Comprehensive List of Insurance Companies in Nigeria [2024]

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.

Table of Contents

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.