What is an insurance company and where to get them?

Insurance companies are companies that offer life and properties financial cover in case of health loss or damages respectively and the premium given varies and not fixed. This is due to the level of subscription or membership the insured has subscribed for.

Insurance too is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. Wikipedia

There are so many reasons why you wish to apply for an insurance policy, but I know but a few that an insurance cover keeps the insured guarantee of safety of life and property in the sense that for example. When there is a casualty in the conveyance of goods and services or property and casualties occur, the insurer bears the primary cost of damages occurred, provided that the insured have their premiums updated.

Reasons why you need to get an insurance policy.

There are so many reasons why people choose to get insured but for one thing I know is when you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Premiums could be paid in installments weekly (if the insurance company has that option available), Monthly or yearly. Depends on your plan, some may pay bi-annually and so forth.

list of insurance company in Nigeria

Terms used in General Insurance

Insurance- Insurance is a contract in which an insurance company promises to compensate an insured.
Agent - A person or a group of people selling insurance on behalf of an insurance company.
Insurer- Is the company which accepts risks after receiving premiums and pays claims.
Insured- The term ‘insured’ refers to the person who has taken insurance against various risks and who pays a premium for the insurance.
Broker -An independent professional person who is registered under the Insurance Act who advises customers on insurance. The broker operates as your agent, and not that of any insurance company. In Kenya, most Brokers are members of the Association of Insurance Brokers of Kenya (AIBK).
Underwriter-The person who decides how much to charge and who manages the account that bears the cost of claims for motor or household insurance, or the person who decides.
Premium-The amount you pay to an insurance company, sometimes in regular installments or as per your agreement with the insurer for your insurance policy.
Commission-This is the money that is paid to agents or brokers who sell an insurance product on behalf of an insurance company. Commissions are paid by insurers.
Excess-This is the amount the insured is expected to make when making acclaim. This amount is usually specified in the policy. It discourages the insured from making very small claims and instead meeting this cost themselves.
Liability - Your responsibilities for the adverse effects of your actions, or lack of actions on others.
Third Party-Any other person who may be affected by your actions – for example, in a car accident, it would relate to damage to their car. In this context, it is well to recognize that the first party in an insurance policy is you, and the second is your insurance company and the third is the other person or vehicle in the accident.
Proposal- This is the application form which you have to fill in when you apply for insurance cover.
Sum insured-It relates to the value of goods at risk, and this is the basis upon which the premium is calculated.

Alert! List of Vehicle Insurance Companies in Nigeria, UK, and Australia

Categories of insurance

These are various types of insurances classified categorically under the general insurance, and they are carefully listed below.

Agricultural insurance
Deposit insurance
Flood insurance
Health insurance
Liability insurance
Life insurance
Mortgage insurance
Pet insurance
Property insurance
Reinsurance
Self-insurance
Travel insurance
Workers' compensation

All these listed categories of insurance can be sub-categorized into different types. Surely not all insurance company can offer you all kinds of insurances to achieve all these to buy any or all insurance policy you would need the careful service of a Broker. Below are the sub-categories of an insurance policy an insurance company can offer.

Accident insurance
Assumption reinsurance
Aviation insurance

Bancassurance
Boiler insurance
Bond insurance
Builder's risk insurance
Business interruption insurance
Business overhead expense disability insurance

Captive insurance
Casualty insurance
Catastrophe bond
Chargeback insurance
Collateral protection insurance
Condo insurance
Contents insurance
Credit insurance
Critical illness insurance
Cyber insurance

Death bond
Deposit insurance
Directors' and officers' liability insurance
Dual trigger insurance

Earthquake insurance
Expatriate insurance

Fidelity bond
Financial reinsurance
Finite risk insurance
Flood insurance

GAP insurance
General insurance
German Statutory Accident Insurance
Group insurance
Guaranteed asset protection insurance

Health insurance
Home insurance

Income protection insurance
Inland marine insurance
Interest rate insurance

Key person insurance
Kidnap and ransom insurance

Labor insurance (Japan)
Landlords' insurance
Legal expenses insurance
Liability insurance
Life insurance
Longevity insurance

Microinsurance
Multiple-peril insurance
Mutual insurance

Niche insurance
No-fault insurance

Over-redemption insurance
Owner-controlled insurance program

Parametric insurance
Payment protection insurance in the United Kingdom
Peer-to-peer insurance
Pension insurance contract
Pension term assurance
Perpetual insurance
Political risk insurance
Pollution insurance
Prize indemnity insurance
Professional liability insurance
Property insurance

