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WHICH TYPE OF INSURANCE POLICIES DID YOU NEED

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Insurance is very important aspect of a business, or a family, there are different insurance policy which you need to do so that you will have zero risk on your business or family. Because insurance protect your business, family, and property from damages.



Insurance protect your most important assets, because when your protect your assets is give you solid personal financial plan. Also good insurance will help you to safeguard your financial assets or family,

Now let go straight to the point, the type of Insurance policy you need.

Type of insurance policies

1. Health Insurance

Health is the most important aspect of human life, if you don’t have good health, even if you are rich as Dangote you will not enjoy your money, you will not be able to do what you want at the time you want it, so health is very important, that is why I make it number one on the list

Health Insurance is one of the most important types of Insurance you need to have, even if you can’t have other insurance policy you must have health Insurance because when you are alive you can do so many things. You good health allows you work and earn good money and also enjoy your life to the fullest.

Health Insurance will protect you from any accident, if you are involve in any accident you will be treated quickly, also protect you from borrowing money for hospital bills and other expenses on your health.

2. Automobile Insurance

Is the type of Insurance policy that protect your car accident it related issues, most States require my law to that you should have basic auto insurance. That covers liability. When you are buying a car in some state you will also buy automobile insurance instantly, because it is require my the law of the land.

Also most automobile Insurance covers bodily injury or the death of another person that is involved in accident, likewise automobile Insurance pay the medical bills of any body that is involved in accident

After you have buy automobile insurance if your car is involved in accident collision insurance covers damages to your car while liability insurance covers damages to the other car or third party vehicle.

Rental Car Coverage can also be included in automobile Insurance which means it your car have an accident without driving either by natural disasters or other environmental problems.


3. Life Insurance

This type of Insurance policy is very important like health insurance policy because it gave something to do with your life. This type of Insurance policy is very important especially if you are married or have children, also if you are single you can also benefits from life Insurance policy.

Life insurance also help you to pay the debt you leave behind after you have pass away and pay your children school fee or any other debt.

Also life insurance always depend on your health status or health profile, if you are old or not healthier it likely that your life Insurance coverage will be higher than that of young man and more healthier than you.



Life insurance policy protect those who depend on you financial, they can be your spouse, friends, children or parents, if you know that your family, friends and love ones will face financial hardships when you die, then life insurance policy should be first on your list. because life insurance policy covers them all for many years after you have pass away, also you need you to plan for your burial cost and pay for it before you die, so that it will not turn to debt for your family.

4. Property Insurance Policy

Property Insurance Policy is the type of Insurance that most people love and usually like to do because it covers your house, companies, and other properties.

Also if you don’t have a house maybe you rent a house to live, the rental insurance policy is the best for you. This insurance protect your property from any damages or accident, like, fire outbreaks, natural disasters or others.

Home Insurance is the same thing as property Insurance s very important, if you borrow money from the bank to build a house, the bank will require that the asset(house) must be insured

Also in homeowners and rental Insurance also protect you against personal liability, if anyone is injured in your house.



This type of Insurance policy also protect your all your assets like your companies, and so on.

TYPES OF INSURANCE

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There are different types of Insurance policy that some many people that buy or so many Insurance companies have sell out for people. Here are the types of Insurance

There are 7 type of insurance


  1. Personal or Life Insurance

  2. Liability Insurance

  3. Social Insurance

  4. Fire Insurance


  5. Property Insurance

  6. Marine Insurance

  7. Guarantee Insurance

These are the full details below

1. Personal or Life Insurance

Life insurance is the most important Insurance because it deal with your life, also life insurance is different from others types of Insurance because is the subject matter of insurance is your life.

In life insurance the insurer will pay fixed amount of money at the time of delivery.

So many people engage in life Insurance because life is the most value property of an individual.

Life Insurance provide protection for the family it there is a case of suddenly death.

2. Liability Insurance

Liability Insurance is the type of Insurance that pay for the damages of property or compensation for the loss of property and also covers injury and death.


This type of Insurance is used in automobile Insurance, machine insurance and also fidelity Insurance.

3. Social Insurance

Social Insurance provide protection for the weaker people of the society, who can’t afford to pay the premium for adequate Insurance, like unemployment Insurance, pension Insurance, disability, sickness Insurance, this are what socal Insurance means.

4. Fire Insurance

Fire insurance covers the risk of fire, with the help of fire Insurance the property damage by fire will be compensated and the insurer will not lose anything at all.

If you have any fire accident after you have buy fire insurance for your company or property, the insurance company will build your company or compensate you with need property as approximately in the same position in which it was before the fire out break.

Fire insurance also covers the the damages caused by turmoil, riot, and war.

5. Property Insurance

Property Insurance is the protection of an individual or a society from property loss either by fire or flood, so if an individual or a group of company buy property insurance then there property is safe from any damages, accidentally if any damages occur the insurance company will build it compensate them with the same property loss.


6. Marina Insurance

Marina Insurance is the act of protection property from water accident, marina provide protection against the loss of marina perils,

Marina Insurance insures ship cargo and freight from any damages.

Marina perils are a collision with rock, or ship l, attack from enemies, capture by pirates or fire.

Currently marine insurance have been divided into two parts which is

1. Ocean Marina Insurance

2. Inland Marina Insurance.

7. Guarantee Insurance

Guarantee Insurance covers the loss that cause by dishonesty, disloyalty, and disappearance of the employees.



