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Chuks Udo Okonta
Twenty seven out of the 56 insurance companies presently engaged in underwriting business are relatively known by the public as they have less than one per cent of the industry’s market.
According to the 2015 Nigeria Insurance Digest, published by the Nigerian Insurers Association (NIA), Leadway Assurance Company Limited leads the industry with 14.93 per cent share, followed by AIICO Insurance Plc, 10.93 per cent; Axa Mansard Insurance Plc, 4.80 per cent; Custodian & Allied Insurance Plc, 4.59 per cent and Mutual Benefits Assurance Limited, 3.37 per cent.
The Digest noted that Old Mutual Insurance Company Limited leads those with less than one per cent share, having 0.99. It is followed by Linkage Assurance, 0.98 per cent; Standard Alliance Insurance, 0.95 per cent; Ensure Insurance, 0.92 per cent; Great Nigeria Insurance, 0.88 per cent, UnityKapital Assurance0.85 per cent, Sterling Assurance 0.79 per cent, Equity Assurance, 0.79 per cent and Unitrust Insurance, 0.79 per cent.
Others are: Prestige Assurance,0.78 per cent; Alliance and General 0.76 per cent; Anchor Insurance, 0.75 per cent; Wapic Life, 0.39 per cent; Guinea Insurance,0.28 per cent; Universal Insurance, 0.23 per cent; UNIC Insurance, 0.08 per cent; Spring Life, 0.01 per cent and Investment & Allied 0.00 per cent.
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