Top 25 Insurance Companies in Nigeria

Hey, let’s examine the top Insurance Companies in Nigeria.

As you know, life is full of risk, and risk is an innate part of life. Every meaningful life achievement or investment indeed goes pari-passu with risk. A wise man once said, “If you risk nothing, then you risk everything.”

When taking risks, it is advisable to have a backup plan that will protect one against unforeseen events. For instance, someone working at a height will need a fall arrester to protect him in case he falls. Insurance is just like a backup plan against unforeseen events, or the “fall arrester.”

In investment terms, insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies and/or perils. Grange Insurance, a US-based insurance company, defines insurance as a financial safety net helping you and your loved ones recover after something bad happens, such as a fire, theft, lawsuit, or car accident.

In this post, we shall be looking at the list of top insurance companies in Nigeria. But before that, let’s briefly look at how insurance works and how to choose a better insurance provider.

How does insurance Work?

Insurance is essentially a sizable safety fund that many people, known as policyholders, share and that an insurance carrier manages. The company uses premiums (that is, money collected from policyholders) and other investments to pay for its operations and to fulfill its promise to policyholders when they file a claim.

Unfortunately, natural disasters like hail, tsunamis, tornadoes, wildfires, hurricanes, earthquakes, floods, etc. are unpredictable. The major goal of an insurance company is to remain financially strong enough to handle anything that comes its way.

How to choose an insurance provider

Before you choose an insurance company, here are some tips you need to consider:

1. Coverage:

This is very important in selecting an insurance company. Insurance coverage. You need to know the types of insurance the company offers. Can you buy all of your insurance through the company? Select the coverage that best suits your needs.

2. The Company’s Track Record:

Check customer reviews, feedback, ratings, and news about that particular company. Do others recommend this company? The company’s track record should give you an idea of its strengths and capabilities.

3. Local Insurance Agent:

Would you prefer the help of a local insurance agent? Or would you prefer to manage your insurance on your own?

4. Accreditation:

Please don’t patronize “roadside insurance companies.” Make sure that the insurance provider you intend to use has legal accreditation and certification from the Nigerian Federal Government.

5. Price Factor:

You need to consider how much the insurance policy might cost you. Can you buy all of your insurance through the company at a discounted rate? In a nutshell, you need to consider a budget-friendly insurance policy.

6. Financial Strength of the Company:

This is the most crucial factor you need to consider before choosing to do business with any insurance company. Payment of claims is the crux of the matter when it comes to selecting a good insurance company. Look at how Punch newspaper reports an interview with Mrs. Augustina Steve, a staff member of NAICOM; “According to Mrs. Augustina Steve of NAICOM, lack of trust and confidence in the Nigerian insurance industry resulting from non-settlement of claims constitutes one of the biggest challenges of the industry.

“Non-settlement of claims has negatively impacted confidence in the industry,” she says.

In Nigeria, she notes, the problem of the insurance industry is its bad image.

According to her, for decades, perception stood as the bane of the industry’s growth. Steve says, “The bad image problem of the industry dates back to the early 19th century when Nigerians took over the insurance business from the early British managers.

“The way the then-Nigerian managers carried out insurance business transactions, especially in the area of claim payment, made the public see insurance as a scam.” The litmus paper test for any insurance company is its ability to pay claims.

Top Insurance Companies in Nigeria

The National Insurance Commission (NAICOM) has announced that we currently have a total of 67 insurance companies in Nigeria; it was formerly 54. It was also announced that Investment and Allied Insurance Company Limited, Spring Life, Unic Insurance, Standard Alliance Insurance PLC, and Niger Insurance PLC have been liquidated.

Of the 67 accredited insurance companies in Nigeria, below is the list of the top insurance firms in the country.


Leadway Assurance

The firm was established in 1970 and is one of the leading composite insurance underwriters in Nigeria. Over the years, they’ve built a solid reputation for integrity, prompt claim settlement, and innovative services. In the first quarter of 2023, Leadway Assurance became the first Nigerian company to cross the three-digit billion mark with a total premium collection of N104.4 billion naira, of which the gross written premium is N92.5; savings and investments is N10.8 billion; and another N1.1 billion from the Ivorian insurance subsidiary.

