Insurance companies play a vital role in securing the future of individuals and businesses in Nigeria. With the increasing need for financial protection against various risks, insurance companies in Nigeria have continued to expand their offerings to cater to the diverse needs of the population.
The insurance industry in Nigeria has undergone significant growth in recent years, with an increasing number of insurance companies entering the market. However, with this growth comes the need for individuals to be informed and make informed decisions when choosing an insurance provider.
In this post, we will take a closer look at the insurance industry in Nigeria, discussing the leading insurance companies in the country, and the different types of insurance products they offer. Whether you are an individual looking for personal insurance coverage or a business seeking insurance for your operations, this post will provide you with all the information you need to make informed decisions.
Starting from the first right below, the following are the top 50 insurance companies in Nigeria in 2023:
1. AIICO Insurance Plc.
AIICO Insurance Plc is a leading insurance company in Nigeria. It was established in 1963 and has since then been providing insurance services to individuals, families, and businesses in Nigeria.
AIICO offers a wide range of insurance products, including life insurance, general insurance, health insurance, asset management and pensions. The company is headquartered in Lagos, Nigeria and has a branch network that covers many states in the country.
2. Leadway Assurance Company
Leadway Assurance Company is one of the most popular, and best insurance companies in Nigeria. It was founded in 1970 and has since then provided insurance services such as life, health, motor, travel and non-life insurance to individuals and businesses.
Leadway is well known for its customer-centric approach and innovative insurance solutions and has won multiple awards for its services. The company has a strong presence across Nigeria with a network of branches and agents.
3. Cornerstone Insurance Plc.
Incorporated in 1991, Cornerstone Insurance is one of the leading companies that’s making waves in the world of insurance in Nigeria. The company provides a range of insurance services including motor insurance, life insurance, general insurance, and health insurance.
Cornerstone Insurance has a nationwide presence with a network of branches and agents and provides insurance coverage to individuals and businesses across Nigeria.
4. NEM Insurance Plc
NEM is one of the best insurance companies in Nigeria that has continued to receive recognition for its services and contributions to the Nigerian insurance industry since it was founded. Unlike other Nigerian insurance companies, NEM provides an array of insurance services, including motor insurance, life insurance, fire insurance, marine insurance, and aviation insurance, among others.
5. Custodian and Allied Insurance
Custodian and Allied Insurance is a subsidiary of Custodian Plc, a leading Nigerian investment group with operations in other financial services sectors of the economy including insurance. This company has since founded continued to provide top-notch insurance services including life insurance, general insurance, property management, pension management, and many others.
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6. African Alliance Insurance Plc.
African Alliance Insurance Plc is widely recognised as one of Nigeria’s most experienced and strongest Specialist life assurance companies. The company has one of the largest teams in the Nigerian insurance industry with a network of 18 branch offices across the country.
African Alliance offers a creative combination of Protection (Term Assurance and Group Life), Savings and Investments Products, alongside a range of other insurance products for both businesses and individuals.
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7. AXA Mansard
AXA Mansard is a subsidiary of AXA, a global insurance company. It is based in Nigeria and provides insurance services such as motor insurance, life insurance, health insurance, property insurance, and travel insurance. The company is known for its customer-focused approach, innovative insurance solutions, and strong financial performance.
AXA Mansard has a wide reach in Nigeria, with a network of branches and agents, and provides insurance coverage to individuals and businesses across the country. The company has received recognition for its services and contributions to the Nigerian insurance industry.
8. Anchor Insurance
Anchor Insurance is a leading Nigerian insurance company, known for providing comprehensive and quality insurance solutions to its clients. It offers a wide range of insurance products including motor, fire, marine, oil and gas, aviation, and life insurance, among others.
Anchor Insurance is well-regarded for its efficient claims process and excellent customer service, which has helped it establish a strong reputation in the Nigerian insurance market. The company is committed to providing its customers with innovative and cost-effective insurance solutions, helping to protect their assets and secure their financial future.
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9. Continental Reinsurance
Back in 1985, Continental Insurance started as a private insurance company. 5 years later in 1990, became a full-fledged insurer in Nigeria.
The company has recognition across many African countries for its amazing insurance services including non-life and life insurance. Continental Reinsurance also offers amazing customer service which made it one of the top players in the world of insurance in Nigeria.
10. Coronation Insurance Plc.
Founded in 1958, Coronation Insurance is a top insurance company in Nigeria. It offers a variety of insurance products, including motor, fire, marine, aviation, life and health insurance, and lots more.
The company is known for its commitment to providing quality insurance solutions to its clients and for its ability to effectively manage risks and provide timely and efficient claims settlement. With a strong focus on customer satisfaction, Coronation Insurance has built a reputation as a trusted provider of insurance services not only in Nigeria but across west Africa, helping its clients protect their assets and secure their financial future.
