Top Insurance Companies in Nigeria You Should Know

Insurance is a critical service that assists in protecting you, your organization, and your family from unforeseen disasters. Nevertheless, as much as you wish these occurrences would not occur, the reality is that they cannot be avoided, hence why they are referred to be unexpected.

However, the best part is that once they occur, insurance guarantees to cover you. Read on to learn about the top insurance companies in Nigeria, and what aspects they cover;

What Considerations Should You Make When Choosing an Insurance Provider?

They include the following:

1. The Organization’s Image

You should conduct an internet search for reviews and the latest news regarding the brand. That’s because the track record of the organization should provide insight into its strengths and skills.

2. Accreditation in the Legal Field

You must ensure that the insurance business you choose is legally licensed and approved by the Nigerian government.

3. The Scope of Coverage

This is a critical issue to consider while picking an insurance provider. Choose the level of coverage that is most appropriate for your circumstances. For instance, if your insurance provider does not cover specific scenarios, such as business ideas, that is an indication that you should seek coverage elsewhere.

4. Financial stability and cost considerations

It’s critical to understand how the insurance business performs in a down economy and how this may affect you. Investigate stock ratings and organizational resources to obtain the information you want.

You also might want to consider pricing while searching for and ultimately selecting an insurance company. In other words, if the price is low, take advantage of it. If it is not, proceed to another location.

As a result, to assist you in protecting your family, company, and yourself from potential hazards, we have collected a comprehensive list of insurance providers in Nigeria from which you may select.

While there are other insurance firms in Nigeria, the following is a list of our top insurance providers in no particular order.

insurance companies in nigeria

Top 16 Insurance Companies in Nigeria

1. AIICO Insurance Plc

AIICO Insurance Plc is 1963-founded insurance, pensions, and asset management group. This is one of the major insurance companies in the country. Insurance policy and special risks, life assurance and annuities, health insurance, wealth management, and pension management are the company’s primary areas of expertise.

They provide the following insurance policies:

Investment strategy for income

~ Payment plan with three installments

~ Insurance for travel

~ corporate retirement plan

~ Investment strategy for education

~ Endowment strategy that is adaptable

~ Plan of long-term security

~ Plan for electronic equipment policy

2. Lead Way Assurance, Inc.

LEADWAY Assurance (established in 1970) provides insurance services in the areas of commercial general liability and life and pensions. Additionally, the Company provides ancillary financial services such as secured credit, bonding, other financial losses, and portfolio management.

They are quite active online, across a variety of social media platforms, and have automated the majority of their operations to increase their efficacy.

They provide the following insurance policies:

~ Plan protection for families / Family Insurance

~ Savings strategy for the lead route

~ Plan of long-term security

~ Money policy strategy.

~ Savings strategy for education

~ Personal financial plan

~ Pension plan with a deferred annuity

3. Custodian and Allied Insurance

Custodian and Allied insurance firms offer a diverse selection of insurance products. Each strategy is customized to the specific requirements of its clients.

They provide the following insurance policies:

~ Investment in addition to the plan

~ Plan for an immediate annuity

~ Plan protection for families / Family Insurance

~ Automobile insurance policy

~ Insurance policy for travel

~ Capital budgeting

4. Cornerstone Insurance Plc

On July 26, 1991, Cornerstone Insurance Corporation was founded as a private limited liability company. In 1997, it was converted to a Public Limited Liability Company and listed on the Nigerian Stock Exchange (NSE).

Cornerstone Insurance has stayed committed to its clients from the start, putting their needs first and developing solutions to satisfy those requirements.

It is approved by NAICOM – the National Insurance Commission – to provide company insurance for both life and general risks.

They provide the following insurance policies:

~ Automobile insurance policy

~ Protection strategy for gadgets

~ Investment strategy

~ Halal Takaful strategy

~ Plan to guarantee school fees

~ Plan for goods in transit

~ Insurance policy for the residence

~ Insurance policy on Lives

~ Annuity contract

~ Insurance policy for marine vessels

~ Insurance policy for travel

5. AXA Mansard Insurance

AXA Mansard is a subsidiary of the AXA Group. AXA Group is a market leader in both insurance and asset management. The network of enterprises provides services to 107 million customers in more than 60 countries.

