Though globally acclaimed as a critical factor in financial security, insurance in Nigeria is yet to feature prominently in the financial services sector because the industry is yet to reach its full potentials.
Despite the country’s low insurance penetration rate at 1%; indicating that out of 180 million, only about 3 million Nigerians have any form of insurance, Leadway Assurance holds a considerable edge in this evolving industry.
In its 50 years of operation, Leadway has significantly redefined insurance, serving Nigerians innovative and functional product offerings via advanced technological driven solutions and exceptional customer service delivery. With the much-coveted A+ rating received from the Global Credit Rating Agency (GCR) in 2017 for its operations in Nigeria, the foremost insurer elected to extend its business frontiers beyond the borders.
In 2018, Leadway Assurance actualised this vision and opened a subsidiary in Cote d’ Ivoire, the largest economy in the West African Economic and Monetary Union (WAEMU) thus, penetrating the economic nerve of the francophone market.
The move was strategic as Cote d’ Ivoire’s economy has enjoyed rapid growth in the last decade due to its diversification in agricultural exports and encouragement of foreign investment. It ranks 5th among 47 countries in the Sub-Saharan Africa region with an overall score that exceeds regional and global averages
Later that year, Leadway purchased the Ivorian company 3A vie. This transaction gave birth to a new international arm of Leadway Assurance named the Leadway Vie (Leadway Life). It started operations on the 22nd of August 2018 with a capital of 5 million U.S. dollars (3 billion FCFA). Following the footsteps of its parent company, Leadway Vie aims to become the leading insurance company in Cote d’ Ivoire by guaranteeing integrity, service, operational excellence and unmatched happiness for its customers.
This commitment is a very high objective as the evolution of Leadway since 1970 has been truly remarkable. Expansions of its services and overall scale in operations have not deterred the company from maintaining its reputation as a reputable insurer.
Its integrity and excellence are poised to help establish its market dominance across the Anglophone and Francophone corridors; a testament of consistency and commitment to impeccable value creation across Sub-Saharan Africa.
Without any doubt, insurance is crucial to individual and corporate entities’ wealth creation and management, and Leadway seeks to propagate these benefits for West Africans to grow, manage and secure wealth leveraging this risk management tool. The leading Nigerian insurer wants this posturing to be extended to businesses with footprints across the West African coast, backed by Leadway policies which guarantee possibilities beyond local borders.
To find out more about Leadway Assurance and our range of products, please call on 08088578050 or send an email to [email protected] for more details.