11. Lasaco Assurance Plc.
Founded in 1979, Lasaco is a NAICOM registered insurance company that offers its services mainly a general Insurance businesses (Non-Life).
12. Capital Express Insurance Company Limited
Capital Express Insurance Company Limited is one of the leading insurance companies in Nigeria, providing insurance services such as life, motor, health, and non-life insurance to clients. The company is known for its financial stability, innovative insurance products, and exceptional customer service.
With a team of highly trained and experienced professionals, Capital Express Insurance Company Limited has established a reputation for providing reliable and efficient insurance solutions to meet the diverse needs of its clients.
13. Crusader Insurance Plc
Founded in 1979 Crusader Insurance Plc is a well-established insurance company in Nigeria. It provides a wide range of insurance services including motor, fire, marine, aviation, engineering, oil and gas, group life, and personal accident insurance.
With a strong focus on customer satisfaction and risk management, Crusader Insurance has built a reputation for providing quality insurance solutions to its clients. The company has a team of experienced professionals and a robust distribution network, making it a leading player in the Nigerian insurance market.
14. Goldlink Insurance Co Ltd
Goldlink Insurance is one of the best insurance companies in Nigeria that has established a reputation for providing reliable and efficient insurance solutions to meet the diverse needs of clients.
The company offers a wide range of insurance services to its clients, including motor insurance, fire insurance, marine insurance, aviation insurance, liability insurance, and engineering insurance. These services are available to both businesses and individuals.
15. Consolidated Hallmark Insurance
Consolidated Hallmark Insurance Plc is another Nigerian insurance company that was issued a license to continue as an insurer by the National Insurance Commission (NAICOM). The company was founded in 2007, and its headquarters is located in Lagos.
16. FBN Insurance
FBNInsurance is a limited liability company licensed to transact insurance businesses in Nigeria. The Company is jointly owned by FBNHoldings Plc (65%) and the Sanlam Group (35%), one of the largest financial institutions in South Africa and it officially commenced operations in 2010.
This company has its headquarters in Lagos, and has been a top player in the Nigerian insurance industry since founded.
17. Staco Insurance Plc.
Staco Insurance Plc is one of the leading insurance companies in Nigeria, offering a wide range of insurance products and services to its clients. The company provides life insurance, non-life insurance, and health insurance solutions to individuals, corporate clients, and SMEs.
18. Niger Insurance Plc.
Niger Insurance Plc is one of the few Nigerian insurance companies that majors in all classes of insurance including life, and non-life. The company is wee recognized for its team of competent individuals aimed towards serving its clients with all their needs.
19. Mutual Benefits Assurance Plc.
founded in 1995, Mutual Benefits Assurance Plc is another well-capitalized and leading brand in the world of insurance in Nigeria. The company has a team of thousands of professionals that helps offer one of the best insurance services in Nigeria.
20. A&G Insurance Company Ltd
A&G Insurance Company Limited is a leading insurance company in Nigeria that offers a range of insurance products and services to individuals and businesses. It is known for providing quality insurance coverage and excellent customer service.
The company has been in the market for several years and has established a reputation for being reliable and trustworthy. It has a wide network of agents and branches across the country, which makes it easily accessible to its customers.
With a focus on innovation and technology, A&G Insurance Company Limited has been able to streamline its processes, making it easier for customers to access its services and get their claims processed quickly
21. Nicon Insurance
With headquarters in Lagos Nigeria, Nicon Insurance is one of the best insurance companies in Africa. It is formerly a government-owned company that majored in developing the Nigerian insurance industry.
However, in 2005, the company was privatized, and since then, it has been providing one of the best insurance services to both individuals and businesses across every state of the country.
22. Standard Alliance Insurance Company Limited
Standard Alliance Insurance Company is one of the most reliable top players in the world of insurance in Nigeria. The company is located in Lagos, and it primarily specializes in general and special risk insurance.
23. Sovereign Trust Insurance Plc.
In 1985, Sovereign Trust went into the insurance industry of Nigeria, and since then, it has been providing outstanding services to clients through its team of individuals with satisfactory skills in insurance and management.
24. Heirs Insurance Limited
Heirs Insurance Brokers Limited (HIB) is an industry leader in insurance broking and innovative risk management solutions in Nigeria. Through its broad network of insurance companies, it helps clients quantify and manage risk – enabling them to create, preserve and protect wealth.
25. Great Nigeria Insurance Plc.
Great Nigeria Insurance PLC (GNI) has been in the business of Insurance and Financial Services as well as Real Estate Investment in Nigeria since 1960, making it one of the oldest insurance firms in the country. Just like a few other Nigerian investment companies, GNI majors in all classes of insurance and financial products.
26. Royal Exchange Plc.
Established in 1921, Royal Exchange Plc is one of Nigeria’s foremost insurance and financial services providers. It also has one of the largest branch networks in its sector with 30 branches and about eight regional offices across the country.
