Top 12 Insurance Companies in Nigeria 2021

DopeArena decided to compile an inventory of top insurance corporations in Nigeria that gives the most effective services. You’ll be able to truly choose from this listing and be assured that you’ll get the most effective services.

Most of these insurance coverage corporations have branches in Lagos, Abuja, Port Harcourt and different parts of Nigeria. Before we go in to that let us throw some light on innsurance as a whole

What is an Insurance Policy?

In accordance with Wikipedia, insurance policy is a contract between the insurer and the insured, generally known as the policyholder, which determines the claims which the insurer is legally required to pay.

List Of The Compulsory Insurance Policies In Nigeria

The target of obligatory insurance coverage policies in Nigeria is to offer safety to 3rd parties as well as the general public. Listed beneath is the total checklist of all of the compulsory Insurance Policies In Nigeria:

Builders Liability Insurance
Employers Liability Insurance
Motor third Party Liability Insurance
Employers Liability Insurance (Group Life)
Occupiers Liability Insurance
Healthcare Professional Indemnity Insurance

Builders Liability Insurance

Under the Insurance Act 2003/under the Lagos State Building Control Law 2010. This insurance policy is obligatory for contractors and homeowners of buildings higher than two floors. That is to allow them present compensation to their staff in case of constructing collapse, injury and death on the building site.
Under the legal guidelines failure to comply with the policy attracts a penalty of ₦250,000 along with three years’ imprisonment, sealing and demolition of the affected building.

Employers Liability Insurance

Under the Workmen’s Compensation Act 1987. This law is targeted at employers and requires them to have insurance that will provide compensation for their workers in the event of injury,illness or death in the course of the employment. The employee or their relative therefore has the right to claim compensation in the advent of any of the incidents mentioned earlier. For employers that refuse to comply, the penalty is N250,000 plus record of conviction and sealing off of the business premises of the employer.

Motor Third Party Liability Insurance

Under the Insurance Act 2003 Section 68. The law states that:

“No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer”.

This insurance policy was made compulsory for owners and drivers of vehicles, motorcycles and other special type vehicles (both private and commercial). It is the required minimum policy by law and covers against liabilities such as death,damage to property or bodily injury of a third party arising due to the use of the insured vehicle. The life cover is unlimited while the property damage is N1million. The penalty for failure to comply is N250,000 or one year imprisonment or both.

Employers Liability Insurance (Group Life)

Under the Pension Reform Act 2004 Employers with employees power that’s better than 4 are mandated by legislation to purchase into this policy. The law cuts across both private and public employers and under this law they’re required to pay for pension subsidy within the occasion of psychological or bodily incapacity, death or disappearance while in service.

Occupiers Liability Insurance

Under the Insurance Act 2003 and Lagos State Legislation
That is an insurance coverage mandated by legislation for the owners or occupiers of public buildings used as residential, places of work, filling stations, hostels, and so on.
Compensation is paid to the enterprise customers and members of the general public in case of natural disasters, death or building collapse.

Healthcare Professional Indemnity Insurance

Under the NHIS Act 1999 All medical professionals, establishments and centers are required under law to purchase this insurance policy.
The establishment is to register under the National Health Insurance Scheme (NHIS) and compensation is supplied under this scheme to NHIS sufferers for omissions or commissions of medical practitioners/institute, additionally for partial/permanent disabilities, illness and injury.
Failure to conform will result in the revocation of the permit of the medical establishment, additionally the offender is likely to be prosecuted for involuntary homicide.

List of Top 12 Insurance Companies in Nigeria

1. 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 focus on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.