The Company offers life insurance and non-life insurance products to people and businesses around the country.

They provide the following insurance policies:

~ Plan for student protection

~ Autoflex strategy

~ Income plan based on equity

~ Auto-classic strategy

~ Money market strategy

~ Simple care plan

~ Savings strategy for the future

~ Instantaneous strategy

~ Health insurance plan

~ Savings strategy for retirement

~ Plan for commercial/tourism

6. African Alliance Insurance Company Limited

On May 6, 1960, African Alliance Insurance Ltd. was formed. The insurance Plc organization is well-known for its efficiency and dependability in the field of Life Assurance. Additionally, they customize their insurance packages to their clients’ life stages.

They provide the following insurance policies:

~ Insured annuities

~ Collective life insurance policy

~ Esusu strategy

~ Direct debit from the account

~ Personal assurance plan

~ Investment protection scheme

7. Goldlink Insurance Plc

This insurance firm was formed on April 15, 1992, as a Private Limited Liability Company. On May 11, 2007, it changed to a Public Limited Liability Company and was introduced to the NSE on February 12, 2008.

Goldlink Insurance Company is authorized to conduct business in both the life and general insurance sectors. These include policies such as automobile insurance, fire, and special hazards insurance, oil and gas insurance, life and pension insurance, and travel insurance.

They provide the following insurance policies:

~ Plans for group life insurance

~ Plan for School Safety

~ Insurance plan

~ Oil and gas strategy

~ Insurance for Engineers

~ Plan for General Accidents

~ Plans for individual life insurance

~ Plan protection for families

~ Plan for Liability Policies

~ Marine and aviation plan

~ Automobile insurance policy

8. Continental Insurance

Continental Insurance is the pan-African insurance industry’s private enterprise leader. The Company offers its clients from across the African continent life and non-life financial products.

They provide the following insurance policies:

~ Insurance policy for businesses

~ Health Insurance plan

~ Automobile Insurance policy

~ Homeowners insurance policy

~ Plan for Pet Insurance

9. Industrial and General Insurance Plc

On October 31, 1991, the insurance firm was formed as a private limited liability corporation. The Company was incorporated in 2007 as a public limited liability company. Following that, they began operations in January 1992 in Life and General Insurance, as well as Pensions and Special Risks.

Industrial and General Insurance Plc provide customized insurance solutions to meet the specific demands of each client.

They provide the following policies:

~ Plan for Group Life Products

~ Insurance Coverage for Cell Phones

~ Aircraft insurance policy

~ Insurance policy for engineers

~ Plan for General Business Insurance

~ Insured Health Care

~ Plan protection for marine

10. Lasaco Assurance Plc

Lasaco Assurance Plc was established on December 20, 1979, pursuant to the 1968 Companies Decree.

The Company was formerly known as Lagos State Assurance Company Limited. They eventually obtained an insurance license on July 7, 1980, and started production on August 1, 1980.

They provide the following insurance policies:

~ Automobile insurance policy

~ Aeronautical insurance policy

~ Insurance policy for marine vessels

~ Insurance against professional liability

~ Insurance policy against fire and other perils

~ Personal accident insurance policy

~ Insurance policy for bonds

~ Insurance against financial loss

~ Insurance for Homeowners

11. Anchor Insurance

Anchor Insurance is a well-known insurance company in Nigeria. They were registered with NAICOM in 1989 and began operations in November of that year. Anchor Insurance is a specialist in Commercial General Liability Insurance. People adore anchor insurance because it views clients as the purpose for its existence. This indicates that the customer’s needs are paramount.

