Many Nigerians are not aware of the vast amount of insurance companies in Nigeria. This ignorance, together with some other factors, is one of the reasons why their insurance coverage is still very low within the country.
To enrich your knowledge about insurance companies in Nigeria, I will be showing you a comprehensive list of Insurance companies within the country, at least, based on my latest research.
By the way, insurance may be defined as a strategic means of protecting individuals, groups, or organizations from financial loss resulting from predictable or unpredictable events surrounding their activities. It is a form of risk management, primarily used to wedge against the risk of a contingent or uncertain loss.
Before we begin, there are some important insurance-related terminologies I should first introduce you to.
- Policy – Plans, or service packages offered by an insurance company.
- Life insurance – Life insurance covers the costs to family and business in the event that one loses one’s life due to professional, business-related, or other activities.
- Insurance policy – The written contract to effect insurance, or the certificate thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.
- Coverage/insurance plan – The specific protection provided by a plan against the results of the hazards insured against, that is, the property it protects against.
- Premium – A periodic payment by the insured to the insurance company in exchange for insurance coverage.
- Annuity – A contract that provides for a stipulated sum payable at certain regular intervals during the lifetime of one or more persons, or payable for a specified period in exchange for a specified premium. There are various types of annuities, such as immediate and deferred, which can be fixed or variable.
- Life insurance – Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death, while the plan is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
- Insured – the individual or entity that receives insurance coverage.
- Insurer – the company providing the insurance coverage to an individual or entity, aka insurance broker.
- Insurance broker – A person who acts as the representative of the applicant for insurance. Although brokers are compensated with a commission from the insurance company (just like agents), they do not represent the insurer. Their sole duty is to get the best possible coverage for their clients at the lowest possible cost.
- Comprehensive insurance coverage – Insurance with a wide scope of coverage. Comprehensive liability provides coverage for a range of damages, incidents, and losses, but it is not all-inclusive. Specific exclusions apply depending on the terms of the plan.
List of Insurance Companies in Nigeria
Here is a comprehensive list of insurance companies in Nigeria. It might be a long read but I have picked out the important points to note, including their service packages.
1. Leadway Assurance
Just as their name implies, Leadway Assurance has continued to lead as the foremost and largest insurance company in Nigeria (2019), by gross premiums and turnover. It was the first insurance company in Nigeria, founded in 1970, and is reputable for its insurance service efficiency and customer reliability.
Leadway Assurance offers insurance services in general business insurance, life, and pension insurance services, and allied financial services like secured credits, bonds, miscellaneous financial losses, and portfolio management. Their plans include the following;
- Family benefit plan
- Leadway saving plan
- Term assurance plan
- Money plan.
- Educational saving plan
- Personal saving plan
- Deferred annuity plan
2. AIICO Insurance Plc
AIICO (American International Insurance Company), established in Nigeria in 1963 as an agency of the American Life Insurance Company(ALICO), is one of the leading insurance companies in Nigeria. With their goal of becoming the country’s leading insurer of choice, AIICO has actively provided insurance services including life insurance, health insurance, retirement service plans, etc.
In their success, AIICO has become the market leader in life insurance and retirement services, as well as non-life insurance services in the country. They are the second-largest insurance company in Nigeria (2019) by gross premiums and they have occupied this position a consecutive number of times.
AIICO offers life assurance and annuity, general insurance and special risks, pension management, health insurance, and assets management; and their services are available to individuals, corporations, and financial and government institutions within the country. Some of their specific insurance plans include;
- Income investment plan
- Three payment plan
- Travel Insurance
- corporate saving plan
- Education investment plan
- Flexible endowment plan
- Term assurance plan
- Electronics equipment plan, etc
3. Custodian and Allied Insurance
Custodian and Allied Insurance (CAIL) is wholly indigenous in its ownership and is the third-largest insurance company in Nigeria. CAIL was founded for the sole purpose of developing, packaging, and delivering innovative insurance products that best satisfy customer needs whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future to become a valuable asset to its shareholders.
CAIL has well fulfilled its objectives and promises to customers to a very large extent, covering mainly general insurance and life insurance. They have the following plans tailored appropriately to the specific needs of everyone and anyone.
