust Insurance.
21. Sovereign Trust Insurance.
22. STACO Insurance.
23. Sterling Assurance.
24. SUNA Assurance.
25. Universal Insurance.
26. Veritas Kapital.
27. Wapic Insurance.
28. Zenith General Insurance.

Composite Insurance

Composite Insurance provides both life and non-life insurance products and services. They include;

1. AIICO Insurance PLC.
2. Allianz Nigeria Insurance PLC.
3. AXA Nigeria Insurance PLC.
4. Cornerstone Insurance PLC.
5. Gold Link Insurance.
6. Great Nigeria Insurance.
7. Industrial & general insurance.
8. Lasaco Assurance Company Ltd.
9. Lead-way Assurance Company.
10. NICON Industrial PLC.
11. Niger Insurance PLC.
12. NSIA Insurance Ltd.
13. Standard Alliance Insurance PLC.

Reinsurance Companies in Nigeria

Certainly, everyone needs insurance! Most importantly, your insurers need insurance just in case of the unexpected. Reinsurance is an insurance contract that an insurance company signs with another insurance company to help shield itself from unexpected future blows.

Only two of these companies are presently registered with the National Insurance Commission. They are;

1. Continental Reinsurance.
2. Nigeria Reinsurance Corporation.

Takaful Insurance

Takaful Insurance is an Islamic type of insurance in which religious members pay a certain due at a specified period of time to help cover one another’s losses.

This type of insurance is usually backed by Sharia law. It is, in other words, called cooperative insurance. They include;

1. Jaiz Takaful Insurance PLC.
2. Noor Takaful PLC.

In conclusion, seeing this list of insurance companies in Nigeria, I believe it is high time you got your own insurance agreement. Also, it doesn’t cost too much. Moreover, we all know the future can’t be predicted. So it’s better to prepare well for it.

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