Top 10 Insurance Companies In Nigeria And Their Services

There are a good number of insurance companies in Nigeria which means individuals or entities shouldn’t have any problem locating the best and most affordable insurance company with a good track record and coverage.

However, the abundance of such companies in the industry means that it would be difficult for people to pick out the best from so many.

That’s why we have taken our time to go through all the insurance companies that operate in Nigeria and we have brought out the Top 10 Insurance Companies in Nigeria and the services they offer to potential and existing clients.

Top 10 Insurance Companies In Nigeria And Their Services 1

What is Insurance In Nigeria?

Simply put, insurance is a form of protection in case of financial loss. It is an agreement or contract between an individual or entity and an insurance company in which the company is to provide financial protection or compensation for a specified loss. The individual or entity will be required a fee called premium.

The insurance company is hence known as the insurer while the individual or entity insured by the company is known as the insured.

Although Nigeria has a handful of insurance companies with excellent services and coverage, there has been overwhelming low patronage of these companies which is mainly due to the lack of awareness. Another problem is that some insurance companies blatantly refuse to honor their obligations at the needed time.

In the face of all these challenges, there has been some improvement in the industry as the Nigerian Insurance Commission (NAICOM), has stepped up in the regulation of insurance companies in Nigeria. Also, the awareness of the importance of insurance in Nigeria is on the increase as many individuals and entities seek for means to protect their assets from theft, natural disasters, and unexpected outcomes.

Top 10 Insurance Companies In Nigeria

Insurance companies in Nigeria offer their services in the following areas:

  • Travel Insurance
  • Health Insurance
  • Auto Insurance
  • Business Insurance
  • Property Insurance
  • Life Insurance

Below are the top 10 insurance companies in Nigeria and their services

Top 10 Best Insurance Companies In Nigeria And Their Services

  1. Leadway Assurance Company Limited

Leadway Assurance is a leading insurance company in Nigeria with a strong reputation. It is also one of the most reliable and trustworthy insurance companies.

Leadway was founded in 1970 by Sir (Dr) Hassan Olusola Odukale and began operations in 1971 with only a few services to offer. Today, the company is one of the foremost insurance companies in Nigeria offering a handful of services in personal insurance, SME insurance, and Corporate insurance.

Presently, the company is headed by Mr. Oye Hassan-Odukale who is its Managing Director/CEO.

Services offer by Leadway Assurance include

  • General Insurance
  • Life and Health Insurance
  • Savings & Insurance
  • Marine Insurance
  • Property Insurance
  • Motor Insurance

2) AIICO Insurance Plc

AIICO insurance is one of the leading insurance companies in Nigeria and one of the few that has ties with top American insurance companies. Established in 1963, AIICO began operations as an Agency office of American Life Insurance Company (ALICO).

The company, at the time of its inception, operated under the name “American Life Insurance Company Limited”, it was however renamed American International Insurance Company Limited (AIICO) and listed in the Nigerian Stock Exchange after the Federal Government of Nigeria acquired a 60% stake in 1990.

AIICO has been ranked among the top 3 in Non-life insurance in Nigeria and is a market leader in life insurance and retirement services.

AIICO offers its services in the following areas

  • Life Assurance
  • General Insurance
  • Health Insurance
  • Asset Management
  • Pension Management

3) AXA Mansard Insurance Plc

AXA Mansard is another insurance company in Nigeria with ties to a reputable foreign insurance company. The company is a subsidiary of the AXA Group, a conglomerate and the world leader in insurance. The conglomerate employs over 180,000 people and operates in 64 countries with a customer base of 107 million clients. This should make AXA Mansard one of the most reliable and trusted insurance companies Nigeria.

AXA Mansard began operations in Nigeria in 1989 offering life and non-life insurance services to individuals, corporate organizations and institutions in the country. The company offers various personal insurance, corporate insurance products including pension fund administration.

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Services offered by AXA Mansard Plc

  • Motor Insurance
  • Life Insurance
  • Savings & Investment
  • Health Insurance

4) Cornerstone Insurance Plc

Incorporated in 1991, Cornerstone Insurance is a public liability company operating within the shores of Nigeria and certificated by NAICOM. The company was initially a private limited liability company, until 1997 when it was quoted on the Nigerian Stock Exchange.

Since its inception, it has built a reputation for itself as a dependable insurance company which is evident in the number of insurance awards it has won in the last decade.

Below are the services offered by Cornerstone Insurance Plc

  • Motor Insurance
  • Travel Insurance
  • School Fees Guarantee
  • Home Insurance
  • Life Insurance

5) Custodian & Allied Insurance

Custodian & Allied Insurance is an insurance company indigenous to Nigeria and it began its operations in 1997. The company offers services in Life and General insurance and has been able to penetrate the market due to its high-quality services and trust score.

