Top 10 Highest Paying Insurance Companies in Nigeria

Top 10 Highest Paying Insurance Companies in Nigeria

Today, the insurance sector in Nigeria has become booming with thousands of people working in different insurance companies across the country providing various insurance services to individuals and businesses. Working in any insurance company is quite rewarding financially and otherwise. In this article, we will explore the top 10 highest-paying insurance companies in Nigeria to work for in 2023 based on their salaries, remuneration packages, and employee benefits.

1. Leadway Assurance Company Limited

Leadway Assurance Company Limited is one of the oldest insurance companies and largest insurers in Nigeria with over 50 years of operations in the country. The company offers a very competitive salary in the range of ₦650,000 to ₦1,500,000 per annum for entry-level employees and up to ₦5,000,000 per annum for top management staff. The company provides other benefits such as medical insurance, car maintenance allowance, overtime allowance, and annual bonus.

Key Things to Know

  • Established in 1970
  • Provides life, health, motor and general insurance
  • Employee strength of over 2,000 staff
  • Headquarters in Lagos, Nigeria
  • Well-structured salary scheme and benefits
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2. AIICO Insurance Plc

AIICO Insurance Plc is one of the longest-serving insurance companies in Nigeria with over 50 years of operations. The company pays an average gross salary of about ₦750,000 to ₦1.5 million for entry-level staff and up to over ₦5 million for top management roles. Other benefits include medical insurance, annual bonuses, maternity/paternity leave benefits, staff bus service, annual retreats, and training/development opportunities.

Key Facts

  • Established in 1963 and employs over 2,500 staff nationwide
  • Offers life, health, and non-life insurance
  • Headquarters in Lagos, Nigeria
  • Pays excellent salary and remuneration
  • Strong focus on staff welfare and capacity building

3. Custodian and Allied Insurance Plc

Custodian and Allied Insurance Plc is one of the largest insurance underwriters in Nigeria with a huge workforce. The average gross salary ranges from ₦650,000 to ₦1.5 million per year for entry-level positions and up to ₦3- ₦5 million per annum for senior management roles. Staff benefits include medical cover allowance, overtime pay, annual bonus, and car maintenance allowance.

Additional Information

  • Exists since 1957 and distributes insurance across Nigeria
  • Provides both life and non-life insurance
  • The head office is in Lagos with operational offices nationwide
  • Dedicated to staff welfare and capacity development

4. AXA Mansard Insurance Plc

AXA Mansard Insurance Plc pays between ₦600,000 to ₦1,200,000 for entry-level employees and up to ₦3-₦5 million depending on position for senior roles. They offer learning and development support, medical coverage, group life assurance, annual performance bonus, housing allowance, and car plan for management staff amongst others.

Company Snapshot

  • Belongs to the global AXA Group with a local presence since 1991
  • Provide non-life and life insurance services
  • Has over 17 physical offices nationwide
  • Employs about 2,000 staff across offices

5. Cornerstone Insurance Plc

Cornerstone Insurance Plc pays an average gross salary of ₦600,000 to ₦1.5 million for different cadre of employees depending on roles and designation. Additional staff benefits include provident fund contribution, medical insurance cover, company vehicle loan scheme, annual performance bonus, and training amongst others.

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Company Profile

  • Established in 1977 as an insurance outfit
  • Provides general, life, and oil & gas insurance services
  • Offers competitive remuneration package
  • Prioritizes staff capacity development

6. NEM Insurance Plc

NEM Insurance Plc pays annual gross salaries ranging from ₦550,000 to ₦1.5 million based on roles and designation in the company. Staff welfare benefits include medical coverage, annual bonus, management staff vehicle allowance, and training/capacity building support.