Reinsurance
Reinsurance to close
Rent guarantee insurance.
Renters' insurance
Retrospectively rated insurance

Satellite insurance
Shipping insurance
State disability benefits
Stop-loss insurance.
Surplus lines

Takaful
Tenancy deposit scheme (England and Wales)
Tenancy deposit schemes (Scotland)
Terminal illness insurance
Terrorism insurance
Total permanent disability insurance
Trade credit insurance
Tuition insurance

UCC Insurance
Uninsured employer

Vehicle insurance

Wage insurance
War risk insurance
Weather insurance
Worker's compensation (Germany)
Workers' accident compensation insurance (Japan)
Workers' compensation
Workers' compensation employer defense

Zombie fund

Haven updated other types of insurance categorically you can (at you own discretion) carefully merge the above subcategorized into their respective categories (Helpful, education wise) and contact us to confirm your works and give you a #shoutout at our Instagram page.

Back to the initial reason of this post, now I would outline all the list of operating insurance company in Nigeria. I would also give you some details and addresses of the insurance company in Nigeria that would be listed here.

List of Insurance companies in Nigeria 2019 (Updated)

Guinea Insurance Plc Address: 33 Ikorodu Rd, Fadeyi 100231, Lagos
Sterling Assurance Nig. Ltd. Address: Sterling House, 284 Ikorodu Rd, Anthony, Lagos
Niger Insurance Plc Address: 1st Floor, Niger Insurance Plaza, 48 / 50 Odunlami St, Lagos Island, Lagos
Great Nigeria Insurance Plc Address: Omo Osagie St, Ikoyi, Lagos
Anchor Insurance Company Ltd. Address: Plot 21 Ahmed Onibudo Street, Victoria Island, Lagos
Wapic Insurance Plc. Address: 119 Awolowo Rd, Ikoyi, Lagos
Sovereign Trust Insurance Address: 17 Adetokunbo Ademola Street, Victoria Island, Lagos
Consolidated Hallmark Insurance Address: 266 Ikorodu Rd, Obanikoro, Lagos
Nigeria Deposit Insurance Cooperation Address: Mamman Kontagora House, 23A Marina Rd, Marina, Lagos
Law Union and Rock Insurance Plc Address: Law Union House, 14 Hughes Ave, Yaba 100001, Lagos
Nigeria Agricultural Insurance Corporation Address: 209 Ikorodu Rd, Obanikoro, Lagos
FBN Insurance Address: 34 Marina Street, Old Nipost Building, Marina, Lagos
Allianz Nigerian Insurance Plc Address: 95 Broad St, Lagos Island, Lagos
Cornerstone Insurance Plc Address: 136 Lewis St, Lagos Island, Lagos
Staco Insurance Plc Address: 209 Herbert Macaulay Way, Alagomeji-Yaba 100001, Lagos
UBA Metropolitan Life Insurance Address: P.O.Box 75192, Plot 1662 Oyin Jolayemi St, Victoria Island, Lagos
Nem Insurance PLC Address: P.O.Box 75192, Plot 1662 Oyin Jolayemi St, Victoria Island, Lagos
Leadway Assurance Company Ltd. Address: 121/123 Funsho Williams Ave, Surulere 101283, Lagos
Ark Insurance Address: 25 Karimu Kotun St, Victoria Island, Lagos
Industrial and General Insurance (igi) Address: 25 Karimu Kotun St, Victoria Island, Lagos
Regency Alliance Insurance PLC Address: Gbagada - Oworonshoki Expy, Pedro, Lagos
AXA Mansard Insurance companies Address: H40/51 Igbede Road, Alaba International Market Ojo, Alaba, Nigeria, Lagos
Standard Alliance Insurance Address: 22 Herbert Macaulay Way, Adekunle, Lagos
Hygeia HMO Address: Elephant House, 214 Broad St, Lagos Island, Lagos
IHMS HMO Address: 2 Joseph St, Lagos Island, Lagos
A & G Insurance Address: Broad St, Lagos Island, Lagos
Royal Exchange Address: New Africa House, 31 Marina Rd, Lagos Island, Lagos

Having taken note of the comprehensive list of insurance company in Nigeria one can say getting a quote from any of the listed insurance company would be very easy because I've put together both the physical address and online address of each company. Contact them now and negotiate your premiums.

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