Best Property Insurance Providers in Lagos

Insurance companies in Nigeria offer you financial security when you need it most. As such, getting covered by these reputed companies gives you a much-needed safety net. But choosing the best insurance company can be overwhelming given the terms, coverages, and exclusions. In this StarInsights report, we examine the best property insurance providers in Lagos, Nigeria based on client feedback.

A Market Overview of Property Insurance Sector

The property insurance sector is a significant component of the broader insurance industry. It provides protection to property owners against a wide range of risks, such as fire, theft, vandalism, and natural disasters. Typically, the policies cover buildings and their contents. As a result, this makes the market large and competitive, with a wide variety of insurance companies offering a range of products and services.

According to a report by Zion Market Research, the global property insurance market was valued at USD 128.21 billion in 2021. And is expected to grow to USD 278.30 billion by 2030. The growth of the property insurance market is driven by the rising awareness of the importance of property insurance, increasing property values, and the increasing frequency of natural disasters.

Overall, the property insurance sector is likely to continue to experience significant growth and change in the years ahead. Driven by a range of factors including technology, changing customer needs, and emerging risks. As a result, the insurance companies that are able to adapt to these trends and provide innovative and personalized products and services are likely to be well positioned for success in the increasingly competitive property insurance market.

The Impact of Customer Feedback

While there are many top insurance companies in Nigeria, each offers different levels of coverage for personal and business needs. Complementarily, with a wide range of coverage options, every insurance provider boasts about their quality of agency and uses anything at their disposal to build and reinforce their brand and credibility.

Insurance companies continue to invest in technology to improve transparency for the benefit of both policyholders and insurers in the long run. However, this well-organized objective can be of no use if insurers do not invest or consider the effect of reviews and ratings. The most differentiating factor when it comes to this industry is largely on how the insurance company deals with the common challenges faced by insurance customers. These include service issues, claim issues, and admin issues, just to mention a few.

Many insurance companies are investing heavily in technology and digital capabilities. To improve the customer experience, develop new products, and enhance data analytics and risk management capabilities. Hence, due diligence is required before making the final purchase decision. 

eKomi’s REVIEW of the Best Property Insurance in Lagos

It is evident that trust is the core of this industry and as such, through reviews, insurance companies can assess their accomplishments, determine what changes might enhance future outcomes, and most importantly, identify the actions they must take to guarantee the end-user reception what they require.

Consequently, we searched Google to hand-pick the best-rated and most-reviewed property insurance companies in Lagos as of March 27, 2023. Our StarInsights Report is purely based on official Google ratings and reviews. For analysis purposes, we have sorted the data entries in descending order in the two following charts shown below:

Top-rated

Property Insurer	Rating	Reviews
Adept Insurance Brokers limited	5.0	3
Dillas Insurance Brokers Limited	4.7	3
Goshen Insurance Brokers Limited	4.5	2
Epicure Insurance Brokers Limited	4.4	7
LIBRA INSURANCE BROKERS LIMITED	4.3	4
Quicklink Insurance Brokers Ltd.	4.2	31
Haggai Insurance Brokers	4.0	7

Most reviewed

Property Insurer	Reviews	Rating
Quicklink Insurance Brokers Ltd.	31	4.2
Epicure Insurance Brokers Limited	7	4.4
Haggai Insurance Brokers	7	4.0
Thornedge Insurance Brokers Ltd	5	4.0
LIBRA INSURANCE BROKERS LIMITED	4	4.3
Adept Insurance Brokers limited	3	5.0
Dillas Insurance Brokers Limited	3	4.7

Findings & Recommendations

From the findings, it’s clear to see that most property insurers in Lagos have few reviews and below-par ratings. As such, they need to invest in tools that help improve their online reputation. Google holds a 90% share of the search engine market. In fact, it is most users’ default search engine for finding products and services worldwide. Therefore, businesses ought to maintain the best standing of their customer review data on Google Reviews to attract new clientèle and gain a competitive edge.

We congratulate the property insurance companies that made it to our list and encourage them to keep collecting customer reviews and ratings. Your customers are your best salespeople because their voices are authentic. If you haven’t been collecting customer reviews, now is the time to get started. Numerous businesses from numerous industries have benefited from eKomi’s good evaluations and high search engine rankings, which have helped the company’s bottom line. eKomi will essentially increase this sector’s exposure while reducing its risk. We recommend that you book a free consultation to learn more.

In the End, Property Insurance;

Can give one peace of mind knowing that their largest and probably most expensive asset is covered in case unexpected and uncontrollable events happen. Without any insurance, you’ll risk losing the asset while also paying the mortgage back.