- Investment plus plan
- Immediate annuity plan
- Tuition protection plan
- Auto insurance plan
- Travel insurance plan
- Capital plan, etc
4. AXA Mansard Insurance
AXA Mansard Insurance was incorporated as a private liability company in 1989 and is registered as a composite company with the National Insurance Commission of Niger (NAICOM). AXA Mansard Insurance is a member of the AXA Group of Companies, a financial company that has risen to become one of the leading insurance and asset management companies worldwide, serving over 107 million clients in 64 countries of the world including Nigeria.
AXA Mansard Insurance mainly focuses on health insurance, asset management services, and pension insurance services through its three subsidiaries – AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited.
The company is also reputed for its efficient customer reliability and offers the following life and non-life insurance plans;
- Student protection plan
- Autoflex plan
- Equity income plan
- Auto classic plan
- Money market plan
- Easy care plan
- Life savings plan
- Instant plan
- Health insurance plan
- Retirement savings plan
- General ( business/ tourism) protection plan
5. Mutual Benefits Assurance Plc
Mutual Benefits Assurance Plc was incorporated in April 1995 under the name Mutual Benefits Assurance Company Limited and re-registered as a Public Limited Liability Company (Plc) in May 2001. They had made great strides in the Nigerian insurance industry, in areas of general and life insurance.
It became listed on the Nigeria Stock Exchange in May 2002 and is currently one of the largest insurance companies in the country. Their plans include;
- Motor/auto insurance
- Fire and special peril plan
- Travel health insurance
- Life assurance
- Personal pension and investment plan
6. Cornerstone Insurance Plc
Cornerstone Insurance, incorporated as a private limited liability company in July 1991, became one of the first insurance companies in Nigeria to provide customers with an online platform for insurance services, registration, and transactions.
This insurance company was established to conduct insurance activities in a professional, ethical, and customer-focused manner, and they have achieved some success in making insurance easily accessible and available for interested customers.
Since its inception, Cornerstone Insurance has remained dedicated to the priority interest of its clients and creating solutions that meet their needs.
The company became a Public Limited Liability in 1997, the same year it was listed on the Nigerian Stock Exchange. Cornerstone is licensed and re-certified by the National Insurance Commission (NAICOM) to offer general and life insurance plans and some of their specific plans are as follows:
- Motor insurance plan (Auto Insurance)
- Gadget protection plan
- Investment plan
- Halal Takaful plan
- School fee guarantee plan
- Goods-in-transit plan
- Home insurance plan
- Life insurance plan
- Annuity plan
- Aviation and Marine insurance plan
- Travel insurance plan
- Mortgage protection
- Term assurance, etc
7. African Alliance Insurance Plc
African Alliance Insurance (AAI) Plc is a subsidiary of the Munich Reinsurance Company, a world-class reinsurer, charged with the objective of improving the quality of life of their clients. Since its incorporation in May 1960, the company has established a solid reputation for excellent customer service and prompt claims settlement and has been recognized as the most experienced and strongest specialist life assurance office in Nigeria.
African Alliance Insurance Company offer the following plans to its clients:
- Annuity assurance plan
- Term assurance
- Group life assurance plan
- Mortgage plan
- Money appreciation
- Takaful plan
- Savings plan
- Direct debit form plan
- Individual assurance plan
- Investment assurance plan
- Children education plan
As an innovative insurance company that cares about ease of access for its clients, African Alliance Insurance implemented a premium calculator on its site to make it easier for new clients to calculate how much premium they will pay for their chosen plan.
8. Goldlink Insurance Plc
Goldlink Insurance was incorporated as a private limited liability insurance company in April 1992 and was granted a license to operate as a full-fledged insurance company in September 1993. It later became a public liability company in May 2007 and was thereafter listed on the Nigerian Stock Exchange in February 2008.
Goldlink Insurance Company has its head office in Lagos State, Nigeria with over 16 branches across the country. Established with the desire to achieve a passionate client-centered relationship, Goldlink Insurance has become one of the Indigenously-owned insurance companies in Nigeria committed to building trust and confidence through the delivery of first-class insurance services to their clients.
