Best Insurance Company in Nigeria 2020

Best Insurance Company in Nigeria 2020

Of course, the main cause for humans to insure their funds comes from the will to get out of the unexpected negativity and money-loss burdens they could face in a modern world.

There is a list of companies in Nigeria you can pick as a citizen aiming to protect your future from risks.

Assurance is a shield working for individual customers, as well as for business companies, and other organizations. It is a thread to use against panicking and to control fatal damages from losing businesses, families, education sources, and interpersonal relationships.

Now, let’s review the list of insurance companies in Nigeria divided into four main assurance groups:

  • Car
  • Health
  • Group life
  • Microinsurance

Best Car Insurance Company in Nigeria

A car is a valuable and expensive property. It is reasonable to insure it from accidents, theft, crashes, and other unexpected risks. Here is the list of insurance companies in Nigeria providing car risk coverage.

AXA Mansard Insurance PLC

AXA Mansard has various propositions addressed to those willing to insure their cars. Here are the plans by this company:

  • AutoFlex: A flexible and adjustable motor plan allowing the client to receive a guarantee for their significant savings
  • Auto Plus: This plan goes for flood along with other extra opportunities.
  • AutoGo: When going with this one, you can pay for the Third Party insurance, and get the certificate at once.

Three various plans provide coverage of third-party bodily injury, free vehicle tracker, theft, accidental damage, fire damage to the insured auto, third-party property damage, and others.

AIICO Insurance PLC

AIICO serves to cover various vehicles, both commercial and private ones. The package they offer also works for tricycle and motorcycle owners.

Here are the categories of clients who can use AIICO’s auto insurance:

  • Private Vehicle Owners
  • Bus Owners
  • Commercial Fleets
  • Multiple Family Owners
  • Delivery Vehicles
  • Taxi Owners

Industrial and General Insurance Plc (IGI)

Supported by a significant amount of capital, proficient specialists and contemporary tech solutions, IGI gained an exceptional reputation as a highly competent company.

The company guarantees to cover these car issues:

  • Third-Party Only: The plan insures unlimited legal liability indemnity to any third party for bodily injuries or death, legal costs spent to defend, responsibilities coming from accidents with damaging third-party property, etc.
  • Third-Party Fire & Theft: This is a car protection plan providing theft and fire risk coverage, as well as the third-party only guarantee.
  • Comprehensive: It works for any damage caused to the specifically insured automobile by accident.

Best Health Insurance Company in Nigeria

Health problems are something you can barely avoid, so insuring the health of both a person and their family is quite a foresight strategy. Insured health covers you from unexpected troubles and guarantees that you won’t find yourself with empty pockets one on one with a sudden health emergency.

Here goes the best list of insurance companies in Nigeria to cover health issues.

Hygeia HMO

Hygeia HMO is among the best and most respected assurance companies providing health coverage. They offer Individual, SME, Gym & Spa, Family, Pregnant Women, and other plans to choose from.

HCI Healthcare

HCI Healthcare possesses the National Health Insurance Scheme license and offers affordable and high-quality healthcare services to the citizens belonging to different social classes.

HCI Healthcare plans:

  • Retail: It is a package helping individual clients and their families to have the possibility to get high-quality healthcare service whenever needed at affordable prices without sacrificing too much money on their medical expenses.
  • Corporate: It is created to cover employees of various organizations, from microbusinesses to large-scale corporations.
  • School: It insures the health requirements of pupils and students at any educational stage.
  • Informal Sector:  It covers informal organizations like associations, market, artisans, communities, groups, and clubs.
  • Senior Citizen: It is the special offer addressed to people above their 60.
  • International: It guarantees coverage of non-emergency and emergency health expenses in over 100 destination points on the planet.

Clearline HMO

Insurance by Clearline HMO tends to satisfy individual, group, company and public sector needs on the territory of Nigeria.

Here are the plans they offer:

  • Corporate Health: Coverage for usual medical procedures and aliments for employees working in corporate firms.
  • Family Health: A provision of family access to healthcare services from any listed operator in Nigeria.
  • Individual Health: A proposition suitable for persons not having any medical conditions that have been existing previously.

Best Group Life Insurance Company in Nigeria

Group life assurance in the country works best for businesses and corporations which have the need to cover risks of the entire groups of their employers or representatives. Here are the best companies to insure groups:

Industrial and General Insurance PLC

Industrial And General Insurance PLC (IGI) existed since Oct 1991 as a private LLC first. Then, it registered again as a public liability company in 2007. They began doing business in early 1992 through composite assurance propositions including Special Risks and Pensions, General and Life coverages.

Their plans include:

  • Oil & Energy
  • Mobile Phone
  • Marine
  • Group Life Products
  • General Business
  • Aviation
  • Engineering
  • Health

Goldlink Insurance PLC

Goldlink Insurance PLC was established on April 15, 1992, as a private LLC. The conversion to the Public Liability company was finished in May 2007.

The plans offered by Goldlink include:

  • Compulsory
  • Oil & Gas
  • Re-Insurance School Safety
  • Engineering
  • Marine & Aviation Motor Insurance
  • General Accident
  • Group Life Individual Life Liability Policies

African Alliance Insurance PLC

African Alliance Insurance PLC exists since the 6th of May 1960 having the best reinsuring shareholders from Munich Reinsurance Company at their back.

This company is famous for its authority and efficiency in Life Assurance, as there are thousands of satisfied clients using individual products.

Here are their assurance plans:

  • Individual 
  • Group life
  • Annuity
  • Esusu
  • Direct debit form
  • Investment

Micro Insurance Company in Nigeria

What is microinsurance? It assumes the coverage of particular risks (and to their groups) in exchange for small regular payments. For instance, the client doesn’t need to buy the entire Life Assurance program with multiple less plausible risks included. They just pay for a precise issue protection: the loss of the breadwinner, the death of the borrower, the need to organize funerals, etc.

They can get the best protection from economic or financial consequences of a deal or business activity – crop failure or loan defaults.

At the background of the so-called sharing economy, it is normal for people all over the world to look for new risk protection instruments and threads. Millennials are not that interested in possessing cars and real estate objects, so they don’t need to insure that property. Every best assurance company needs to look for new products wanted by their new audience, and microinsurance is among the most contemporary propositions.

You can contact any company mentioned on this list of insurance companies in Nigeria to find out if they have microinsurance propositions for you.

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