This company is mainly focused on risk management, which includes life assurance, general insurance, indemnity and guarantees, healthcare, and other financial services such as banking and financial services, trusteeship and asset management.
27. Guinea Insurance Plc.
Guinea Insurance Plc is a leading insurance firm in Nigeria with a long history of providing high-quality insurance services to its customers. The company offers a wide range of insurance products including motor insurance, fire insurance, marine insurance, aviation insurance, oil and gas insurance, personal accident insurance, and engineering insurance.
With its strong financial standing, well-trained and experienced staff, and commitment to providing excellent customer service, Guinea Insurance has established itself as one of the best insurance companies in Nigeria.
28. Law Union & Rock Insurances
Law Union & Rock is one of the best Insurance companies in Nigeria, providing clients with a one-stop solution through instant services platform and premium insurance policies. This cut across motor insurance, travel insurance, accident insurance, marine insurance, aviation insurance, corporate insurance, goods-in-transit, passenger liability insurance, engineering insurance, bonds insurance, etc.
29. Regency Alliance Insurance Plc.
Incorporated in 1993, Regency Alliance Insurance Plc is one of the leading Insurance firms in Nigeria and the West African sub-region. The company has been in the Nigerian insurance industry for over 20 years, and has been making a name in the general insurance business market.
Regency Alliance offers a selection of customized insurance products in collaboration with their Intermediaries and technical partners all over the world. Also, the company has a team of underwriting experts, and superior claims handling with market experience to provide one of the best insurance services in the country.
30. Prestige Assurance Plc.
Prestige is a major general insurance company in Nigeria with over 60 years of undisputable prestigious services. The company is made up of individuals with great managerial skills.
31. Allianz Nigeria Insurance Plc.
Allianz Nigeria Insurance Plc is a subsidiary of Allianz SE, a leading global financial services company. It offers a range of insurance products and services, including life insurance, general insurance, and asset management, to individuals and businesses in Nigeria. Allianz Nigeria Insurance Plc is headquartered in Lagos, Nigeria and operates through a network of branches and agents across the country.
32. Ark Insurance Group
Ark Insurance Group is a Nigerian insurance company that provides a range of insurance services, including life insurance, general insurance, and health insurance. The company is headquartered in Lagos, Nigeria and operates through a network of branches and agents across the country. Ark Insurance Group is known for its innovative insurance products and its commitment to providing excellent customer service.
33. SUNU Assurances Nigeria Plc.
Established in 1998, SUNU Assurances Nigeria Plc is a member of the SUNU Group, a leading African insurance company with headquarters in Lagos, Nigeria. The company provides innovative service delivery, product development, cost management, customer experience and ensuring proper balance in all dealings.
34. Linkage Insurance
Linkage Assurance Plc was incorporated in 1991, and licensed to carry on Non-Life Insurance Business in 1993. The company’s headquarters is in Lagos, Nigeria with branch offices spread across 13 states in the country.
Linkage Assurance Plc is one of the leading Insurance service providers in Nigeria with a reputation for delivering excellent services and prompt genuine claims settlement that meets customers’ expectations.
35. Fin Insurance Company Limited
Fin Insurance Company Limited was incorporated in 1981. The company has consistently contributed to the economic development of Nigeria while also setting standards in the insurance sector.
Fin Insurance in compliance with the provisions of the Insurance Act 2003 is registered as an insurer of General and Special Risks insurance business. However, the company now sells life assurance and travel insurance on the platform of an affiliated company, Cornerstone.
36. Intentional Energy Insurance Plc
Intentional Energy Insurance Plc is a Nigerian insurance company that provides specialized insurance services to the energy sector, including oil and gas exploration, production, and distribution. The company offers insurance coverage for a wide range of energy-related risks, including property damage, liability, and environmental risks.
37. Hogg Robinson Nigeria Limited
Hogg Robinson Nig. Ltd. is a Nigerian Company registered by the Corporate Affairs Commission in 1974 as an Insurance Broker to transact all classes of insurance business. The company has built up a great image in the insurance business, having built up a great number of professionals working in all strategic locations in Nigeria, and with partners across many African countries.
Hogg Robinson’s business model mainly revolves around the development and establishment of specialist divisions which include: Oil and Gas, Marine & Aviation, Construction and Engineering, Industrial & Commercial, Reinsurance and Multinational Risks Management.
38. FBS Reinsurance Limited
FBS Reinsurance Limited is a reinsurance company based in Nigeria. Reinsurance is a form of insurance that companies purchase to reduce the financial risks they face in their primary insurance operations. FBS Reinsurance Limited provides reinsurance services to insurance companies in Nigeria, offering coverage for a range of insurance risks, including property damage, liability, and life insurance.