Among the insurance plans covered by this company include disaster plans, life insurance, and so on. Here is a list of their insurance packages:
- Group life insurance plan
- School safety plan
- Fire and special perils plan
- Compulsory Insurance plan
- Oil & Gas plan
- Engineering Insurance
- General Accident plan
- Individual Life Insurance plan
- Reinsurance plan
- Liability plans plan
- Marine & Aviation plan
- Motor Insurance plan
- Life and pension plan
- Travel Insurance
9. Continental Re-insurance
Continental Reinsurance started operation as a private reinsurance company in 1985, thereafter as a general reinsurer in 1987, and finally as a composite reinsurer in 1990.
As a reinsurer, Continental Reinsurance Company acts as an insurance company for other insurance companies. That is, they assume the risks of the insurance companies registered under them, while those companies cover insurable risks for individuals, organizations, and companies under them.
Aside from being a reinsurer, Continental Reinsurance also ensures individuals and organizations directly. Some of their plans in these categories include;
- Business Insurance plan
- Insurance plan
- Auto Insurance plan
- Home Insurance plan
- Pet Insurance plan
- Marine and aviation plan
Continental Reinsurance offers both life and non-life reinsurance with a well-diversified business mix and customer base. With the aim of becoming the premier pan-African reinsurer, Continental Reinsurance has also panned into other African countries including Cameroun, Kenya, and Botswana.
10. Industrial and General Insurance Plc
Incorporated as a private limited liability company in October 1991, Industrial and General Insurance Plc (IGI) started with life and general insurance, later including pension and special risks in 1992. The insurance company was registered as a public limited liability company in 2007 and they have since demonstrated exceptional skills and expertise in the areas of oil/energy, marine, aviation, engineering, and industrial risk management.
Their exceptional performance earned the company national recognition in 1996 when it was appointed by the Federal Government as the leading member of a consortium of insurance companies charged with the responsibility of providing insurance to the government-owned Nigerian National Petroleum Corporation (NNPC).
The specific plans include;
- 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 Insurance
11. LASACO Assurance Plc
Lasaco Assurance Plc is known for creating and sustaining a brand that is up to date with technological innovation relevant to the insurance industry with the aim of enhancing customer satisfaction. The company was incorporated in December 1979 under the Companies Decree of 1968, licensed as an insurer in July 1980, and became a public limited liability company in 1991.
With a vision of becoming one of the market leaders in insurance and financial services in Nigeria, LASACO offers a variety of insurance plans including the following;
- Motor insurance plan
- Mortgage plan
- Life insurance plan
- Aviation insurance plan
- Marine insurance plan
- Professional indemnity insurance
- Fire and Special peril insurance plan
- Personal accident plan
- Bond insurance plan
- Money insurance
- Householder’s Insurance plan
12. Allianz Nigeria Insurance
Allianz Nigeria Insurance Plc is a composite Insurance company licensed to cover life and non-life insurance for individuals and organizations alike. It was incorporated in 1993 as Union Assurance Company Inc. and then relaunched as Ensure Insurance Plc in 2016. In 2018, the company was acquired by the Allianz Group and rebranded as Allianz Nigeria Insurance Plc.
The company has remained one of Nigeria’s leading insurers and asset managers with over 92 million retail and corporate customers together. They offer the following insurance packages;
- Car/auto insurance plan
- Education insurance plan
- Savings plan
- Life insurance
- Home Insurance
- Travel Insurance
- Aviation Insurance
- Group Life Assurance
- Burglary Insurance
- Group Personal Accident Insurance
- Fidelity Guarantee
- Public Indemnity Insurance
- Goods in Transit Insurance
- Professional Indemnity
- Money insurance
- SME Insurance
13. Consolidated Hallmark Insurance Plc
Consolidated Hallmark Insurance (CHI) Plc is one of Nigeria’s leading insurance companies that is determined to change the way Nigerians view insurance generally. Following a merger in 2007, the insurance company emerged as one of the top ten general business and special risk insurance underwriters in Nigeria in the same year.
