What is an insurance company and where to get them?
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.
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| 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.
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.
A
- Accident insurance
- Assumption reinsurance
- Aviation insurance
B
- Bancassurance
- Boiler insurance
- Bond insurance
- Builder's risk insurance
- Business interruption insurance
- Business overhead expense disability insurance
C
- Captive insurance
- Casualty insurance
- Catastrophe bond
- Chargeback insurance
- Collateral protection insurance
- Condo insurance
- Contents insurance
- Credit insurance
- Critical illness insurance
- Cyber insurance
D
- Death bond
- Deposit insurance
- Directors' and officers' liability insurance
- Dual trigger insurance
E
- Earthquake insurance
- Expatriate insurance
F
- Fidelity bond
- Financial reinsurance
- Finite risk insurance
- Flood insurance
G
- GAP insurance
- General insurance
- German Statutory Accident Insurance
- Group insurance
- Guaranteed asset protection insurance
H
- Health insurance
- Home insurance
I
- Income protection insurance
- Inland marine insurance
- Interest rate insurance
K
- Key person insurance
- Kidnap and ransom insurance
L
- Labor insurance (Japan)
- Landlords' insurance
- Legal expenses insurance
- Liability insurance
- Life insurance
- Longevity insurance
M
- Microinsurance
- Multiple-peril insurance
- Mutual insurance
N
- Niche insurance
- No-fault insurance
O
- Over-redemption insurance
- Owner-controlled insurance program
P
- 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
R
- Reinsurance
- Reinsurance to close
- Rent guarantee insurance.
- Renters' insurance
- Retrospectively rated insurance
S
- Satellite insurance
- Shipping insurance
- State disability benefits
- Stop-loss insurance.
- Surplus lines
T
- 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
U
- UCC Insurance
- Uninsured employer
V
- Vehicle insurance
W
- Wage insurance
- War risk insurance
- Weather insurance
- Worker's compensation (Germany)
- Workers' accident compensation insurance (Japan)
- Workers' compensation
- Workers' compensation employer defense
Z
- 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
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