Insurance companies are one big entity in the society of today. It is one of the best means a person or an entity, an organization can get financial cover under an abiding law.
This is an arrangement in which a company provides a guarantee of compensation for specified loss, damage, even death in return for the payment of a specified premium.
A group of company that provides insurance is called Insurer, Insurance company underwriter, insurance carrier
Here are some of the terms used in Insurance Company
- Agent: This is someone from an insurance company which has the ability to sell its insurance products
- Broker: This is someone who also has the ability to sell insurance products.
- Coverage: This is the amount of protection you have purchased.
- Claim: This is the notice provided to your insurer officially requesting for the payment of loss covered by your insurance policy.
- Insured: A person whose interest is protected by an insurance policy.
- Insurer: This is a financial institution that sells insurance.
- Policy: This is a legal contract that is made between you and the insurer.
Some of the insurance companies in Nigeria are :
I) Life insurance
II) Health insurance
III) Business Insurance
IV) Property and Casualty Are Also known as General Insurance
V) Auto Insurance
List of best Top 10 insurance Companies in Nigeria With Highest-paying Insurance Companies.
This is one popular American International Insurance Company. American life insurance started operation in the year 1963.
It is a legal thing to offer life assurance and annuity, general insurance, health insurance, Pension management, property.
AIICO is one of the best Top insurance companies in Nigeria that provided the best insurance products to its customers.
ADDRESS OF THE HEAD OFFICE:
Plot PC12, Church Gate Street, Victoria Island, Lagos.
AIICO WEBSITE ADDRESS: www.aiicoplc.com
2) AXA MANSARD INSURANCE PLC
This type of insurance can also be referred to as Guarantee or trusted Insurance. Also one of the best insurance companies in Nigeria. It is very dependable because it is base on trust which makes people make use of it more.
Some of the products they offer include, Auto insurance Such as Autoflex plan, Auto go, Auto classic and so on.
They also provide easy health plans, money market funds, equity income funds, general business, and tourism protection also retirement plans.
ADDRESS OF THE HEAD OFFICE
AXA MANSARD INSURANCE PLC is located at 928A Aboyade Cole Street, Victoria Island, Lagos.
3) LEADWAY INSURANCE COMPANY
This is the type of insurance that provides integrated insurance and Financial Services to customers.It started operation in 1971, founded by Dr Hassan Olusola Odukale.
Some of Leadway insurance services include General insurance, Health insurance, Life insurance, savings and investment plan, Annuities and pensions, premium finance, Leadway BOSS, motor insurance, marine insurance and so on.
LEADWAY HEAD OFFICE ADDRESS
121/123 Funsho Williams Avenue Apori, Lagos.
PHONE: 01 2700700.
4) MUTUAL BENEFIT ASSURANCE PLC
It started operation on 18th April 1995.
Mutual Benefits Assurance offers Pure life insurance, Investment link schemes such as Children Education plan, pure investment. Other products include marine, Travel, motor, fire, and perils.
MUTUAL BENEFIT ASSURANCE ADDRESS:
Aret Adams House, 233 Ikorodu Road, Ilupeja, Victoria Island, Lagos.
5) CORNERSTONE INSURANCE PLC: This was founded on 26th July 1991 With registration number RC163170
The company is to offer both life and general insurance. The company is licensed to operate and offer different insurance policies by the National Insurance Commission (NAICOM).
Some of the products Cornerstone Insurance Plc offer include :Motor insurance, travel insurance, Home insurance, life insurance, Annuity, Goods in transit, Combined fire and burglary, Gadgets insurance plan, Drone insurance, Mymoto shield and so on.
CORNERSTONE INSURANCE ADDRESS :
Water Corporation drive Off ligali, Ayorinde, Victoria Island, Lagos.
WEBSITE: www.cornerstone. com.ng
PHONE: 0810 6000 800
6) INDUSTRIAL AND GENERAL INSURANCE PLC(IGI)
IGI insurance was founded on 31st October 1991. It started operation As a composite insurance company, life and general insurance. Its products include Motor insurance, life products, Marine, Aviation, oil and energy, Engineering/Contracting risk and so on.
INDUSTRIAL AND GENERAL INSURANCE ADDRESS :
2,Agoro Odiyan Street, off Adeola odeku Street, Victoria Island, Lagos
WEBSITE : HTTP//: www.iginigeria.com
7) CUSTODIAN AND ALLIED INSURANCE PLC
This is a type of insurance that provides more money to its company This company started on 13th August 1997 also they provide both life and general insurance. This company has access to a dispute resolution System.
Their products include Health, Travel, home shield, Personal accident and wealth management.
CUSTODIAN AND ALLIED ADDRESS :
16a commercial Avenue, Sabo, Yaba ,Lagos.
PHONE :01 277 4000
8) NEM INSURANCE PLC
NEM insurance plz started operation in 1948 through the agency of Edward Turner and co.it provide Travel insurance, Fire insurance, Motor insurance and so on.
MEM INSURANCE ADDRESS :
199 Ikorodu road, Obanikoro Lagos.
CONSOLIDATED HALLMARK INSURANCE PLC
This is also one of the best insurance companies in Nigeria. It helps to protect the individual from potential losses. Some of its products are Business insurance, Home insurance, Gadget insurance, motor insurance. Which also provides sufficient funds to fulfill the gratuity needed at the appropriate time.
9) CONSOLIDATED HALLMARK INSURANCE
Consolidate Hallmark Insurance is one of the Top 10 Insurance leading companies in Nigeria.
They render official policy insurance services to individual companies in order to help secure their lives and properties E.g Motor insurance, Gadget insurance, Home insurance, Business insurance.
Consolidated Hallmark Insurance is well known for its effective and efficient customer care system. Consolidated Hallmark Insurance stands in the 9th position of the top 10 insurance companies in Nigeria 2020.
CONSOLIDATED HALLMARK INSURANCE OFFICE ADDRESS: No 266, Moshood Abiola Way, Obanikoro, Lagos state. You can browse their website, check chiplc.com
10) PRESTIGE INSURANCE LIMITED
Prestige Insurance was founded in 1988.it provides insurance and reinsurance. Their products include home insurance, life insurance, business insurance, provision of risk identification management and many more. It is also one of the best insurance brokers of the year.
PRESTIGE INSURANCE LIMITED ADDRESS:
It is located at 19 Ligali Ayorinde Street, Victoria Island, Marina, Lagos.