The following policies can be obtained from Leadway Assurance:

  1. Family Benefit plan
  2. Lead way saving plan
  3. Term assurance plan
  4. Money policy plan
  5. Educational saving plan
  6. Personal saving plan
  7. Deferred annuity plan

Leadway Assurance mobile app is available for download on the App Store or Google Play.

Check out the company’s website for more details:



AIICO Insurance Plc, established in 1963, is an insurance, pensions, and asset management Group. The firm focuses on General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

The following policies can be obtained from AIICO:

  1.  Income investment plan
  2. Three payment plan
  3. Travel Insurance
  4. Corporate saving plan
  5. Education investment plan
  6. Flexible endowment plan
  7. Term assurance plan
  8. Electronics equipment policy plan

In the first quarter of 2023,  AIICO Insurance Shareholders fund stood at N45.53 billion, up from N41.81 billion in the same period of 2022. Total assets grew to N261.49 billion from N248.32 billion, while total liabilities rose to N215.96 billion from N206.52 billion.

For more information, check the company’s official website here.

3. AXA Mansard Insurance

AXA Mansard Insurance

This is an insurance and asset management company engaged in providing Life and general business risk management solutions and financial services to corporate and retail customers. The firm’s shareholders fund increased to N41.43 billion in the first quarter of 2023 from N31.26 billion in the same period of 2022.

Total assets grew to N140.84 billion from N119.78 billion, while total liabilities increased to N95.01 billion from N84.16 billion.

Just like Leadway Assurance and AIICO above, AXA Mansard Insurance is also listed on the Nigerian Stock Exchange.

The following policies can be obtained from AXA Mansard Insurance:

  1. Student protection plan
  2. Autoflex plan
  3. Equity income plan
  4. Auto classic plan
  5. Money market plan
  6. Easy care plan
  7. Life savings plan
  8. Instant plan
  9. Health plan
  10. Retirement savings plan
  11. General (business/tourism) protection plan

Check the official website of AXA Mansard Insurance for more information.

4. Mutual Benefit Assurance

Mutual Benefit Assurance

Let’s start by stating Mutual Benefit Assurance PLC’s shareholders equity. In the first quarter of the Year 2023, their equity fund amounted to N27.64 billion up from N21.95 billion first quarter of 2022.

The company’s total assets grew to N103.9 billion from N89.64 billion, while total liabilities jumped to N74.58 billion from N66.3 billion.

MUTUAL is one of the leading brands in the Nigerian insurance industry, with over 3,000 staff and marketing executives in employment. They have over 28 years of experience in the insurance sector, with branches outside the shores of Nigeria. Their mobile app is available on Google Play for download.

MUTUAL offers the following policies:

  1. Fire and special peril
  2. Motor vehicle
  3. Travel health insurance
  4. Children’s education plan
  5. Mutual individual savings and protection plan
  6. Mutual Multilife shield

5. Lasaco Assurance

Lasaco Assurance

LASACO Assurance started as Lagos State Assurance Company on December 20, 1979. They got licensed as an insurer on July 7, 1980, and commenced operations on August 1, 1980. The firm is listed on the Nigerian Stock Exchange.

LASACO’s shareholders’ funds amounted to N13.48 billion in H1 2023, up from N11.4 billion in the same period of 2022. Its total assets increased to N27.76 billion from N26.05 billion, while its total liabilities dropped to N14.27 billion from N14.64 billion.

LASACO Assurance is an insurance and financial services company offering the following insurance policies:

  1. Motor insurance plan
  2.  Aviation insurance plan
  3. Marine insurance plan
  4. Professional indemnity insurance
  5. Fire and Special insurance plan
  6. Personal accident plan
  7. Bond insurance plan
  8. Money Insurance
  9. Householder’s Insurance plan

Connect with Lasaco Insurance Plc here.


nem insurance

NEM INSURANCE PLC started its insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.

It became a Nigerian branch of the NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989, following the privatization by the Federal Government of Nigeria (from the NEM website)

NEM Insurance shareholder’s equity increased from the first quarter of 2022 to the first quarter of 2023 by N1.46 billion, from N27.7 to N29.16 billion.

Total assets grew to N63.8 billion from N45.85 billion, while total liabilities increased to N34.64 billion from N18.68 billion.

They have a wide range of products that are categorized into three groups: corporate products, private products and SME products.