They provide the following insurance policies:

~ Insurance policy for the residence

~ Insurance policy for automobiles

~ Motorcycle protection plan

~ Insurance policy for renters

~ Insurance policy for boats

~ Insurance coverage for workers’ compensation

~ Insurance policy for business owners

~ Commercial vehicle insurance policy

~ Insurance policy for professional liability

~ General Liability Insurance for Contractors

~ Liability for Cybercrime

12. FBN Insurance

In this case, First Bank of Nigeria Insurance is a company that is part of the First Bank of Nigeria, and it sells insurance. FBN insurance is primarily a life insurance company focused on providing coverage to people and businesses. They created the FBN Insurance solutions to essentially assist you in achieving the peace of mind that comes with risk management.

They provide the following insurance policies:

~ Insurance policy on Lives

~ Insurance policy for education

~ Insurance policies for businesses

~ Savings insurance strategy

~ Insurance policy for the residence

~ Insurance policy for automobiles

~ The retail insurance policy

13. Niger Insurance Company Plc

Niger Insurance is a fully-automated insurance firm. They specialize in all lines of insurance and provide a broad range of customer-focused, innovative services. Niger insurance’s management staff is extremely qualified and with substantial managing abilities.

They provide the following insurance policies:

~ Assurance of Educational Endowment

~ Assurance of Endowment

~ Life Insurance for Groups

~ Assured Mortgage Protection

~ Cash Plan for Niger

~ Flexible Investment Assurance Plan for Niger

~ Mutual Halal Plan of Niger

~ Individual Pensions and Savings (FLEXI)

~ Individual Retirement & Savings Plan

~ Term Assurance

14. NEM Insurance

NEM Insurance has a lengthy history. They began in Nigeria as Edward Turner and co. They joined with Vigilant Insurance Company in 2007 to conduct all lines of general insurance. They have grown their business across the West African subregion over the years. NEM insurance is primarily a general insurance company with a focus on specific risks.

They provide the following insurance policies:

~ Insurance products for businesses

~ Product for small and medium-sized businesses

~ Products of Personal Insurance

15. Mutual Benefits Assurance Plc.

Mutual Assurance has grown stronger over the years to become a household name in Nigeria. They are essentially a conglomerate having interests in several areas of the Nigerian economy. They employ approximately 3,000 people and serve a client base of over 250,000.

They provide the following insurance policies:

~ Insurance against fire and other dangers

~ Insurance for homeowners

~ Insurance against fire and burglary

~ Accident insurance for groups, individuals, and businesses

~ Automobile insurance

~ Insurance for travel and health

16. Staco Insurance Plc.

In October 1991, they incorporated Staco in Nigeria. However, in 1994, they began functioning as an insurance company under a new name. They granted them licenses to conduct business in all lines of insurance. This category includes both general insurance and special risks.

They provide the following insurance policies:

~ Guarantee of Integrity

~ Indemnity for Professional Services

~ Goods-In-Transit

~ Employer Obligation

~ Burglary

~ Liability to the Public

~ Accidents in Groups/Personal

~ Motor

~ Cargo & Marine Hull

~ Aviation

~ Special Hazards & Fire

~ Owner/Occupant of a Residence


It is essential to remember that insurance is a certain strategy to protect oneself from probable threats. As a result, you may use any of the insurance companies mentioned in this article to protect yourself, your family, your company, and your property against any unforeseen calamity.


Which insurance provider in Nigeria is the best?

AIICO Insurance Plc is 1963-founded insurance, pensions, and asset management group. This is one of the major insurance companies in the country.

What kind of insurance companies exists?

~ Standard Lines

~ Excess Lines

~ Captives

~ Direct Sellers

~ Domestic

How many insurance providers are there in Nigeria?

Nigeria currently has 58 insurance firms.

Who is responsible for regulating insurance providers in Nigeria?

The Nigerian National Insurance Commission (NAICOM) regulates insurance companies in Nigeria. It was founded in 1997 to guarantee the efficient management, monitoring, regulation, and control of the country’s insurance industry..

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