39. SBG Insurance Brokers Ltd
SBG is a market-leading insurance broking firm in Nigeria offering Insurance intermediation services, developing Insurance programs for clients and getting Insurers to cover risks at minimum premium pricing. The company also ensure proper and efficient handling of clients’ insurance portfolios, providing claims management, as well as advisory services that will be required on all claims.
40. Bastion Health Limited
Bastion Health Limited is a Nigerian health insurance company that provides a range of health insurance services to individuals and organizations in Nigeria. The company offers a variety of health insurance plans, including individual and group health insurance, to cover medical expenses incurred by policyholders.
Bastion Health Limited also offers health management services, including preventive health programs, health risk assessments, and access to quality healthcare providers.
41. Post Assurance Brokers Limited
With headquarters in Lagos, Post Assurance Brokers Limited is an insurance brokerage company based in Nigeria. Insurance brokers are intermediaries that help individuals and organizations find the right insurance coverage for their needs.
They offer advice on insurance products, assist with the insurance buying process, and help manage insurance claims. Post Assurance Brokers Limited provides a range of insurance brokerage services to clients in Nigeria, including risk assessment, insurance product selection, and claims management.
42. Nigerian Agricultural Insurance Corporation
The Nigerian Agricultural Insurance Corporation (NAIC) is a government-owned corporation in Nigeria established to provide insurance coverage for farmers, fishers, and other agricultural stakeholders in the country.
NAIC offers a range of insurance products, including crop insurance, livestock insurance, and fishery insurance, to help protect farmers and fishers against financial losses due to natural disasters, diseases, and other risks.
The corporation operates in partnership with private insurance companies and provides insurance coverage to farmers and fishers through a network of agents and brokers across Nigeria. The headquarters of NAIC is located in Abuja, the federal capital of Nigeria.
43. Orange Insurance Brokers Limited
Orange Insurance Brokers Limited is a Nigerian insurance brokerage company that provides insurance brokerage services to individuals, families and businesses in Nigeria. The company works with several insurance companies in Nigeria to offer clients a wide range of insurance products, including motor insurance, life insurance, health insurance, and property insurance, among others.
44. Livingstone Insurance Brokers Limited
Founded in 1999 with headquarters in Abuja, Livingstone Insurance Broker Limited is dedicated to ensuring you’re always protected it comes to insuring your family, health, car, home or finances.
45. MyCoverGenius
MyCoverGenius is a product-driven Digital Insurance Platform in Nigeria offering full coverage to customers all on one platform. The CoverGenius’ team is made up of Insurance Experts, Techies, Brokers, Entrepreneurs, Digital Marketing Genies and most importantly Nigerians who love to use technology to solve problems.
This team helps deliver unique and seamless experiences in purchasing insurance policies and in receiving claims. The company was founded in 2014, and it is based in Lagos.
46. Colenson Brokers Nigeria
Colenson Brokers Nigeria is an insurance brokerage firm based in Nigeria. They provide insurance brokerage services to businesses and individuals, helping them find the best insurance coverage for their specific needs.
The company offers a wide range of insurance products, including property insurance, liability insurance, motor insurance, and health insurance. They work with a number of insurance providers in Nigeria to provide their clients with the best insurance options.
47. Afriglobal Insurance Brokers Limited
Afriglobal is a company that serves as an intermediary between buyers of insurance products and insurance underwriters otherwise known as insurance companies. This company’s partnership with other insurance companies in Nigeria helps provide a wide range of insurance services to clients and also helps make sure they get the best value for their money.
48. Unitrust Insurance Nigeria Limited
Unitrust Insurance Nigeria Limited is a Nigerian insurance company that provides insurance services to individuals, families and businesses in Nigeria. The company offers a wide range of insurance products, including motor insurance, life insurance, health insurance, property insurance, and liability insurance, among others.
Unitrust Insurance is committed to providing quality customer service and has a team of experienced and professional insurance experts who are always available to provide clients with the guidance and support they need.
49. YOA Insurance Brokers
Established in 1978, YOA Insurance Brokers is licensed for operation by NAICOM and is registered with the Financial Reporting Council of Nigeria (FRCN). The company actively collaborate with teeming clients and engages them with trusted advice in effective risk management, helping them make the right choices that uniquely fit their business needs.
50. Goxi Microinsurance
Founded in 2017, The First Microinsurance Firm in Nigeria with a vision of breaking the barriers of poverty and giving meaning to the life of its customers through innovative risk management solutions.
Conclusion:
The best insurance companies in Nigeria provide top-notch services and offer the most comprehensive insurance policies to meet the needs of their clients. From life insurance to health insurance, car insurance to home insurance, these companies have it all.
We’ve provided you with a list of the top 50 insurance companies in Nigeria and also explained their services. Choose one today and be rest assured that your insurance needs are well taken care of.
