Nigeria has 57 NAICOM-licensed insurers as of May 2026, down from 67 in 2023 after revocations of Niger Insurance, Standard Alliance, Unic, Spring Life, and Investment & Allied. The strongest names by gross premium and market value are Leadway Assurance, AIICO, AXA Mansard, NEM, Mutual Benefit, Custodian, Cornerstone, Coronation, Linkage, and Lasaco. Below is a refreshed shortlist of 25 well-known NAICOM-licensed insurers, with current activity and what each underwrites.
How does insurance work?
You pay a small, regular premium into a shared pool managed by an insurer. The insurer invests that pool and uses it to pay valid claims when accident, theft, fire, illness, or death hits one of the policyholders. The point is to swap a large, uncertain loss for a small, predictable cost.
A strong insurer keeps enough reserves to pay claims even after a heavy loss year. That is why regulators like NAICOM set minimum capital floors. Under the Nigerian Insurance Industry Reform Act 2025, the floor is now N15 billion for non-life, N10 billion for life, and N35 billion for reinsurance — up from N3 billion, N2 billion, and N10 billion. The deadline to meet the new floor is 30 July 2026 and NAICOM has confirmed it will not be extended.
How do you choose an insurer in Nigeria?
Use these six checks before you pay a premium.
1. NAICOM licence
Only buy from a company on the live NAICOM general insurers list or the life insurers list. Avoid agents who cannot show a current licence number.
2. Claims-paying record
The whole point of insurance is the payout. Check the insurer’s published claims-paid ratio in its latest annual report, and search news for unresolved claims complaints. NAICOM’s industry data still names non-payment of claims as the sector’s biggest trust problem.
3. Capital and recapitalisation status
Ask whether the insurer has been verified under the 2026 recapitalisation. As of May 2026, 15 insurers have been verified by NAICOM and the Big Four auditors, with 9 more under review. Firms that miss the July 2026 deadline risk licence withdrawal.
4. Coverage you actually need
Match the policy to the risk: motor, fire, marine, health, life, annuity, oil and gas, professional indemnity. A composite insurer can sell you life and non-life under one roof; a specialist may price one line better.
5. Price and excess
Cheaper premiums often mean higher excess (the amount you pay before the insurer pays). Compare like-for-like quotes from three insurers before signing.
6. Service channels
A working mobile app, USSD, live chat, and a nearby branch all matter when you need to file a claim fast.
Which are the top insurance companies in Nigeria?
NAICOM lists 57 operating insurers as of May 2026. Niger Insurance, Standard Alliance, Unic, Spring Life, and Investment & Allied were liquidated in earlier rounds. NAICOM also sacked the board of African Alliance Insurance in October 2024 and Goldlink was delisted from the Nigerian Exchange in 2024. The 25 names below are the larger, more visible licensed insurers — listed in rough order of market presence and premium income.
1. Leadway Assurance
Founded in 1970, Leadway is Nigeria’s largest composite insurer by gross premium. It was the first Nigerian insurer to cross N100 billion in quarterly premium in Q1 2023 and remains the market leader through 2025. The group writes life, non-life, annuity, health, and pensions, and runs an Ivorian subsidiary.
Common policies:
- Family benefit plan
- Leadway savings plan
- Term assurance plan
- Money policy plan
- Educational savings plan
- Personal savings plan
- Deferred annuity plan
The Leadway app is on the App Store and Google Play.
Website: leadway.com
2. AIICO Insurance Plc
Established in 1963, AIICO is one of Nigeria’s oldest composite insurers, covering general insurance and special risks, life assurance, annuity, health, asset management, and pensions. It is listed on the Nigerian Exchange.
Common policies:
- Income investment plan
- Three payment plan
- Travel insurance
- Corporate savings plan
- Education investment plan
- Flexible endowment plan
- Term assurance plan
- Electronics equipment policy plan
Website: aiicoplc.com
3. AXA Mansard Insurance
AXA Mansard is the Nigerian arm of the AXA Group. It writes life and non-life cover plus asset management, and is listed on the Nigerian Exchange.
Common policies:
- Student protection plan
- Autoflex plan
- Equity income plan
- Auto classic plan
- Money market plan
- Easy care plan
- Life savings plan
- Instant plan
- Health plan
- Retirement savings plan
- General business and travel protection plan
Website: axamansard.com
4. Mutual Benefit Assurance
Mutual Benefit Assurance Plc has more than three decades in the Nigerian insurance market and operates branches across the country and in neighbouring West African states. The group writes life and non-life and runs a mobile app on Google Play.