Goldlink Insurance

Though established as a private limited liability company on April 15, 1992, this insurance company became a Public Liability company on May 11, 2007, and was listed on the Nigerian Stock Exchange on February 12, 2008.

Goldlink Insurance Plc is licensed to do both life and general business.

They offer the following products:

  1. Group Life Insurance Plan
  2. School Safety Plan
  3. Compulsory Insurance Plan
  4. Oil and Gas Plan
  5. Engineering Insurance
  6. General Accident Plan
  7. Individual Life Insurance Plan
  8. Reinsurance Plan
  9. Liability Policies Plan
  10. Marine and Aviation Plan
  11. Motor Insurance Plan

See the company’s official website here.


Coronation Insurance

In 2022, Atlas magazine ranked this insurance company as the eighth-best insurance company in Nigeria based on its performance in the Nigerian stock market. No doubt, Coronation Insurance is one of the top insurance companies in Nigeria. Founded in 1958, the insurance company was licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all-risk insurance, etc.

Coronation Insurance’s shareholder equity grew to N22.39 billion in the first quarter of 2023 from N20.69 billion in the same period of 2022. Its total assets rose to N50.5 billion from N43.99 billion, even as total liabilities increased to N28.11 billion from N23.3 billion.

Official Website:



Cornerstone Insurance is another very popular insurance company in Nigeria, whose shareholder fund amounted to N33.29 billion in the first quarter of 2023, up from N20.53 billion in the same period of 2022.

Within this period, her total assets grew to N70.32 billion from N48.28 billion, while her total liabilities increased to N37.03 billion from N27.45 billion. The late Tunji Ogunkanmi founded and promoted Cornerstone Insurance Plc, which became a private limited liability company on July 26, 1991. It became a public limited liability company in 1997 and was quoted on the Nigerian Stock Exchange.

NAICOM has licensed Cornerstone Insurance to offer both life and general business insurance.

Cornerstone Insurance offers the following policies:

  1. Motor insurance plan
  2. Gadget protection plan
  3. Investment plan
  4. Halal Takaful plan
  5. School fee guarantee plan
  6. Goods in transit plan
  7. Home insurance plan
  8. Life insurance plan
  9. Annuity plan
  10. Marine insurance plan
  11. Travel insurance plan

Official Website:


Linkage Assurance

Another well-known insurance company in Nigeria is Linkage Assurance. Established in 1991, Linkage Insurance continues to soar higher and higher. Today,  the firm is one of the leading insurance service providers in Nigeria, with a reputation for prompt and accurate service delivery, efficiency, and customer satisfaction.

This firm experienced a shareholder’s equity increment to N27.79 billion at the end of the first quarter of 2023 from N26.52 billion in the same period of 2022.

Its total assets grew to N47.19 billion from N44.51 billion, while its total liabilities increased to N19.4 billion from N17.99 billion.

Linkage Assurance provides insurance services, offering individual and group life insurance products and non-life insurance products, such as motor and casualty insurance.

See the official website of the company here.


prestige assurance plc

Established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai. Prestige Assurance was incorporated as a limited liability company on January 6, 1970, and is licensed to write all classes of non-life insurance in Nigeria.
Prestige Assurance is focused on the non-life insurance business. It provides all insurance classes, mainly non-life treaty and facultative insurance, backed by reinsurers in the London and African reinsurance markets.

Her shareholders’ funds increased to N13.77 billion in the first quarter of 2023 from N13.61 billion in the same period of 2022.

It experienced a slight decline in its total assets to N22.99 billion from N23.36 billion, while total liabilities also fell to N9.21 billion from N9.75 billion.

Official Website:


Sovereign Trust Insurance PLC

Here is another popular insurance company that commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union Assurances Limited. Sovereign Trust Insurance PLC has branches nationwide, with its head office situated on Adetokunbo Ademola Street, Victoria. Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalization of the then “Grand Union assurances Limited”.

The company currently operates through a network of branches nationwide, with our head office at 17 Adetokunbo Ademola Street, VI, Lagos. The company is licensed as an insurer by the Federal Government with the authority to underwrite all classes of non-life business. Their mobile app is available on Google Play Store and the Apple App Store for download.

