Unforeseen circumstances with properties and assets happen all the time. These events can take up large chunks of one’s finances, and it is only natural to want to avoid such. This is where insurance comes in.
Insurance companies aid individuals and enterprises to safeguard their assets, properties, and investments against likely risks that could make them lose it all. They ensure you receive financial support in the event of tragedies, crisis or accidents, allowing you to bounce back and recover quicker.
Over the years, insurance companies in Nigeria have grown and evolved to serve its people. From major players to new providers, these companies offer a range of options to help keep individuals, families, and businesses secure.
In this article, we’ll be providing information on top 10 insurance companies in Nigeria to watch out for, benefits they offer, and how to get jobs there as a potential job applicant.
Top 10 Insurance Companies In Nigeria
- Lead Way Assurance company
LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management.
They are very active online, across various social media channels and have computerized most of their operations to boost effectiveness.
They offer the following plans:
- Family Benefit plan
- Lead way saving plan
- Term assurance plan
- Money policy plan.
- Educational saving plan, etc.
- AIICO Insurance Plc.
AIICO Insurance Plc. is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country. Its key focuses are on General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.
They offer the following plans:
- Income investment plan
- Three payment plan
- Travel insurance
- Corporate saving plan
- Education investment plan, etc.
3. Custodian and Allied Insurance
Custodian and Allied insurance companies provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of its clients.
They offer the following plans:
- Investment plus plan
- Immediate annuity plan
- Tuition protection plan
- Auto insurance plan
- Travel insurance plan
- Capital plan
4. Cornerstone Insurance Plc.
Cornerstone Insurance Company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange (NSE) in 1997.
Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs.
It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.
They offer the following plans:
- Motor insurance plan
- Gadget protection plan
- Investment plan
- School fee guarantee plan
- Life insurance plan, etc.
5. AXA Mansard Insurance
The AXA Mansard Company is a member of the AXA Group. AXA Group is a top player in insurance as well as asset management. The group of companies serves 107 million clients in over 60 countries.
The Company provides life insurance as well as on-life insurance solutions to individuals and organizations in the country.
They offer the following plans:
- Student protection plan
- Life savings plan
- Instant plan
- Health plan
- Retirement savings plan
- General (business/ tourism) protection plan, etc.
6. African Alliance Insurance Plc.
African Alliance Insurance Plc.. was incorporated on May 6, 1960. The insurance Plc. Company has a reputation for being efficient and trustworthy in Life Assurance. In addition, they personalize their insurance products tailored for each stage of their clients’ lives.
They offer the following plans:
- Annuity assurance plan
- Group life assurance plan
- Esusu plan
- Direct debit form plan
- Individual assurance plan
- Investment assurance plan
7. Goldlink Insurance Plc.
This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992. It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.
Goldlink Insurance Plc. is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance.
The insurance plans they offer include:
- School Safety plan
- Engineering Insurance
- General Accident plan
- Individual Life Insurance plan
- Liability Plans plan
- Marine & Aviation plan
- Motor Insurance plan, etc.
8. Continental Insurance
Continental Insurance is the private sector leader of the pan-African insurance industry. The Company provides life and non-life insurance solutions to its clients across the continent.
They offer the following plans:
- Business Insurance plan
- Insurance plan
- Auto Insurance plan
- Home Insurance plan
- Pet Insurance plan
9. Industrial and General Insurance Plc.
The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.
Industrial and General Insurance Plc. offer tailor-made insurance solutions to match their client’s unique needs.
The plans they offer are:
- Group Life Products plan
- Mobile Phone Insurance Plan
- Aviation Insurance plan
- Engineering Insurance plan
- General Business Insurance plan
- Health Insurance Plan
- Marine Insurance plan
- Oil & Energy
10. Lasaco Assurance Plc.
Lasaco Assurance Plc. was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company was called Lagos State Assurance Company Limited. Eventually, they got Licensed as an Insurer on July 7, 1980, and commenced operations on August 1, 1980.
The insurance plans they offer include:
- Motor insurance plan
- Aviation insurance plan
- Marine insurance plan
- Professional indemnity insurance
- Fire and Special insurance plan
How To Get A Job At Top Insurance Companies
There are several ways to get a job in a top insurance company. They include:
- Getting a bachelor’s degree in finance or a related fields. Relevant education and experience in the insurance industry is important. Many insurance companies may prefer to hire candidates with degrees in finance, business, economics, or a related field, and experience in insurance sales, underwriting, or claims.
- Direct application to the insurance companies for open positions by making use of online job search websites, such as LinkedIn, Indeed, and Glassdoor, to search for insurance-related job openings.
- Networking with industry professionals and attending job fairs or industry events can also be a good way to learn about job opportunities in the insurance field. These individuals can give you further insight into your career options within the insurance sector and help you understand the requirements for working in the profession.
- Earning professional certifications is also beneficial in getting a job with insurance companies. Such certifications include CISR, CPCU, ARM, and CLU.
- Applying for entry-level roles is another way to gain employment into top insurance companies. This way, you can advance to a senior management role after gaining the relevant skills and experience. Depending on the organization and location, you may receive training in some of these entry-level roles. This equips you with the expertise you require to advance in your career.
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