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  The Nigerian insurance industry is sauntering towards greater prominence in the country’s economic landscape. Although the uptake of its various products has traditionally been low, there are signs that this is starting to change. As Nigerians become more aware of the benefits that insurance could yield them, they are signing up for its services and committing increasingly significant sums to secure their future.
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This turn of the tide is happening thanks in part to marketing done by a dozen or so companies in the space. These players are leading the way to a boom in their segment by attracting the public with a mix of mass enlightenment campaigns and interesting offerings. One such organization, Linkage Assurance, has leveraged its longevity to build trust with a population that’s typically sceptical of financial packages with which they aren’t familiar. Linkage Assurance provides a variety of insurance products to a clientele that consists of individuals, SMEs, and large corporations. They include coverage for marine concerns, accidents, oil and gas, travel, and property, among others. Headquartered in Lagos, Linkage Assurance has branch offices in 13 locations across Nigeria—a spread that’s only matched by the biggest brands in the industry. The company has a history spanning more than three decades. It was incorporated in 1991, and licensed to do business two years later. In the period that followed, Linkage Assurance expanded its scope of offerings and geographical presence. A merger with Central Insurance Company in 2007 strengthened its position. In the time that it has existed, it has come through disparate economic conditions and refined its reputation as a steady service provider in the eyes of its numerous customers.
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Linkage Assurance places its products in two categories: a Business Insurance Class and a Retail Insurance Class. The former consists of Agric Insurance, which protects farmers and agribusiness enterprises from the risks associated with their operations; Engineering Insurance, which protects investments in technologies and industrial innovation; and Automobile Insurance, a package that covers losses or damages arising from the use of automobile vehicles. There are also Marine and Aviation Insurance policies. These take care of hazards related to transportation via waterways and air. Other policy types in the Business insurance Class are Property Insurance, General Accident Insurance, Oil and Gas Insurance, and a collection of Compulsory Insurances (which are demanded by law). Oil and Gas Insurance delivers security for commercial interests along the petroleum industry’s value chain against risks attached to the work they do. There’s a second class of insurance products, which Linkage Assurance labels ‘Retail Insurance Products’. They include a plan for event businesses, another for students or pupils injured by an accident, one which enables SMEs to carry on with their operations even when risks materialize, and an estate insurance plan that covers burglary or fire incidents in residential estates.
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Linkage Assurance has won a number of awards for the work that it does. Among them are the 2010 RIMSON Risk Management Award; the 2015 West African Insurance Companies Association (WAICA) Silver Award; and the Pearl Awards 2018 Sectorial Leadership (Financial Services-Insurance) award. Featured Image Source: Linkage Assurance
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This article was first published on 17th April 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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