Insurance business in Nigeria has begun its development long before it received political independence. Since then, it has traveled a long evolutionary path due to the dynamics of the policy, the peculiarities of formation of the real sector of the economy and state social policy. Today, insurance companies in Nigeria have sufficiently developed in order to protect the property interests of householders and businessmen, although not without the help of foreign reinsurance companies.
Nevertheless, in comparison with other regions of the world, insurance in Nigeria is poorly developed. The reasons for this should be sought not so much in the sector of insurance services, but in the peculiarities of economic development of the African continent; it is known that economic basis of insurance is primarily the real sector of the economy. Meanwhile, industry, agricultural production, and infrastructure are the most backward areas in most African countries.
The insurance markets of African countries due to various social, economic and political reasons are at different stages of development. Most highly developed insurance market is in South Africa - in 2011 it accounted 82% of all insurance premium collected on the continent. Moreover, the share of insurance deposits in GDP in South Africa is 18,78% - the highest in the world.
Relatively developed insurance companies, comparing with other African countries, are considered to be in:
- Morocco - 4%;
- Egypt - 1.8%;
- Zimbabwe - 1.5%;
- Nigeria - 1.3%.
Now, you will see insurance companies in Nigeria ranking – a list of top insurance companies in Nigeria:
Aiico Insurance PLC
This company deals with comprehensive insurance service. This company is believed to be the largest one corporation which aims at LIFE insurance. By the way, speaking about insurance companies in Lagos, this company headquarters are exactly there.
In 2011, African insurers collected a total sum - 31 billion dollars, or just over 1% of global premiums. Most of the insurance premiums collected in life insurance -71%, or 22 billion dollars, while other types of insurance are developed much weaker.
Just the best from top insurance companies in Nigeria.
It seems true that in order to understand all the modern tendencies on the insurance market, you should inquire into its development and progress since its conception.
READ ALSO: Army presents cheque worth N400m to 197 families of fallen heroes
By 1998, Africa has developed insurance market with relatively liberal state regulation and the prevalence of non-state forms of ownership. In general, at that time on the continent there were 580 insurance companies, including 157 in Nigeria, 120 in South Africa, 41 in Kenya. In 2004, the total number of African insurers was 550.
A significant contribution to the development of the insurance market in Africa was made by FAIR or Federation of Afro-Asian insurers and reinsurers. It was established in 1964 with the aim of strengthening of business cooperation between Afro-Asian insurers and reinsurers. Currently, it consists of 188 insurance and reinsurance organizations. Under the auspices of FAIR, there are several insurance pools, including Aviation insurance pool, the headquarters is in Casablanca.
Custodian Insurance PLC
Such a company occupies one of the positions among top 10 insurance companies in Nigeria.
Lasaco Assurance PLC
Lasaco insurance company has become one of the major players in the field of insurance companies in early 80s. So, the company has gained a lot of experience in the aforementioned sphere.
Linkage Assurance PLC
The company is licensed by NAICOM, the n bofficial share capital of the company is more than N4 billion.
Oasis Insurance PLC
Its authorized share capital is N3 billion, this proves the effectiveness of the work of the company.
This corporation deals with providing security to your financial reserves and gives you an opportunity for receiving Underwriting Expertise.
Health insurance companies in Nigeria
Total Health Trust Limited
More than 270.000 Nigerians have already applied to the services of this company.
Hygeia HMO Limited
Clearline International Limited
It can boost 13 centers and 2000 health care providers.
Healthcare International Limited
This organization takes care of international travelers.
Mediplan Healthcare Limited
It serves all the representatives of federal ministries, apart from this, Mediplan Healthcare Limited looks after Nigerians from rural areas.
READ ALSO: 3 million Nigerians lost N18billion to MMM - NDIC
Now, hope that you have got acquainted with top insurance companies in Nigeria and know what company should be chosen for the successful job of your company, what to choose for safe trip, where to turn for your finances safety.