Below is the list of some notable, registered, and verified Insurance companies in Nigeria
- Alliance & General Insurance Company Limited
- Consolidated Hallmark Insurance PLC
- Equity Assurance PLC
- KBL Insurance Limited
- African Alliance Insurance Company Limited
- Capital Express Assurance Limited
- R.M Life PLC
- Continental Reinsurance PLC
- Aiico Insurance
- Custodian Insurance PLC
- Consolidated Hallmark Insurance
- Lead way Insurance
- IGI Insurance
- NICON Insurance PLC
Insurance Challenges in Nigeria
The Nigerian Insurance Industry is still lacking behind compared to the western countries. The insurance industry in Nigeria is faced with various challenges which has eaten deep into the system. For the very latest in Nigeria Insurance News, visit Orientalnews Nigeria
Below are some of the major problems affecting Insurance in Nigeria.
. Lack of skilled professionals-most of the insurance firms across the country lack skilled professionals which leads to inefficiency and inability to meet up with objectives. This brings about poor growth of insurance in Nigeria.
. There are still some Nigerians who are still either ignorant about insurance policy or doubtful of insurance companies across the nation which accounts for the low patronage of insurance.
. Distance of insurance providers to the unreached – most insurance companies are based in the city, pursuing corporate and government accounts without consideration for people in the rural areas.
The unreached are financially excluded in insurance and are grouped as the financially poor. They are unreached due to illiteracy, ignorance and distance.
. Low awareness, consumer education, inadequate quality services and deployment of inappropriate technology are also some of the major challenges affecting the insurance industry in Nigeria.
. Poor knowledge of the benefit of insurance by Nigerians – Brokers are to educate the public on the numerous benefits of insurance and how they can be achieved.
. According to the president of IAAG Nigeria, the inability to charge adequately for services – pricing is one of the many challenges affecting the insurance industry. The industry needs to overcome this.
. Other challenges include; low and irregular income, financial literary, religious/socio cultural beliefs, legal factors and weak government support.
Solutions to the problems facing Insurance in Nigeria
According to a director at NAICOM, stakeholders are to begin to examine and come up with inclusive distribution models that have client understanding, product diversification, national outreach, rural advantage and trust with clients. For the latest news on Nigeria Insurance, please visit OrientalNews Nigeria
Government enhanced commitment is required in the growth and development of insurance in Nigeria. Insurance correspondents should also improve their knowledge on insurance, its operations and principles to promote insurance.
Other likely solutions include; innovative and appropriate technology, coordinated insurance consumer awareness and education.
In conclusion, insurance in Nigeria will thrive and attain its potentials if the government will be sincere in promoting favorable environment that will allow the industry grow and develop. It will help increase the operational efficiency of the insurance industry.
. National Insurance Commission (NAICOM)
. Cambridge English Dictionary
. Web Financial Dictionary
. Pius Agboola, Director, Authorization and Policy, NAICOM
. Indongesit Mbat, President, Insurance Awareness and Advocacy Group (IAAG Nigeria)
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