The company is registered with the Nigerian Insurers Association (NIA) which makes it more reliable and trustworthy than other companies who are not members of this association.

Services offered by Custodian and Alliance Insurance

  • Auto Insurance
  • Travel Insurance
  • Home Insurance
  • Life Insurance

6) African Alliance Insurance Plc

African Alliance prides itself as the most experienced specialist life assurance company in Nigeria with thousands of clients patronizing their insurance products.

The company was incorporated in 1960 as African Alliance Insurance Limited which makes it one of the oldest insurance companies in Nigeria. It is headed by Funmilayo Omo who serves as the Managing Director.

African Alliance offers several insurance products and services which are quite similar to those offered by other insurance companies, however, their services are of the highest quality and incomparable to any other insurance company in Nigeria.

Services offered African Alliance Insurance Plc

  • Children Education Insurance
  • Mortgage Insurance
  • Income Investment Plan
  • Money Appreciation Plan
  • Alliance Investment Plus Plan

7) Prestige Assurance Plc

Prestige Assurance would as well be one of the most reliable insurance companies in Nigeria having affiliations with a foreign insurance company.

The company was established in 1952 as an agent of the New India Assurance Company Limited, a general insurer in the Afro-Asian region and the largest insurer in the region with a presence in over 28 countries. Its success and growth in the industry led to its incorporation as a limited liability company in 1970. The company was licensed to offer non-life insurance products and services in Nigeria.

Prestige Assurance is one of the largest insurance companies in Nigeria with a shareholders fund in excess of N7.5 billion. Their service and products are one of the best in the country which has earned them a strong reputation in the industry.

Like most insurance companies, they offer services and products in personal insurance, commercial insurance, industrial insurance liability insurance, and e-insurance. The company is run by Dr. Balla Swamy who serves as the MD/CEO and Sarbeswar Sahoo who serves as the Executive Director.

Services offered by Prestige Assurance

  • Motor Insurance
  • Agricultural Insurance
  • Travel Insurance
  • Health Insurance
  • Online Insurance

8) Goldlink Insurance Plc

Initially incorporated as a private limited liability company in 1992, Goldlink Insurance Plc took the industry by a storm with a promise of high-quality and affordable services unlike those offered by other insurance companies. The company was granted the license to operate in 1993 and converted to a public liability company in 2007.

Its incorporation as a public liability company showed its readiness for listing on the Nigerian Stock Exchange which was exactly what happened in 2008. With over 20 years of experience on its side and 16 branches spread across the nation, the company prides itself as a specialist in life and general insurance services and products

The company is headed Kenneth Edore Egbaran who serves as the Managing Director/ CEO and Yakubu Yusuf who serves as the Chief Finance Officer.

Below you will find the list of their insurance services and products

  • Compulsory Insurance
  • Engineering Policies
  • Group Life Insurance
  • Individual Life Insurance
  • General Accident
  • Marine and Aviation
  • Motor Insurance
  • Re-insurance
  • Oil and Gas
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9) Continental Reinsurance

Continental Reinsurance is the largest private pan-African reinsurance company and the first African reinsurance company to become a signatory to the UNEP FI Principles for Sustainable Insurance (PSI).

Continental Reinsurance began business in Nigeria after its incorporation in 1985. The company was initially registered as a private reinsurance company and became a composite reinsurer in 1990 offering products and services in treaty and facultative life and non-life reinsurance.

In 2000, the company was converted to a public liability company. It was listed on the Nigerian Stock Exchange in 2007 after achieving a capitalization of N10 billion.

With over 30 years of experience in the industry, it has not only built a reputation for itself as one of the top-rated reinsurance companies in Nigeria but also in other parts of Africa. Presently, the company has a presence in 50 countries.

The company is headed by Femi Oyetunji, who serves as the Group Managing Director/CEO and Lawrence Nazare, who serves as the Executive Director.

 Services offered by Continental Reinsurance

  • Fire and Engineering
  • Motor Reinsurance
  • General Accident
  • Marine Reinsurance
  • Aviation Reinsurance
  • Oil & Energy
  • Individual and Group Life

10) Industrial and General Insurance (IGI) Plc

Industrial and General Insurance Plc was incorporated in 1991 and commenced operation in Nigeria in 1992 as a composite insurer with services in life and general insurance. The company rapidly rose to become one of the top insurance companies in Nigeria and recorded a landmark achievement in 1996 as the first private insurance company in the country to post N1 billion premium income.