The failure causes loss to the first party for example in export Insurance, the insurer will compensate the loss at the failure of the importers to pay the amount of debt.

These are types of insurance that you can buy.

Top Twenty Richest Man In Nigeria, Name, Net Worth and Industry. Count Down)

Here is the count down of top twenty richest man in Nigeria.

20. Hakeem Belo-Osagie
Net Worth: $600 Million
Industry: Oil and Gas/Telecoms.

19. Tunde Folawiyo
Net Worth: $650 Million
Industry: Oil & Gas, Telecom.

18. Mohammed Indimi
Net Worth: $670 Million
Industry: Oil & Gas, Self-made.

17. Emmanuel Ojei
Net Worth: $1.2 Billion
Industry: Diversified.

16. Bode Akindele
Net Worth: $1.2 Billion
Industry: Diversified.

15. Dr. ABC Orjiakor
Net Worth: $1.2 Billion
Industry: Oil & Gas.

14. Igho Sanomi
Net Worth: $1.3 Billion
Industry: Oil & Gas.

13. Benedict Peters
Net Worth: $2.7 Billion
Industry: Oil & Gas.

12. Cletus M. Ibeto
Net Worth: $3.7 Billion
Industry: Diversified.

11. Prince Arthur Eze
Net Worth: $5.7 Billion (Ventures
Africa)
Industry: Oil & Gas.

10. Oba Oteduko
Net Worth: $650 Million
Industry: Diversified.

9. Jim Ovia
Net Worth: $850 Million (Forbes), $1
Billion (Ventures Africa)
Industry: Banking, Telecoms.

8. Orji Uzor Kalu
Net Worth: $1.1 Billion
Industry: Oil & Gas.

7. Tony Elumelu
Net Worth: $1.4 Billion (Forbes), $1.6
Billion (Ventures Africa)
Industry: Investments.

6. Abdulsalam Rabiu
Net Worth: $1.5 Billion
Industry: Consumer Goods.

5. Theophilus Danjuma
Net Worth: $1.7 Billion (Forbes), $1.8
Billion (Ventures Africa)
Industry: Oil & Gas.

4. Folorunsho Alakija
Net Worth: $2.1 billion
Industry: Fashion, Oil, and Printing.

3. Femi Otedola
Net Worth: $2.3 Billion
Industry: Oil & Gas.

2. Mike Adenuga
Net Worth: $10.5 Billion (Forbes), $8
Billion (Ventures Africa)
Industry: Telecoms, Oil, and Gas.

1. Aliko Dangote
Net Worth: $12.5 Billion (Forbes),
$25.7 Billion (Ventures Africa)
Industry: Cement, Sugar, Flour.

Alhaji Aliko Dangote is worth an estimated $21.6
billion. He is the richest man in Nigeria.
Aliko Dangote
is by far the richest man in Nigeria.

These are the list of richest man in Nigeria.

The Origin of insurance in Nigeria



In this post I will tell you the history and the origin of insurance in Nigeria.
Firstly Insurance is the act of avoiding risk in business.



There are many type of insurance life assurance, property or goods insurance and enterprises insurance and there are many insurance company in Nigeria


Origin of insurance in Nigeria
Insurance has been practiced in Nigeria before independence, Europeans companies are work playing the leading role in Nigerian insurance market be insure things are signed into their countries. So after Nigeria become independence new Nigerian government try set up on their own companies to avoid overflow of currency abroad and they are successful thorough the help of UN
Nigeria was one of the 22 countries that insurance was introduced in the in the 60s and other countries in Africa like Kenya, Ghana, Tunisia, Egypt, morocco, Cameroon,Sudan, and Algeria.


The first insurance company in Nigeria was founded in 1918 and the name of the company is royal exchange assurance agency this was the first insurance company in the history of Nigeria and started provide insurance services a 1958.
FAIR which represent federation of afro Asian insurance and reinsurance also help Nigeria in and developing Nigeria insurance market, they began their function and development Nigerian insurance market in 1964.
The year 1976 Nigeria insurance act signed that there will be no regulatory requirement insurer solvency but this will change 2003 in new insurance act was are signed to law that all insurers and reinsurers were required to increase authorised capital to new and higher standard. local and national assurance commission no longer accept fund from bank and real estate property.
In 1997 national insurance commission was founded in Nigeria so this commissioner organised and developed Nigerian insurance market and became much more better than the past during this time insurance companies I’ve started running an insurance company in Nigeria and other Africans countries by this time there are over 500 conditions company and also in Nigeria over 100 trans company in Nigeria
Currently now where are a lot of company working in Nigeria insurance market
Here is some of the private insurance company in Nigeria


Insurance companies in Nigeria
Africa alliance insurance company
Aiico insurance
Capital express assurance
Cornerstone insurance plc
Consolidated hallmark
Continental reinsurance plc
Custodian and allied insurance
Equity assurance
FBN insurance
Golden link insurance plc
Guinea insurance plc

Law union and rock insurance
Leadway assurance
linkage assurance
Mutual benefit assurance
Royal exchange assurance
Sterling assurance Nigeria ltd
Zenith general insurance
Anchor insurance limited etc.
These are insurance company in Nigeria. Till now most Nigerians are using insurance to cover their property their business and their life also.

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