Official Website:


Three insurance companies (Global Commerce and General Insurance PLC, Intercontinental Assurance PLC, and Kapital Insurance Company Limited) in 2007 merged to form what was known then as UnityKapital Assurance PLC. This was a result of the insurance regulation 2005 that required insurance companies to recapitalize to the level of N3 Billion Naira for non–life companies and N2 billion Naira for Life companies.

NAICOM authorized Veritas Kapital (UnityKapital Assurance Plc) to carry contracts of General Insurance business under the following categorization:

  1. Insurance of Automobile
  2. Insurance of Property
  3. Insurance of Casualty
  4. Insurance of Transportation
  5. Insurance of Suretiship
  6. Insurance of Engineering Services and Equipment
  7. Energy Insurance

Shareholders equity of Veritas Kapital grew to N13.55 billion in the first quarter of 2023 from N10.74 billion in the same period of 2022. Total assets also increased to N21.43 billion from N16.37 billion, while total liabilities climbed to N7.88 billion from N5.62 billion. Its major segments include non-life business, pension administration, and healthcare.

Official Website:


African Alliance Insurance PLC

African Alliance Insurance PLC is arguably recognized as the most experienced and strongest Specialist Life Assurance company in Nigeria, serving thousands of people.

The firm was incorporated on May 6, 1960, by the founders Chief S.L. Edu (CON), Mr. T. A. Braithwaite (CON), and Chief M.E.R. Okorodudu, backed by world-class reinsurers and co-shareholders, Munich Reinsurance Company.

The company claimed that in the 2016 financial year alone, they paid an estimated N6.5 billion in settlement of various claims.

Their Shareholders’ Fund was estimated at N3.6bn with a Gross Premium Income and Asset Base estimated at N13.42bn and N41.35bn, respectively (figures as of 31st December 2016- audited).

“We have 100% equity in Axiom Air Limited, a Cargo Airline Company, Frenchies Foods (Nigeria) Limited, a Restaurant and Catering Services Company and 96% equity in Ghana Life Insurance Company Limited” (Company source).

They offer the following policies:

  1.  Annuity assurance plan
  2. Group life assurance plan
  3. Esusu plan
  4. Direct debit form plan
  5. Individual assurance plan
  6. Investment assurance plan

African Alliance Insurance PLC’s Official Website:



Incorporated in Nigeria in 1985, Continental Reinsurance started business initially as a private reinsurance company. From January 1987, the company began operating as a general reinsurer, and in January 1990, it became a composite reinsurer, offering both treaty and facultative life and non-life reinsurance with a well-diversified business mix and customer base.

It was converted to a public limited liability company in 2000; Continental Insurance was listed on May 30, 2007, on the Nigerian Stock Exchange. This insurance company has branches in many African countries.

Policies offered include the following:

  1. Business Insurance plan
  2. Insurance plan
  3. Auto Insurance plan
  4. Home Insurance plan
  5. Pet Insurance plan


The insurance company was incorporated as a private limited liability company on October 31, 1991 and they started offering Pensions and Special Risks in January 1992. In 2007, Industrial and General Insurance PLC was registered as a public limited liability company . Then they added Life and General insurance to their operations. In addition to

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

The policies they offer are:

1. Group Life Products plan
2. Mobile Phone Insurance Plan
3. Aviation Insurance plan
4. Engineering Insurance plan
5. General Business Insurance plan
6. Health Insurance Plan
7. Marine Insurance plan
8. Oil & Energy





Formerly known as Custodian and Allied Insurance PLC, they have their head office at 16A, Commercial Avenue, Sabo Yaba, Lagos, Nigeria. This insurance company was founded in 1991 and listed on Nigerian Stock Exchange on June 12, 2007. Shareholders laud this firm for its consistency in paying dividends.

Custodian Investment Plc is an investment holding company in Nigeria offering insurance and reassurance solutions for life and non-life cover. The company has significant holdings in Custodian & Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, and Crusader Sterling Pensions Limited. Personal products and services cover motor vehicles, travel, boats and yachts, personal accidents, home owners, and personal all-risks insurance.

Business products range from insurance coverage for motor vehicles, marine cargo, and hulls to fire and special perils, business interruption, occupier liability, and healthcare professional indemnity insurance.





