Workmen’s Compensation Insurance

The Workmen’s Compensation Decree No. 17 of 1987 requires every employer of labour to take out Workmen’s Compensation Insurance, to cover their Legal Liability for the death or injury sustained by employees while in the course of their employment.

Apart from being compulsory, the benefits offered are very reasonable.

Death 42 Months Earnings
Permanent Disability 54 Months Salary
Medical Reasonable but Unlimited
Temporary Disability Payable for 24 Months
Full Basic salary for first 6 Months
Half salary for next 3 Months
¼ salary for remaining 15 Months

To enable us to compute the premium payable and also proceed on issuing you cover, kindly furnish us with the categories and number of employees to be covered together with their Estimated Annual Earnings.

Since cover provided by workmen’s compensation is limited to death and/or bodily injury sustained during working hours only, we wish to recommend that this be complemented by a Group Personal Accident Insurance. This can be effectively arranged on a non – occupational basis to avoid any overlap in covers. Furthermore, substantial savings in premium can be made on account of the allowable non-occupational Discount off premium chargeable.

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Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.

The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.


Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

Copyright © 2020 Guinea Insurance Company Limited RC1808. Authorised & Regulated by the National Insurance Commission RIC N0. - 017