Common policies:
- Fire and special peril
- Motor vehicle
- Travel health insurance
- Children’s education plan
- Mutual individual savings and protection plan
- Mutual Multilife shield
Website: mutualng.com
5. Lasaco Assurance
Lasaco started as Lagos State Assurance Company on 20 December 1979 and was licensed on 7 July 1980. It is listed on the Nigerian Exchange. Lasaco is currently raising N18.47 billion through a rights issue to meet the 2026 recapitalisation floor.
Common policies:
- Motor insurance plan
- Aviation insurance plan
- Marine insurance plan
- Professional indemnity insurance
- Fire and special insurance plan
- Personal accident plan
- Bond insurance plan
- Money insurance
- Householder’s insurance plan
Website: lasacoassurance.com
6. NEM Insurance Plc
NEM Insurance Plc dates back to 1948 through Edward Turner & Co and was incorporated as a Nigerian company in 1970. It listed on the Nigerian Exchange in 1989. NEM is consistently profitable and ranks among the top general business underwriters in Nigeria.
Products split into corporate, private, and SME ranges across motor, fire, marine, engineering, oil and gas, and liability.
7. Goldlink Insurance Plc
Goldlink Insurance was incorporated in 1992 and listed on the Nigerian Exchange in 2008. The company was delisted from the NGX in 2024 and remains under regulatory scrutiny over unpaid claims. New policy buyers should confirm its current NAICOM status before purchase.
Product lines (where still on offer):
- Group life insurance plan
- School safety plan
- Compulsory insurance plan
- Oil and gas plan
- Engineering insurance
- General accident plan
- Individual life insurance plan
- Reinsurance plan
- Liability policies plan
- Marine and aviation plan
- Motor insurance plan
Website: goldlinkinsuranceplc.com
8. Coronation Insurance
Founded in 1958, Coronation Insurance (formerly Wapic) is one of Nigeria’s oldest composite insurers and is part of the Coronation Group. It writes fire and special perils, goods-in-transit, motor, marine, oil and gas, and life.
Website: coronation.ng/products-solutions/insurance
9. Cornerstone Insurance
Cornerstone Insurance was founded in 1991 by the late Tunji Ogunkanmi. It became a public limited liability company in 1997 and is listed on the Nigerian Exchange. NAICOM licenses it for both life and non-life cover.
Common policies:
- Motor insurance plan
- Gadget protection plan
- Investment plan
- Halal Takaful plan
- School fee guarantee plan
- Goods in transit plan
- Home insurance plan
- Life insurance plan
- Annuity plan
- Marine insurance plan
- Travel insurance plan
Website: cornerstone.com.ng
10. Linkage Assurance
Linkage Assurance was established in 1991 and writes individual and group life, motor, and casualty cover. Linkage is currently raising N16.3 billion through a rights issue to meet the new recapitalisation floor.
Website: linkageassurance.com
11. Prestige Assurance
Prestige Assurance started in 1952 as a branch of The New India Assurance Company of Mumbai and was incorporated locally on 6 January 1970. It is licensed for non-life cover, mainly treaty and facultative business backed by London and African reinsurers.
Website: prestigeassuranceplc.com
12. Sovereign Trust Insurance Plc
Sovereign Trust began trading in January 1995 after the restructuring of Grand Union Assurances Limited. It writes non-life business through a national branch network from its Victoria Island head office. The mobile app is on Google Play and the App Store. Sovereign Trust is raising N5.02 billion through a rights issue for recapitalisation.
Website: stiplc.com
13. Veritas Kapital Assurance
Veritas Kapital was formed in 2007 when Global Commerce and General Insurance Plc, Intercontinental Assurance Plc, and Kapital Insurance Company Limited merged into UnityKapital Assurance Plc to meet the 2005 recapitalisation rules. It rebranded as Veritas Kapital later.
NAICOM authorises Veritas Kapital to write general insurance under:
- Motor insurance
- Property insurance
- Casualty insurance
- Transportation insurance
- Suretyship
- Engineering services and equipment
- Energy insurance
The group also operates in pension administration and healthcare.
Website: veritaskapital.com
14. African Alliance Insurance Plc
African Alliance Insurance was incorporated on 6 May 1960 by Chief S.L. Edu (CON), Mr T.A. Braithwaite (CON), and Chief M.E.R. Okorodudu, with backing from Munich Reinsurance. It is Nigeria’s longest-running specialist life assurer.
NAICOM sacked the company’s board and management in October 2024 and installed an interim management to address outstanding annuity claims. Confirm current status with NAICOM before buying a new policy.
Policies still in run-off:
- Annuity assurance plan
- Group life assurance plan
- Esusu plan
- Direct debit form plan
- Individual assurance plan
- Investment assurance plan
Website: africanallianceplc.com
15. Continental Reinsurance
Incorporated in 1985, Continental Reinsurance began as a private reinsurer, became a general reinsurer in 1987, and a composite reinsurer in 1990. The group writes treaty and facultative life and non-life reinsurance across Africa.
