What Is Insurance?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

How Insurance Works

There is a multitude of different types of insurance policies available, and virtually any individual or business can find an insurance company willing to insure them—for a price. The most common types of personal insurance policies are auto, health, homeowners, and life. Most individuals in the United States have at least one of these types of insurance, and car insurance is required by law.

Businesses require special types of insurance policies that insure against specific types of risks faced by a particular business. For example, a fast-food restaurant needs a policy that covers damage or injury that occurs as a result of cooking with a deep fryer. An auto dealer is not subject to this type of risk but does require coverage for damage or injury that could occur during test drives.

There are also insurance policies available for very specific needs, such as kidnap and ransom (K&R), medical malpractice, and professional liability insurance, also known as errors and omissions insurance.

Insurance Policy Components

When choosing a policy, it is important to understand how insurance works.

A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. For instance, whole life insurance may or may not be the right type of life insurance for you. There are three components of any type of insurance (premium, policy limit, and deductible) that are crucial.


1African Alliance Insurance Company Ltd00254, Awolowo Road, Ikoyi
2AIICO Insurance Plc004Plot PC 12 Church Gate Street Victoria Island Lagos
3Alliance & General Insurance Plc001A&G Tower. 12 Abibu Oki street Off Marina, Lagos.
4ALLIANZ NIGERIA INSURANCE PLC044307 Adeola Odeku Street, Victoria Island Lagos
5Anchor Insurance Company Ltd005Plot 5A, Ayo Jagun Street, Lekki Phase 1 Lagos
6ARM Life Plc01222 Funsho Williams Avenue, Alaka, Surulere, Lagos
7AXA Mansard Insurance plc016Santa Clara Court, Plot 1412 Ahmadu Bello Way, Victoria  Island Lagos
8Capital Express Assurance Limited006Capital Express House
13 Bishop Kale Close
Behind Saka Tinubu Street
Off Kasamu Ekemode Street
Victoria Island, Lagos.
10Continental Reinsurance Company PlcRRC’001 
11Cornerstone Insurance Plc00821, Water Corporation Drive,
Off Ligali Ayorinde Street,
Victoria Island,
12Custodian & Allied Insurance Limited01016A, Commercial Avenue, Sabo, Yaba, Lagos.
13Custodian Life Assurance Limited01016A, Commercial Avenue, Sabo, Yaba, Lagos.
14FBN General Insurance Limited031Oasis House. 298 Ikorodu Road P.M.B 21170 Ikeja Lagos
15FBN Insurance Limited05034, Marina Street, Old NIPOST Building Lagos
16Fin Insurance Company Limited047No. 34 Gana Street, Maitama FCT Abuja
17Great Nigeria Insurance Plc014Great Nigeria House. 8, Omo-osagis Street Off Awolowo Road Ikoyi SWI, Lagos
18Guinea Insurance Plc017No.33,Ikorodu Road,Jibowu-Lagos.
19GoldLink Insurance Plc013Goldlink Plaza 6 Emmanuel Street Onigbongbo Maryland. P.O.Box 5987 Marina Lagos
20International Energy Insurance Plc20Plot 294, Jide Oki Street,
Off Ligali Ayorinda, Street,
Victoria Island, Lagos
21Industrial & General Insurance Plc018Plot 741 Adeola Hopewell Street Victoria Island Lagos
23KBL Insurance Limited019Block 138, plot 5,Gabriel Olusanya Street, Lekki- Phase 1,