Consolidated Hallmark Insurance has continued to make the insurance experience better and much more interesting to its customers. Below are some of their insurance packages;
- All Risks Insurance
- Burglary Insurance
- Goods-In-Transit Insurance
- Home Insurance
- Motor 3rd Party Insurance
- Motor Comprehensive Insurance
- Personal Accident Insurance
- Travel Insurance
- Aviation Insurance
- Bonds Insurance
- Consequential Loss Insurance
- Contractors-All-Risk
- Machinery Breakdown Insurance
- Marine Insurance
- Money Insurance
- Plant-All-Risk Insurance
14. FBN Insurance Plc
FBN Insurance Plc is an insurance company affiliated with First Bank Nigeria Plc. It is a member of the Sanlam Group, a leading, diversified pan-African financial service group. The affiliating company, Sanlam based in South Africa, is also the largest insurance company in Africa (2019).
FBN Insurance commenced operations as an insurance company in September 2010 and was shortly incorporated in October. Due to their practice of excellence in the delivery of insurance services, the company won the best life insurance company award in Nigeria, in the World Finance Awards in 2014 and 2016. They have continued to provide excellent insurance services for retail and corporate registrants.
Below are some of the insurance plans.
- Credit Life Assurance Plan
- Group welfare plan
- Group life assurance plan
- Keyman assurance plan
- Mortgage protection plan
- Term assurance plan
- Tuition protection plan
- Welfare protection assurance plan
- Educational insurance plans
- Personal retirement plan
- Savings plans
15. Great Nigeria Insurance Plc
Great Nigeria Insurance Plc started in 1960. Its head office is located in Ikoyi, Lagos, Nigeria and has several regional branches and offices across the country. They focus on enhancing insurance service delivery and customer satisfaction. Below are some of their insurance packages.
- Group life assurance plan
- Group personal accident insurance
- Individual life products
- Non-life/general insurance
- Burglary and housebreaking insurance
- Fire and special peril plan
- Auto insurance
- Money insurance
- Marine insurance
- Plant all-risk plan
- Contractors’ all-risk plan
- Workmen’s compensation insurance
- Professional indemnity
- Oil and Gas/Special risk insurance
16. Guinea Insurance Plc
Guinea Insurance Plc is known for its exceptional competence in the delivery of customer-centered insurance services and record-breaking innovation. The company was established in 1958, the same year it was incorporated as a public limited liability company.
They offer non-life and special risk insurance for businesses but do not offer life insurance. Below are some of their packages.
- Fire and special perils
- Burglary/theft insurance
- All-risk insurance
- Workmen’s compensation insurance
- Personal and group accident insurance
- Motor insurance
- Public liability insurance
- Bond insurance
- Contractors all-risk insurance
- Erection all-risk insurance
- Machinery breakdown insurance
- Marine cargo insurance
- Marine hull insurance
- Fidelity guarantee insurance
- Oil & Energy Insurance
- Aviation insurance
- Consequential loss insurance
- House owners/householders insurance
- Money insurance
- Professional indemnity plan
- Electronic equipment insurance
- Goods-in-transit insurance
- Plant all-risk insurance
- Travel Insurance
- Home shield insurance
17. Law Union & Rock Insurance Plc
Law Union & Rock Insurance Plc was established in 1951 with the vision of becoming one of Nigeria’s leading insurers of choice. It is recognized for its professional competence, financial strength, and performance even to the present date.
They offer twenty-five insurance packages including:
- Life insurance
- Motor insurance
- Burglary insurance
- Goods-in-transit plan
- Fire Insurance
- Householders & owners plan
- Comprehensive insurance
- All Risk Insurance
- Money insurance
- Oil & gas insurance
- Legal liabilities insurance
- Cargo insurance
- Onshore property insurance
- Business interruption plan
- Marine insurance
- Construction insurance
- Bond insurance
The company is purely indigenous both in origin and area of operation. Combined with their high customer satisfaction experience, Law Union & Rock Insurance is a great choice for Nigerians.
18. NICON Insurance Ltd
NICON Insurance Limited is one of Africa’s leading insurers. It was originally owned by the Federal Government of Nigeria, established by Decree No.22 of 1969. It was later privatized as NICON Insurance in December 2005 consequent upon the second phase of the Federal Government Privatization Policy.