Additional Details

  • Founded in 1948 as an insurance provider
  • Provides both life and non-life insurance policies
  • Head office in Lagos with branches nationwide
  • Well-structured salary package and benefits

7. Africa Alliance Insurance Plc

Africa Alliance Insurance Plc pays an average gross salary of ₦550,000 to ₦1.2 million annually depending on the role and responsibilities. Staff benefits include medical insurance support, a care plan for management staff, an end-of-year bonus, an employer pension contribution, and professional development training.

Company Facts

  • Formed in 2001 to provide insurance services
  • Specializes in general and life insurance policies
  • Has continued to expand its operational bases
  • Dedicated to staff welfare and growth.

8. WAPIC Insurance Plc

WAPIC Insurance PLC pays staff annual salaries ranging from ₦500,000 to ₦1.1 million based on roles. They offer benefits like car plans, medical coverage, education support, annual bonuses, end-of-year insurance premiums, and capacity training.

Company Highlights

  • Founded in 1992 as an insurance firm
  • Offers non-life and life insurance services
  • Headquartered in Lagos with branches nationwide
  • Employs over 1,000 staff nationwide

9. Prestige Assurance Plc

Prestige Assurance Plc pays gross salaries from ₦450,000 to ₦1 million annually depending on designations in addition to benefits like annual bonuses, medical cover, housing/car loans, staff training, and life assurance amongst others.

Company Overview

  • Formed in 1980 as an insurance outfit
  • Provides non-life & life insurance policies
  • Head office in Lagos with branches nationwide
  • Employs more than 750 staff nationwide
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10. Magnificent Insurance Plc

Magnificent Insurance Plc pays average gross annual salaries ranging from ₦400,000 to ₦900,000 based on roles and designation. Additional staff benefits offered include medical cover allowance, car plan for management staff, annual bonus, housing loan, mortgage loans, and staff training.

Company Background

  • Founded in 1995 as an insurance firm
  • Offers non-life, life assurance & retirement services
  • Headquartered in Lagos, Nigeria
  • Committed to staff welfare & capacity growth

Frequently Asked Questions

What are the minimum qualifications to work in a top insurance company in Nigeria?

The minimum qualification varies depending on the role or position in the insurance company. However, for graduate roles, you would need a Bachelor’s degree in Insurance, Actuarial Science, Mathematics, Statistics, Economics, or related fields from a recognized university. For entry-level professional or leadership roles, related work experience of 1-4 years is usually required in addition to the degree qualifications.

What are the types of jobs available in insurance companies in Nigeria?

The main types of jobs in insurance companies in Nigeria include Insurance Underwriter, Claims Manager, Loss Adjustor, Insurance Sales Agent, Actuary, Risk Manager, Compliance Officer, Insurance Broker, IT Specialist, Accountant, HR Executive, Admin/Customer Service Officer others.

What is the average salary package for actuaries in Nigeria?

The average annual salary package for actuaries in Nigeria’s insurance industry ranges from ₦2.5 million to ₦7 million, subject to factors such as qualifications, relevant experience, years of practice, employer, and location. Top insurance companies in Nigeria are known to pay their experienced actuaries above ₦5 million annually.

How can I get an internship at a top insurance company in Nigeria?

To get an internship in leading insurance companies in Nigeria, you need to check their career or human resources website regularly for internship openings. You can also visit their offices with your CV, introduce yourself to HR staff, and request to be considered for any future openings. Networking with professionals currently working there could also help to land an internship slot.

What are the career prospects and growth for insurance personnel in Nigeria?

The career prospects and growth prospects for insurance professionals are very high in Nigeria given the expanding market scope and operations of insurance companies nationwide. With experience and further training/certifications, opportunities for promotions into managerial, supervisory, or leadership roles exist alongside attractive remuneration packages.

Conclusion

Over the years, the insurance sector has evolved continuously to accommodate demands while focusing on the steady capacity building of its workforce. The top 10 highest-paying insurance companies highlighted here consistently provide competitive salaries, remuneration packages, and futuristic career opportunities for their personnel thereby ranking amongst the best workplaces for insurance professionals in Nigeria.

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