How many types of insurance do we have in Nigeria?

There are two main classes of insurance by virtue of the Insurance Act 2003, Life Insurance Business and General Insurance Business. Life Insurance is classified into three, namely; Individual Life Insurance.

What are the types of insurance in Nigeria?

Types of Insurance In Nigeria

  • Life Insurance or Personal Insurance.
  • Property Insurance.
  • Marine Insurance.
  • Fire Insurance.


What are the 3 main types of insurance?

We begin with an overview of the types of insurance, from both a consumer and a business perspective. Then we examine in greater detail the three most important types of insurance: property, liability, and life.

What are the 7 types of insurance?

7 Types of Insurance

  • Life Insurance or Personal Insurance.
  • Property Insurance.
  • Marine Insurance.
  • Fire Insurance.
  • Liability Insurance.
  • Guarantee Insurance.
  • Social Insurance.

What are the 4 types of insurance?

Different Types of General Insurance

  • Home Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. …
  • Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. …
  • Travel Insurance. …
  • Health Insurance.
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Which insurance is compulsory in Nigeria?

Motor third party insurance:

This insurance is compulsory for vehicle owners and drivers. It includes motorcycles and other types of commercial and private vehicles. The motor third party insurance is mandated by section (53) of the motor vehicle (third party insurance) Act of 1945.

Which insurance company is the best in Nigeria?

The Top 10 Insurance Companies in Nigeria

  • Custodian and Allied Insurance. …
  • Cornerstone Insurance Plc. …
  • AXA Mansard Insurance. …
  • African Alliance Insurance Plc. …
  • Goldlink Insurance Plc. …
  • Continental Insurance. …
  • Industrial and General Insurance Plc. …
  • Lasaco Assurance Plc.

Which type of insurance is best?

Term Life Insurance Plans

Term insurance is the purest and most affordable form of life insurance in which, you can opt for a high life cover for a specific period.

Which insurance policy is best?

Best Life Insurance Plans in India 2021

Insurance Plan Entry Age (Minimum/Maximum) Policy Term (Minimum/Maximum)
Aegon Life i-Term Plan 18/75 years 5/40 years
Aviva Life Shield Advantage Plan 18/55 years 10/30 years
Bajaj Allianz i-Secure 18/70 years 10/30 years
Bharti AXA Life Premium Protect Plan 18/65 years 10, 15/35 years

Who is the insurer?

An “insurer” refers to the company providing you with financial coverage in the case of unexpected, bad events covered on your renters insurance or homeowners policy.

What kind of insurance do I need?

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have. Always check with your employer first for available coverage. If your employer doesn’t offer the type of insurance you want, obtain quotes from several insurance providers.

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What is a premium?

Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. … For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.

What are the major types of insurance?

Broadly, there are 8 types of insurance, namely:

  • Life Insurance.
  • Motor insurance.
  • Health insurance.
  • Travel insurance.
  • Property insurance.
  • Mobile insurance.
  • Cycle insurance.
  • Bite-size insurance.

Who pays an insurance premium?

When you sign up for an insurance policy, your insurer will charge you a premium. This is the amount you pay for the policy. Policyholders may choose from a number of options for paying their insurance premiums.

What is the difference between banking and insurance?

Banking-Banking is an institute that provides service to its customers related to loans, cash credit, payment by cheque, deposit, and withdrawal of money. One side banks provide funds for business, on the other hand, insurance gives money for the loss of business. …

Why insurance is needed?

Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home.

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