24LASACO Assurance Plc02316, Acme Road Ogba, Ikeja Lagos.
25Law Union & Rock Insurance  Plc024Law Union House, 14, Hughes Avenue, Alagbomeji, Yaba, P.O. Box 944 Marina, Lagos
26Leadway Assurance Company Limited025121/123 Funso Williams Avenue Iponri,  Lagos
27Linkage Assurance Plc026Linkage Plaza, Plot 20 Block 94 Lekki-Epe Expressway P.O.Box 74175 Victoria Island.
28Tangerine Life Insurance  Ltd 042Plot 205B Ikorodu Road, Lagos  
29Mutual Benefits Assurance Plc027Aret Adams House,
233 Ikorodu Road, Ilupeju, Lagos
30Mutual Benefits Life Assurance Ltd027Aret Adams House,
233 Ikorodu Road, Ilupeju, Lagos
31NEM Insurance Plc028199 Ikorodu Road Obanikoro Lagos
32NICON Insurance Plc049NICON Plaza, Plot 242, Muhammadu Buhari Way, Central Business  District,  Abuja-FCT
33Niger Insurance Plc02948/50 Odunlami Street, P.O.Box 2718 Lagos
34Nigeria Reinsurance CorporationRRC’ 002Plot 590 Zone A.O. Central Area P.M.B 0178 Abuja
35Nigerian Agricultural Insurance Corporation030Plot 590 Zone A.O. Central Area P.M.B 0178 Abuja
36NSIA Insurance Ltd0033, Elsie Femi Pearse Street, Victoria  Island, Lagos
37Old Mutual Nigeria General Insurance Company Limited03219A Adeola Odeku Street, Victoria Island, Lagos
38Old Mutual NigeriaLife Assurance Company Limited0322nd Floor, Ecobank Building, Plot 21, Ahmadu Bello Way, Victoria Island, Lagos
39Prestige Assurance Plc03319, Ligali Ayorinde Street Victoria Island, P.O.Box 650 Marina Lagos
40Prudential Zenith Life Assurance Company Limited09014th Floor Civic Towers,Plots GA & G1, Ozumba Mbadiwe Avenue, Victoria Island Lagos 
41Regency Alliance Insurance Plc0342, Ebun Street, Gbagada Expressway Gbagada, P.O.Box 70333 Victoria Island Lagos
42Royal Exchange General Insurance Company Ltd035New Africa House. 31 Marina Lagos
43Royal Exchange Prudential Life035New Africa House. 31 Marina Lagos
44Unitrust Insurance Nigeria Limited045Plot 105B, Ajose Adeogun Street, V/I Lagos.
45Sovereign Trust Insurance Plc03717, Adetokunbo Ademola Street, P.O.Box 74393 Victoria Island Lagos
46STACO Insurance Plc038209 Hebert Macaulay Street Ebute Metta P.M.B 1018 Sabo Yaba Lagos
47Standard Alliance Insurance Plc039plot 1 block 94 provident street lekki phase 1, Off Lekki-Ekpe Express Road, Lekki,Lagos.
48Sterling Assurance Nigeria Ltd036Sterling House, 284, Ikorodu Road, Lagos
49SUNU Assurance Plc011Plot 1196, Bishop Oluwole Street Victoria Island Lagos
50UNIC Insurance Plc043 
51Universal Insurance Plc041NO 11A, Ligali Ayorinde Street, Victoria Island Lagos.
52Veritas Kapital Assurance Plc022Plot 497 Abogo Largema Street Off Constitutions Avenue Central Business District P.O.Box 13233 Wuse Zone 3 Abuja
53Coronation Insurance Plc046  No. 199, Awolowo Road,Ikoyi, Lagos 
54Coronation Life Assurance Lt046  No. 199, Awolowo Road,Ikoyi, Lagos 
55Zenith General Insurance Company Limited048Plot 280, Ajose Adeogun Street, P.O.Box 75315 Victoria Island Lagos
56GOXI Microinsurance Edwards & Valerie Plaza 107, Obafemi Awolowo Way, Ikeja, Lagos
57NOOR Takaful PlcRTC 09122 b, Oladipo Diya Crescent, 2nd Avenue Estate Ikoyi, P.O Box 54478, Falomo Ikoyi, Lagos
58Corenerstone Takaful Insurance Co. Ltd 191, Herbert Macaulay Way, Ebute Metta, Lagos

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