Insurance Brokers In Lagos 2024 | Complete List

Who are  insurance brokers? Are they the same as insurance companies? Dive in for more. Who are the top insurance brokers in Lagos?

Let us define an insurance broker and what they perform. Insurance brokers in Lagos are companies that sell, solicit, or negotiate insurance in exchange for payment.

According to Wikipedia, as of 2015, the world’s largest insurance brokers by revenue were Marsh & McLennan, Aon Corporation, Arthur J. Gallagher & Co, and the Willis Group. However, the emphasis of this piece is Lagos, Nigeria.

Insurance Brokers in Nigeria: Who They Are and How They Rank

The act of ranking insurance brokers is important. This way, you can be confident that you are getting the best value for your money. And, from experience, finding the proper one might be difficult.

Who is an Insurance broker?

An insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits their needs. Insurance brokers represent consumers, not insurance companies; therefore, they can’t bind coverage on behalf of the insurer.

What is the Difference between an Insurance Agent and an Insurance Broker?

Many Nigerians use these two names interchangeably, however they do not signify the same thing. Essentially, insurance agents represent insurance companies. As a result, they are normally the individuals that try to prospect you every now and then and persuade you to purchase an insurance plan.

An insurance broker, on the other hand, represents the insured (i.e., you and I who purchase one or more insurance plans), and they typically have no business with insurance companies. Basically, that’s it. Now let’s assist you find a broker in Lagos.

List of Top Insurance Brokers in Lagos

FineLib, one of Nigeria’s most popular business listing directories encapsulates the list of top Insurance brokers in Lagos as follows:

• C & I Insurance Brokers Limited (Ikeja)
• Hilltop Insurance Brokers Limited (Ikeja)
• Mascot Insurance Brokers Limited (Onikan)
• Nasco Nigeria Insurance Brokers Ltd (Ikoyi)
• Carrier Insurance Broker Limited (VI)
• Dinta Risk and Insurance Brokers Limited (Ikeja)
• Emerald Insurance Brokers Limited (Ilupeju,)
• Leverage Insurance Brokers Limited (Ikeja,)
• Temple Insurance Brokers Limited (Surulere)
• Tidy Insurance Brokers Limited (VI)
• Northlink Insurance Brokers

1. C&I Insurance Brokers Limited

They handle various types of insurance business, as well as consulting. They offer underwriting in a variety of fields. These include Industrial and Commercial Risks, Marine and Aviation, Energy Resources Risks, Multinational Risks, and any other risk that is insured.

They also provide the following services:

• Life Insurance: This is for individuals and corporate bodies
• Vehicle Insurance: They provide covers for vehicle owners
• Lastly, Home Insurance: They provide insurance for buildings.

2. Hilltop Insurance Brokers Limited

These Brokers specialize in insurance broking, risk management, and consultancy services. Also, their consultancy services include marine, oil and gas, motor, life, and general insurance.

3. Mascot Insurance Brokers Limited

They work as both business brokers and risk management consultants. They also specialize in life and pension plans, health insurance consultants, and claims handling.

They protect your assets, staff, and liabilities. Furthermore, they negotiate with your insurance for attractive discounts and flexible terms and conditions.

4. Nasco Nigeria Insurance Brokers Limited

They recommend risk strategies and solutions to clients. Basically, their operations include Reinsurance Broking, Insurance Broking, and Underwriting.

5. Carrier Insurance Brokers Limited

They have their license from the National Insurance Commission (NAICOM). Therefore, they provide all types of insurance services to public organizations and the organized private sector.

Some of the polices they cover include:

• Professional Indemnity Insurance
• Public Liability Insurance
• Lastly, Travel Insurance

6. Northlink Insurance Brokers

They help their clients identify risks. After that, the client decides what they to risk or transfer to the underwriting. Furthermore, their services are mainly for non-life insurance policies.

Some of the policies they cover include:

• Fire & Special Perils
• Also, workers Compensation
• Marine Cargo
• Lastly, goods in transit

Frequently Asked Questions

Why should I use an Insurance Broker?

• We’d recommend one because they advise on insurance solutions appropriate for your needs

Are Insurance Brokers more expensive?

• Yes, they can be. In addition, they set their fees or request extra admin fees that. These could make them more expensive.

How do these Insurance Brokers make money?

• Basically, they make money through the commissions they get from selling insurance to businesses and individuals. Some of the commissions are between 2 – 8% of premiums.

Can you change your Insurance Broker?

• Yes, you can. You have the right to change your Insurance Broker while still keeping your insurance company.

Are Insurance Brokers financial institutions?

• No, they are not. However, they specialize in managing risks that relate to insurance.

Conclusion

Basically, these are the greatest brokers in the big city of Lagos. As a result, if you work with any of these Lagos-based brokers, you can be confident that you are in good hands.

In a nutshell, they are the best brokers to work with in Nigeria. However, conduct additional research to discover the best brokers for you.