Top Insurance Companies in Nigeria [2023 Updated List]

One of the reasons Nigerians buy insurance is to protect themselves in addition to their properties against unforeseen circumstances.

These events can take up a large chunk of their finances, and they’d want to avoid that. Hence, the need for buying insurance.

Insurance helps individuals and companies safeguard their investments and properties against potential risks that could make them lose everything.

There are top insurance companies in Nigeria that help individuals looking to secure their future from such misfortune. However, you have to know what you are looking for, how the insurance agency works and pick the right one. In order to do that, there are factors to take into consideration before choosing an insurance company.
These factors are necessary to avoid being swayed by -for instance- fancy branding.

Factors to Consider Before Choosing an Insurer

1. The Company’s Image

You should surf the internet for reviews and top news about the brand. This is because the company’s track record should give you an idea about their strengths and capabilities.

2. Legal Accreditation

The insurance company you decided to go with must be legally accredited and certified by the Nigerian government.

3. The Coverage

This is a vital and necessary factor in selecting an insurance company. Select the coverage that best suits your needs. For instance, if the insurance company does not cover certain circumstances like business ideas you’d require, that’s a sign to take your business elsewhere.

4. Financial Strength and Price Factor

It’s important to find out how the insurance company fares during a bad economy and how that can affect you. Go through stock ratings and business resources to get the information you are searching for.

You may also want to consider the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.

1. AIICO Insurance Plc

AIICO Insurance Plc is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country its key focus on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

They offer the following policies:

· Income investment plan

· Three payment plan

· Travel insurance

· corporate saving plan

· Education investment plan

· Flexible endowment plan

· Term assurance plan

· Electronics equipment policy plan

2. Lead Way Assurance company

LEADWAY offers services in both Life and Pensions and

LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.

They are very active online, across various social media channels and have computerised most of their operations to boost effectiveness.

They offer the following policies:

· Family Benefit plan

· Lead way saving plan

· Term assurance plan

· Money policy plan.

· Educational saving plan

· Personal saving plan

· Deferred annuity plan

3. Custodian and Allied Insurance

Custodian and Allied insurance company provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of their clients.

They offer the following policies:

· Investment plus plan

· Immediate annuity plan

· Tuition protection plan

· Auto insurance plan

· Travel insurance plan

· Capital plan

4. Cornerstone Insurance Plc

Cornerstone Insurance company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.

Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs.

It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.

They offer the following policies:

· Motor insurance plan

· Gadget protection plan

· Investment plan

· Halal Takaful plan

· School fee guarantee plan

· Goods in transit plan

· Home insurance plan

· Life insurance plan

· Annuity plan

· Marine insurance plan

· Travel insurance plan

5. AXA Mansard Insurance

AXA Mansard is a member of the AXA Group. AXA Group is a top player in insurance as well as asset management. The group of companies serves 107 million clients in over 60 countries.

The Company provides life insurance as well as on-life insurance solutions to individuals and organisations in the country.

They offer the following policies:

· Student protection plan

· Autoflex plan

· Equity income plan

· Auto classic plan

· Money market plan

· Easy care plan

· Life savings plan

· Instant plan

· Health plan

· Retirement savings plan

· General ( business/ tourism) protection plan

6. African Alliance Insurance Plc

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficiencies and trustworthy in Life Assurance. In addition, they personalise their insurance products tailored for each stage of their clients’ lives.

They offer the following policies:

· Annuity assurance plan

· Group life assurance plan

· Esusu plan

· Direct debit form plan

· Individual assurance plan

· Investment assurance plan

7. Goldlink Insurance Plc

This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.

Goldlink Insurance Plc is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance.

The insurance policies they offer include:

· Group Life Insurance plan

· School Safety plan

· Compulsory Insurance plan

· Oil & Gas plan

· Engineering Insurance

· General Accident plan

· Individual Life Insurance plan

· Reinsurance plan

· Liability Policies plan

· Marine & Aviation plan

· Motor Insurance plan

8. Continental Insurance

Continental Insurance is the private sector leader of the pan-African insurance industry. The Company provides life and non-life insurance solutions to its clients across the continent.

They offer the following policies:

· Business Insurance plan

· Insurance plan

· Auto Insurance plan

· Home Insurance plan

· Pet Insurance plan

9. Industrial and General Insurance Plc

The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.

Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

· Group Life Products plan

· Mobile Phone Insurance Plan

· Aviation Insurance plan

· Engineering Insurance plan

· General Business Insurance plan

· Health Insurance Plan

· Marine Insurance plan

· Oil & Energy

10. Lasaco Assurance Plc

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company, was called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1 1980.

The insurance policies they offer include:

· Motor insurance plan

· Aviation insurance plan

· Marine insurance plan

· Professional indemnity insurance

· Fire and Special insurance plan

· Personal accident plan

· Bond insurance plan

· Money insurance

· Householder’s Insurance plan

The companies mentioned above are some of the top insurance companies in Nigeria in no particular order. In other words, you can go with any of these companies, knowing you’re in safe hands. Some others worthy of mention include: Allianz Nigeria Insurance.

Frequently Asked Questions

What is the name of the first insurance company in Nigeria?

Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria. However, the oldest indigenous insurance company in Nigeria was called African Insurance Company Limited. It started providing services in 1958.

What are the types of insurance companies?

They include standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London and more.

How did insurance begin?

Insurance began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters.

Is there health insurance in Nigeria?

There are free health care provided. This is provided through a special health insurance scheme for government employees as well as private firms entering contracts with private health care providers.

What is NHIS in Nigeria?

This is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 constitution by the Federal Government of Nigeria to subsidize health care for Nigerians.

When did NHIS enter Nigeria?

It was launched on the 6th of June, 2005 . Till date, the scheme has issued 4 million identity cards, registered and accredited 62 HMOs.

How can I register NHIS in Nigeria?

You can register online. Go to and click on ‘Register’. However, details such as surname, NHIS number and date of birth are required in order to register online. That way, you will be able to manage your account and see the information of your dependants.

What is the role of NHIS?

It protects families from the financial hardships of huge medical bills, limits the rise in the cost of health care services, and ensures equitable distribution of health care costs among different income groups.


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