An Insurance broker is a person or business registered to advise and purchase insurance cover from an insurer on behalf of his clients. Also, as of July 2023, there are 451 insurance brokers in Nigeria registered with the Nigerian Council of Registered Insurance Brokers (NCRIB).
However, it is essential to note that registration with NCRIB is a prerequisite for licensing by the National Insurance Commission (NAICOM).
In Nigeria, The National Insurance Commission (NAICOM) regulates insurance brokers, and the Nigerian Council of Registered Insurance Brokers (NCRIB) governs them. Before you patronize any insurance broker, ensure that the broker is a member of the NCRIB. An individual that is acting as an insurance broker or insurance agent must have a license from NAICOM.
Who are the Top 10 Insurance Brokers in Nigeria?
The top 10 insurance brokers in Nigeria at the moment include:
1. Insurance Brokers Of Nigeria (IBN)
IBN is the first insurance broking and risk advisory firm in Nigeria. Basically, they came into existence in 1955 as C.T Bowring and Company (Incorporated Insurance Brokers). They have delivered innovative risk and insurance management solutions.
Their core services include;
- Insurance broking services
- Industrial risk protection
- Also, Wholesale reinsurance services
- Aviation, Marine, Hull and Cargo Insurance
- Lastly, Energy and Power
2. Northlink Insurance Brokers
Northlink Insurance Brokers Plc is an Insurance Brokerage firm, licensed by National Insurance Commission (NAICOM) to render Insurance brokerage services. Also, the company started in 1989, with a share capital of N100,000,000.
They provide services to customers by going the extra mile in the execution of their services. From assisting in the filing, presentation, and prosecution of claims to providing analysis and reports at no additional cost to the client, they have continued to provide value to clients when they need
Their core services include;
- Fire and special perils
- Also, Fidelity guarantee
- Workmen compensation
- Money insurance
- Finally, Individual and group life policies
3. Carrier Insurance Brokers
Carrier Insurance Brokers was registered in 1994 and is licensed by the National Insurance Commission to provide all forms of insurance services. The company also offers unique professional services to public organizations and the private sector.
Their core services include;
- Professional Indemnity Insurance
- Public Liability Insurance
- Group Life Insurance
- Lastly, Fidelity Guarantee Insurance
4. Hogg Robinson Nigeria
Hogg Robinson Nigeria was registered by the Corporate Affairs Commission in the year 1974 as an insurance broker to transact all classes of the insurance business. They also have international partners in which they have continued to draw knowledge and expertise from in the professional execution of their trade.
Their core services include;
- Oil and gas, marine, and Aviation Insurance
- Engineering Insurance
- Industrial and commercial reinsurance
- Lastly, multinational risk management
5. Glanvills Enthoven
Basically, Glanvill Enthoven and Co. Nigeria Limited started as a company of incorporated insurance and reinsurance brokers licensed. The firm got their license from NAICOM and are a member of NCRIB.
They have a partnership/support from a subsisting technical and business service arrangement with Lockton Companies LLC, USA. They are also a member of the Odua’s group of companies.
Their core services include; Motor insurance, annuity insurance, bonds, claims consulting, and more.
6. Union Commercial Insurance Brokers
Union Commercial Insurance Brokers Limited started as a Private Limited Liability Company under the name Rock Insurance Brokers Unlimited. The company was subsequently re-registered with the National Insurance Commission as an insurance broker to transact all classes of the insurance business,
Finally, their core services include motor insurance Life, Small and Medium enterprises, Travel, and Health insurance.
7. Nigerian Life And Provident Company Limited
The Nigerian life and Provident Company Limited commenced over 50 years ago as a pension management and consultancy company in Nigeria. Basically, they have today grown to become one of the leading financial service providers with top innovations in employee fund management, insurance broking, training, and lots more.
Their core services include;
- Group life insurance
- Individual life insurance
- Lastly, General insurance
8. Risk Analyst Insurance Brokers
Risk Analyst Insurance Brokers kicked off in 2003. Furthermore, they have continued to tailor their services to suit the needs of customers by offering premium professional services, prompt premium payment, and competitive premiums.
Their core services include;
- Insurance broking
- Also, Risk management
- Lastly, Advisory and consulting services.
9. Hilltop Insurance Brokers
Basically, Hilltop Insurance Brokers Limited began in 2003 as a private Limited Liability Company – to carry on the services of Insurance Broking, Risk Management and Consultancy services in; Marine, Oil and Gas, Motor, Life and General Insurance Business.
Their core services include;
- Life and general insurance services
- Marine, oil and gas insurance services
- Also, Workmen insurance
- Money insurance
- Lastly, Fidelity Guarantee
10. Colenson Insurance Brokers
They are one of the longest-serving insurance brokers in Nigeria. In addition, it was established in the year 1983 and has continued to provide insurance services across major insurance fields with a substantial depth of experience.
Lastly, their core services include life assurance, Home, Liability, and Oil & gas insurance.
Frequently Asked Questions
An insurance broker is a licensed professional or a business entity that advices clients on insurance matters and buys insurance policies on their behalf from insurers.
To verify the legitimacy of an insurance broker in Nigeria, ensure they are registered with the Nigerian Council of Registered Insurance Brokers (NCRIB) and licensed by the National Insurance Commission (NAICOM).
Insurance brokers provide various services including insurance broking, risk management, claims consulting, and advisory services. They act like your personal shopper for insurance, finding the best coverage for your needs at a good price.
No, some brokers specialize in certain areas, like car insurance or health insurance for businesses. Choose one whose expertise matches what you need.
Conclusion
Whenever you want to choose an insurance broker, make sure they are registered to carry out brokerage services by law. You have the right to ask for their NCRIB and NAICOM registration certificates.
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