Their major objective involves assisting in the development of the insurance industry in Nigeria and also ensuring that Federal Government assets are fully protected by insurance. Here are some of their packages;
- Marine insurance
- Fire insurance
- Motor insurance
- General accident insurance plan
- Special product insurance
- Pension plans
- Life insurance
- Oil and Gas
- Aviation
- Car engineering insurance
- Re-insurance
19. Niger Insurance Plc
Niger Insurance Plc (formerly Yorkshire Insurance Company) was established in August 1962 as a specialist life insurance company. The management team comprises highly trained and competent professionals with advanced management and technical skills in the area of insurance and finances. They aim to become one of the top three insurance companies in Nigeria by market shares.
Niger Insurance Pls has continued to excel in innovation, value addition, transparency, reliability and affordability. Here are some of their insurance plans;
- Niger immediate annuity plan
- Educational endowment assurance
- Life assurance
- Mortgage protection assurance
- Niger cash plan
- Niger flexible investment assurance plan
- Niger Mutual Halal plan
- Personal pension & savings plans
- All Risk Insurance plan
- Aviation hull and liability insurance
- Boat travellers’ insurance plan
- Boiler & pressure vessel insurance plan
- Burglary and housebreaking insurance
- Consequential loss insurance plan
- Contractor all-risk insurance plan
- Employers liability
- Fidelity guarantee insurance plan
- Fire and special perils insurance plan
- Goods-in-transit insurance plan
- Householder comprehensive insurance policy
- Machinery breakdown insurance policy
- Marine cargo insurance plan
- Marine hull insurance plan
- Money insurance plan
- Oil and gas insurance plan
- Overseas traveller insurance plan
- Plant all-risk insurance plan
- Product liability insurance
- Professional indemnity insurance plan
- Public liability insurance policy
20. Nigeria Deposit Insurance Corporation(NDIC)
Nigeria Deposit Insurance Corporation is an independent agency of the Federal Government of Nigeria. The objective of the deposit insurance system is to protect depositors and guarantee payment of insured funds in the event of failure of financial institutions(banks) where the funds were deposited.
21. Capital Express Assurance Ltd
Capital Express Assurance is considered one of the fastest-growing life assurance companies in Nigeria. It has a formidable reinsurance treaty with the African Reinsurance Corporation and they focus on creating a system of excellent design and effective management in the area of insurance.
Alongside a robust life insurance portfolio for individuals and organizations (government agencies/parastatals, multinationals, military/paramilitary, hospitality organizations, etc), they cover the following plans;
- Target savings plan
- Children education plan
- Universal life assurance plan
- Flexi-3 plan
- 3-payment plan
- Protection Plan
- Credit life assurance plan
- Mortgage assurance plan
- I-Care plan
- Students and teacher welfare insurance schemes
22. Linkage Assurance Plc
Linkage Assurance Plc was incorporated in March 1991, licensed for non-life insurance services in October 1993, and then merged with Central Insurance Company Ltd as part of the recapitalization reforms of the Federal Government of Nigeria. Following this merger in 2007, Linkage Assurance has become dedicated to enhancing quality performance and customer satisfaction.
Their plans include the following:
- Automobile insurance
- Property insurance
- General accident plan
- Liability group plan
- Compulsory insurances
- Oil & gas insurance
- Marine & aviation insurance
- Engineering insurance
- Estate insurance plan
- Citadel shield plan
- Shop Comprehensive plan
- SME comprehensive plan
- Online insurance
- Marine insurance
- Motor insurance
23. Nigerian Insurers Association(NIA)
The NIA is not an insurance company in the sense of the others listed above. It was established in 1971 as an umbrella organization for all insurance companies in Nigeria with the responsibility of interacting with them and giving all the insurance companies in Nigeria a common voice.
The NIA has contributed to legislation and decisions made by the Government and public authorities to the best interests of the insurance companies in Nigeria and the national economy in general. It also organizes conferences, seminars and other events for insuring members, as well as publishes books and journals relevant to the insurance industry.
It is relevant for managers and owners of insurance companies in Nigeria, and if you are such an individual, it might be necessary for you to enlist your insurance company under the Nigerian Insurers Association.
Final words
The above list is not exhaustive but these are some important insurance companies in Nigeria you should know about. Even though insurance is adopted by only a few people in the country today, it is never a wrong decision to get your property, life, or business insured.
Also, health insurance is also provided by several HMOs within the country. Read here to see the list of HMOs in Nigeria and what they offer.