Policy categories include:
- Business insurance
- Life and non-life reinsurance
- Auto insurance
- Home insurance
- Pet insurance
16. Industrial and General Insurance Plc
IGI was incorporated on 31 October 1991 and started with pensions and special risks in January 1992. It became a public limited liability company in 2007 and added life and general business. The firm tailors cover for corporate clients.
Lines offered:
1. Group life products
2. Mobile phone insurance
3. Aviation insurance
4. Engineering insurance
5. General business insurance
6. Health insurance
7. Marine insurance
8. Oil and energy
Website: iginigeria.com
17. Custodian Investment Plc
Custodian Investment (formerly Custodian and Allied Insurance) is one of the strongest financial services groups in Nigeria. Gross revenue rose 48% to N225 billion in 2025 and total assets crossed the N1 trillion mark for the first time. The group owns Custodian & Allied Insurance, Custodian Life Assurance, Custodian Trustees, and CrusaderSterling Pensions.
Personal cover spans motor, travel, boats and yachts, personal accident, home owners, and personal all-risks. Business cover spans motor, marine cargo and hulls, fire and special perils, business interruption, occupier liability, and professional indemnity.
Website: custodianplc.com.ng
18. Consolidated Hallmark Holdings
Consolidated Hallmark Insurance emerged from a 2007 merger and restructured into Consolidated Hallmark Holdings (CHH) in 2024 to support recapitalisation. It is a top-ten general business and special risk underwriter for aviation, oil and gas, marine cargo and hull, and motor. CHH was the second Nigerian insurer to earn ISO 9001:2015 certification and trades on the Nigerian Exchange.
Website: chiplc.com
19. SUNU Assurances Nigeria
Incorporated as Equity Assurance Nigeria on 13 December 1984 and rebranded after the SUNU Group acquisition, the company writes all classes of general business. It is listed on the Nigerian Exchange, has a Ghanaian subsidiary, and is raising N9.34 billion to meet 2026 recapitalisation.
Website: sunuassurancesnigeria.com
20. Universal Insurance
Universal Insurance Plc (formerly UNISURE) was set up in 1961 by the Eastern Nigeria Government and African Continental Bank in association with Pearl Assurance Company Limited of London. Today the five South Eastern states (Abia, Anambra, Ebonyi, Enugu, Imo) and private investors hold shares. The company writes general insurance and is raising N15 billion for recapitalisation.
Website: universalinsuranceplc.com
21. Regency Alliance Insurance
Founded in 1993, Regency Alliance Insurance Plc focuses on general insurance and operates across Nigeria and the West African sub-region with more than three decades of experience.
Website: regencyalliance.com
22. Guinea Insurance
Guinea Insurance traces back to 1948, when British West African Corporation Limited (BEWAC) opened an insurance department for Legal and General Assurance Society Limited of London. Since the 1976 indigenisation decree, Nigerian shareholders have held 100% ownership. The company is raising N5.8 billion through a rights issue for recapitalisation.
Guinea writes composite cover across life and pension, general business, and special risks — including burglary, public liability, professional indemnity, personal and group accident, all-risk, goods-in-transit, and health travel insurance, plus fire and special perils, engineering, and machinery breakdown.
Website: guineainsurance.com
23. International Energy Insurance
International Energy Insurance is Nigeria’s first energy-focused insurer and underwrites offshore and onshore risks alongside general business. It started as Nigeria Exchange Insurance Company Limited in 1969, rebranded as IEI in 2003, and became a Plc in 2007.
Lines offered:
1. Aviation insurance
2. Energy insurance
3. General accident insurance
4. Marine
Website: ieiplcng.com
24. Royal Exchange General Insurance
Royal Exchange has the longest pedigree on this list. Royal Exchange Assurance (founded London, 1720) began business in Nigeria through Barclays Bank DCO in 1918 and opened a Lagos branch on 28 February 1921. The Nigerian arm was reconstituted on 29 December 1969 and listed on the Nigerian Exchange in December 1990.
Products:
1. Oil and gas
2. Motor insurance
3. Marine insurance
4. General accident insurance
5. Engineering insurance
6. Industrial all-risks insurance
Website: royalexchangeinsurance.com
25. NEM Life / Heirs Life — emerging mid-cap
Heirs Life Assurance (life arm of Heirs Holdings) and NEM Life have moved up the rankings since the last refresh of this post. Both have already passed the new capital floor and are picking up corporate group life and annuity business from struggling competitors.
Also see: List of Nigerian Banks and Their Codes.