Following a merger in 2007, Consolidated Hallmark Insurance Plc emerged as one of the top ten general business and special risk insurance underwriters in Nigeria. Since its inception, the company has played a leadership role in the underwriting of key transactions in aviation, oil and gas, marine cargo, and hull businesses, as well as in the motor insurance business. It’s on record that Consolidated Hallmark Insurance is the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification).

They’re listed on the Nigerian Stock Exchange. The company recorded a profit before tax of ₦1.40 billion in 2022 while profit for the year {after income tax expense} is ₦995.9 million.






The company was incorporated as Equity Assurance Nigeria on December 13, 1984, and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital and shareholder fund. Since the company was founded, it has kept growing and gaining popularity. SUNU assurance is also listed on Nigerian Stock
Exchange, and it is headquartered in Lagos and has a business interest in Ghana.



The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc Was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London, whereby ENDC acted as agents to the insurance company.

Currently, the five South Eastern States (Abia, Anambra, Ebonyi, Enugu, and Imo) as well as individuals have shares in the Company.

Universal Insurance has an asset base of over N11 billion and an authorized share capital of N16 billion units and N8 billion paid-up respectively. The firm underwrites General Insurance business.





In Nigeria and the West African sub-region, Regency alliance insurance PLC is one of the leading Insurance company with about 3 decades of experience in the Nigerian insurance space. The company was founded in 1993 and focuses more on General Insurance business market.

The shareholders’ funds, according to the Company chairman Clem Baiye grew by 7.94% from N6.65 billion in 2021 to N7.18 billion at the end of 2022.

He said, “The total asset base of our group as of December 31, 2022 stood at N12.84 billion, an increase of N969.92 million or 8.15%, when compared to with the position as at December 31, 2021.




Guinea Insurance PLC dates back to colonial era in the year 1948 when British West African Corporation Limited (BEWAC) opened an insurance department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. Following the indigenization decree of 1976, Nigerian shareholders now have 100% ownership of the company
starting from 1988.

The was The total indicative share trading liquidity for Guinea Insurance Plc ( in the past 12 months, as of 1 st March 2023, is US$10.31K (NGN4.5M). An average of US$859 (NGN375.23K) per month-(source

Guinea Insurance Plc is a composite insurance company in Nigeria offering products for life and pension, general business and special risks cover. The company is one of the most highly capitalised companies in the insurance industry in Nigeria. General Accident cover includes burglary and housebreaking, electronic theft and malfunctions, public liability, professional indemnity, personal/group accident, all risk insurance, goods-in-transit and health travel insurance.

Fire and Special Perils cover includes industrial all risk, consequential loss, home owners and fire and special perils insurance. Engineering cover includes machinery breakdown, plant all risk, contractor all risk and erection all risk insurance.





International Energy Insurance is Nigeria’s first energy-focused Insurance Company underwriting solutions for offshore and onshore risks, as well as general insurance business. Was established in 1969 as Nigeria Exchange Insurance Company Limited.

International Energy Insurance was born in 2003 . The firm became a PLC in 2007 after a successful private placement where it’s capital rose to about N7.7Billion. Authorized share capital is N8.5 Billion and N3.2Billion paid up and a shareholders fund of N9.3Billion as at 2009 financial year end.

They offer wide range of products under the following categories:

1. Aviation insurance
2. Energy insurance
3. General accident insurance
4. Marine






The last but not the least on our list is the insurance company that is more than a century old. Started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA), was established in Lagos on February 28, 1921. REA was founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.

Originally established for marine business, REA expanded within a year to include fire and life insurance as well, thereby becoming Britain’s first composite insurer. The establishment of the branch in Nigeria was the result of the expansion drive of REA in the early 20 th century. Pursuant to Section 396(2) of the then Companies Act of 1968 the Company was, on December 29, 1969,
reconstituted and incorporated as a Private Limited Liability Company, the Royal Exchange Assurance (Nigeria) Limited.

The Company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.

Royal Exchange General Insurance Company has an Authorized Share Capital of N5.367B made up of 5.367B ordinary shares of N1 each and an Issued and Paid–up capital of N5.367B. As at December 31, 2018, the Shareholders’ Funds stands at N8.85B with Total Assets of N23.31B.

They offer the following products:
1. Oil and gas
2. Motor insurance
3. Marine insurance
4. General accident insurance
5. Engineering insurance
6. Industrial all risks insurance


Also, check out our List of Nigerian Banks (2023 Updates)

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