It broke its own record in 2004 when it posted a premium income of N4 billion. In 2007, the company was converted into a public liability company.

Industrial and General Insurance is a renowned insurer with a strong reputation in the industry. The company is not only recognized by individuals but also corporate organizations and the Federal Government of Nigeria. The company is also involved in the development of communities and is a leading Nigerian sports promoter and sponsor. Its input in the role of sports leads to its appointment as the Official Insurer of all the National Football Teams in Nigeria.

The company is currently headed by Rachel Voke Emenike who serves as the Managing Director and Shade Ajayi who serves as the Acting Executive Director, Technical & Operations

Services offered by Industrial and General Insurance

  • Group Life Insurance
  • Individual Life Insurance
  • Oil & Energy Insurance
  • Agricultural Insurance
  • Aviation Insurance
  • General Business Insurance
  • Marine Insurance

3 Factors To Consider Before Choosing An Insurance Company In Nigeria

It is very important to choose the right insurance company as you would be depending on them in the case of an unexpected eventuality. There are a lot of scam and devious insurance companies out there who present mouthwatering offers but yet fail to keep up to their end of the bargain when the time comes.

Below, you will find some factors to consider when settling for an insurance company in Nigeria.

1. COST:

One of the reasons why many Nigerian shy away from patronizing insurance companies is due to the cost of the premium (fee charged by the insurance company). It is a well-known fact that Nigeria is a developing country and a bulk of its citizens are either within the middle or lower income level. This is why the cost of the premium is still a big issue that bothers on the mind of every Nigerian. When it comes to insurance, affordable is not always best. A lower price means you have less coverage and therefore means you wouldn’t get enough coverage in the time of a financial loss. Getting insurance at this stage could be counterproductive and unfruitful. The best practice is to settle for insurance companies that their pricing plans align with your financial plan.


The worse mistake you would make is to settle for an insurance company that does not have the legal accreditation to operate in Nigeria. Such companies which are not registered or licensed to offer their services in the country will definitely fail when the time comes to keep up to their end of the bargain. Ensure you steer clear of such companies no matter how attractive their offers are. It is also better to settle for an insurance company that is a member of the Nigerian Insurers Association (NIA) than one which is not.

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In the world of business, the reputation of a company means everything. While all the insurance companies we have listed above are notably the best and most reliable insurance companies in Nigeria, it won’t hurt if you get more information by asking individuals who have transacted with these companies in the past and individuals who are under any service offered these companies.

While doing your research, watch out for any negative remark about any company and weigh it before making a final decision.

Why You Need to Have An Insurance In Nigeria?

Most Nigerians wouldn’t opt for an insurance plan not because the price is way beyond their financial capabilities but because they not yet aware of the importance of getting insured. Everyone in Nigeria should be under one insurance plan or other and the reasons for such statement are given below.

  • Protection Against Unforeseen Events

The main goal of insurance is to offer financial protection. Life is quite unpredictable and the possibility of events happening at any time makes it important to have a form of security in case the eventuality is negative. Life insurance provides your family with financial support in the event of your death. Auto insurance protects against car theft, accident or disasters.

  • Reduces Replacement Costs

One thing most Nigerians do not know is that having insurance helps them save money even though they will be required to pay a fee (premium). This is due to the fact that most Nigerians do not understand how insurance works.

When you agree to an auto insurance plan from any insurance company, you will be required to pay this fee which could be 10% of the value of the car. In the event your brand new car worth N2 million gets stolen, your insurance company will have to pay for the cost of acquiring a new car but will deduct the 10% premium from payment.

That means you will only be paid N1.8 million. This saves money for purchasing a new vehicle if you opt for insurance rather than being without any form of insurance.

  • Helps Protect Against Risk

This is very important for businesses and corporate organizations. Insurance is a way of transferring risk through the signing of a contract. When you are insured you could easily try out new opportunities without fear as you are well covered by your insurance company. However, insurance companies tend to have agreements and terms you must meet before you can be settled for a financial loss so you still have to be careful.

These reasons above make it important for every individual to have one form of insurance or the other. In developed countries, it is compulsory to have a form of insurance and you can be rejected by an organization if you do not possess a certain kind of insurance.

While Nigeria is still yet to grasp the full importance of insurance, you can start by searching for reputable insurance companies to give you the comfort and guarantee you need. Our list will help guide you in your search.

With the above information at your disposal, it becomes easier choosing a good insurance company in Nigeria because we have included their services and why they are rated among the best insurance companies in Nigeria.

Your opinions and inputs are welcome, you can reach out to us via the comment section or our contact us page should the need arises. Also, we have the social media buttons below, you can share using any of the icons as this would be beneficial to other readers. Thank you!

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