Travel Insurance Companies and Covers Available In Nigeria

Travel Insurance is an insurance policy that covers the financial risks of travelling. It provides cover against risks associated with travelling. As fun and stressful as a trip might sound, travel insurance is an investment that saves you money and time. 

Travel companies, airlines and companies in the business of travel tend to offer different travel insurance packages that you can buy alongside your purchase. These packages provide various levels of protection, and you can buy according to your budget.  

“There’s nothing like a travel Insurance plan in Nigeria”. This sentence is probably something that dropped in your mind while reading the topic of this blog post. There’s a lot of misconception about travel insurance in Nigeria, generally, insurance. That’s why we have compiled a list of the top insurance companies in Nigeria offering the best travel Insurance covers in Nigeria.

To carefully select the right company to avoid being swayed by just fancy branding and packaging, there are some factors you need to consider.

What to Consider Before Choosing One

Their Accreditation: Before deciding to use an insurance company, make sure you confirm that they are duly accredited by the Nigerian government and are a legal institution. 

History and Reputation: Always do a quick search of the travel companies you would like to use. Find out how long they have been in business. What kind of reviews they have. Their mission and values. What their previous customers are commending and what they complain about. If you have this information, it will help you decide properly. 

The Kind of Coverage They Provide: Narrow your search by checking out the different types of coverage your preferred company offers. It would be unwise to go with a travel insurance company that doesn’t offer the kind of travel coverage you are looking to get. 

Price: Prices of travel insurance varies from company to company. If you are looking for a good deal that covers all the major converge you want, then comparing travel insurance prices is something you should consider. It is important to note that a lower price can sometimes mean less coverage. 

Financial strength: This is another crucial thing to consider when buying travel insurance. You don’t want a situation where your insurance company can’t pay claims because they don’t have the finances. You can confirm this by checking how much they have paid in claims so far and how easy it was for their past customers to settle their claims. 

Some Travel Insurance Companies in Nigeria and What They Cover.

AXA Mansard: AXA Mansard Insurance is designed to provide cover for risks associated with travelling. They provide covers for:

1. Loss of property
2. Flight delays
3. Medical expenses arising from illness or accident
4. Emergency medical evacuation

Mutual Benefits Assurance Plc: Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships. What is covered in their travel insurance package:

1. Accidental Death
2. Medical expenses incurred  
3. Repatriation Costs 

What is not covered: 

1. Accident arising out of Mountaineering/Sports/Competitions
2. Persons travelling contrary to medical advice
3. Persons travelling solely to receive medical treatment/check-up; Cosmetic/Plastic surgery
4. Pre-existing Conditions
5. Suicide/attempted Suicide, intentional self-injury, insanity, allergy, nervous or mental disorders
6. Venereal disease or expenses incurred in respect of A.I.D.S or ARC
7. Pregnancy, childbirth, miscarriage or any disorder of the reproductive system
8. Children below 3months of age

 AIICO Travel Insurance: Established in 1963, AIICO Insurance Plc is a financial services group with market-leading positions in its key business lines; Insurance, Health. They provide for:

1. Repatriation on medical reasons
2. Loss of baggage
3. Loss of money
4. Missed/cancelled flights
5. Evacuation
6. Repatriation of mortal remains (corpse)

Allianz: Allianz offers International Travel Insurance that meets the travel requirements of various embassies. Partnering with Allianz Global Assistance, Allianz provides travel insurance cover that gives you peace of mind when the unexpected happens outside Nigeria. They cover:

1. Emergency medical expenses & hospitalization abroad
2. Medical evacuation
3. Repatriation of mortal remains
4. Emergency dental care
5. Emergency medical expenses associated with Covid-19 diagnosis whilst on a trip
6. Legal assistance
7. Compensation for delayed or lost checked-in Baggage 
8. Compensation for a delayed trip and many more
9. Covers the accommodation costs related to Covid-19 quarantine