The insurance sector in Nigeria has grown quite rapidly over the past decade and a half. Thanks to a shift in public policy which recognized the importance of getting private property insured, as well as a growing awareness on the part of Nigerians about the need to plan for uncertainties, the industry has risen from the background of the financial system and has gained a place in the forefront of public consciousness.
But insurance does have a long history in Nigeria, and the more well-informed citizens have always taken advantage of the protection it offers them from life’s random demands.
One of the older firms in the insurance space is Niger Insurance, an indigenous company with a history stretching back to the early days of the country’s post-colonial era. It has stood through the economic highs and lows which Nigerians have lived through in the decades since the nation’s independence and has helped secure positive outcomes for its numerous clients over time.
Niger Insurance was founded in 1962, as Yorkshire Insurance Company. It came into existence at a time of great optimism for the country’s future and served a clientele largely made up of the educated, upwardly mobile class- the representations of the hopes and aspirations of the newly independent nation.
Over the years, the company has become more distinctly tailored to local needs and has adjusted its offerings to fit with the changing times. Today, it has emerged at the forefront of the nation’s continued drive towards greater insurance coverage for its citizens.
Niger Insurance currently offers an assortment of insurance plans, tailored to meet different needs and fit with varying income levels and budget sizes. They range from micro pension plans for domestic staff to life insurance products. Other offerings from the company include motor insurance, travel insurance, fire, and special perils insurance, and professional indemnity insurance.
One product, the Domestic and Estate Staff Insurance, covers domestic workforce (cleaners, security guards, house helps, etc) and insures them against injuries or illnesses that might result in disability or death. You can also put up a financial buffer against the loss of your landed property with Niger’s Mortgage Protection Assurance.
If you own a business, you can cushion it from the effects of any losses that come about in the course of its operations, by getting an insurance plan that’s designed for the specific risks you’d like to hedge against. The relevant products available cover a long list of possible risks, from employers’ liability to cargo loss and machinery breakdown.
You can sign up for a personal pension and savings policy with Niger Insurance as well. It’s open to anyone who’s between 20 and 57 years old. A portion of your contribution to this plan will get you a Life Assurance, which means your loved ones receive payments from your savings when you pass on. The other portion of your premium will go to an investment, which will grow your contributions by accumulating interest over time.
Some of the other insurance products from Niger Insurance are Educational Endowment, which collects benefits for the education of a child listed as a beneficiary; Group Life Assurance, which ensures that members of the family of an insured organization’s staff get paid a lump sum if that staff dies; and an Immediate Annuity Plan that insures a contributor’s retirement benefits.
Reference
Niger Insurance
Featured image source: Global News NG
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