NEWS Top 5 Insurance Companies in Nigeria 2015
There are many insurance companies in the country and it would not be easy listing the best ten as there are many indices to use in drawing a conclusion as to which ones are the best. The best insurance companies must have the following features
They must be known to the public
No matter the name a company has made. Its better recognized in its industry. When you take about shoes, you remember Nike and timberland. When you talk about cars, you look for ford or Toyota. The same applies to the insurance industries. Any company known to the public when people are asking is still a reputable company.
They should have a track record
While I am not an insider in most of these companies, I have been fortunate to attend large organizations with thousands of employees where these insurance firms do business. You can always get subtle data as regarding the performance and record of insurance companies and with this sort out the best.
They must have testimonials
What do I mean by this? A testimony is also known as testimonials from satisfied customers. This testimonial gives anyone who is interested about the firm a knowledge of what to expect.
CHECKOUT THE LIST BELOW:
5. Old Mutual
Old Mutual is a Fortune 500 company that has been providing life insurance since 1845. In an article from the Vanguard, Group Chief Executive Officer of Old Mutual West Africa said that he was committed to turning Nigerians who may be skeptical about promises from insurance companies into loyal customers. Old Mutual has developed into one of the best life insurance companies in Nigeria by following through on CEO’s aims, offering prompt claims settlements and excellent customer support.
4. Industrial & General Insurance
Industrial & General Insurance is led by a former Head of State and Commander-in-Chief of the Armed Forces– General Dr. Yakubu Gowon. When it comes to underwriting, Industrial & General is number one in West Africa. In addition to life insurance, Industrial & General is involved in a number of other industries: banking, construction, engineering, mining, real estate, telecommunications and waste management. This huge, international company has 45 branches located in Nigeria and around the world and is ranked among the largest life insurance companies in Nigeria.
3. Niger Insurance
Niger Insurance opened in 1962, but back then it was known as Yorkshire Insurance. In the beginning years, this company offered only life insurance. Today Niger offers both life and non-life insurance products and is considered to be one of the best life insurance companies in Nigeria. Niger Insurance provides free risk management consultation and is currently ranked among the top three insurance providers in Nigeria. The company is growing fast, thanks to its reputation for honesty and reliability. In June of 2015, President Muhammadu Buhari appointed former Executive Director of Niger Insurance as Nigeria’s Commissioner for Insurance. The appointment is proof that Niger Insurance follows the law and honors its customers’ claims.
2. Mansard Insurance
Mansard has offices in 59 different countries and €1.3 Trillion worth of assets. Currently, Mansard is one of the most profitable life insurance companies in Nigeria. But this company doesn’t cut corners to save money. Since 2103, Mansard has won over 13 different industry awards for their high level of service and excellent customer ratings. If you are thinking about buying life insurance, Mansard is an excellent choice.
1. AIICO Insurance
We listed AIICO in the number one spot because it is is the biggest and most well known of all the life insurance companies in Nigeria. There’s a reason why AIICO is first in life insurance— the company is known to be one of the most reliable insurance companies on the market. In February of 2015, the World Bank decided to provide a $20 million loan to help AIICO expand across Nigeria. The reason the World Bank picked AIICO over the other insurance companies has to do with its outstanding reputation and ability to deliver high quality insurance services in both urban and rural environments. Over the years, AIICO has proven that it knows the needs of Nigerians, offering many different kinds of innovative and inexpensive insurance products to its customers. AIICO has 400 agents and 33 branches located throughout the country.