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Top 10 Insurance Companies In Nigeria

The industry of insurance companies in Nigeria is one of the thriving sectors of the country as it plays a significant role in Nigeria’s economy.

Having insurance not only comes with peace of mind but also helps provide some sort of protection from surprising events or risks.

In an actual sense, getting an insurance company is moving part of your risk to the insurance company, as that is the primary role of insurance companies.

There are many reasons why one needs to get insured. For some, it could be the need to protect their family after their death, and for others, it could be the loss of assets in the case of theft or damage.

Insurance refers to a system that protects an individual or an organization from having to bear the full burden of unforeseen negative events by reducing the cost of resolving the damage caused.
Unforeseen events like theft, motor vehicle accidents, health issues, damage, etc. are taken care of by insurance companies.

As a Nigerian, choosing the right insurance company can be daunting in the sense that insurance companies are not quite popular, although there are a number of them in Nigeria.

Integrating insurance arrangements into your financial plan is very important to protect yourself, your properties, and your family from risks.

Signing up for an insurance company issues what we call a “policy”.

A policy is a contract between the insurer (insurance company) and the insured (individual or organization), known as the policyholder. In the policy, it states that the insurer is legally required to pay, in exchange for an initial payment, known as the premium.

Also, before even taking a step to sign up with an insurance company, there are some factors to look out for.

Factors to consider when selecting an insurance company

There are a lot of factors that come to mind when choosing an insurance company. In order to avoid making mistakes, it is better to do your research and conduct a proper investigation before choosing an insurance company.

Factors you should consider are:
Is the company legally accredited to work in the country? If they are then they are likely to follow the rules, policies, and guidelines of the insurance institution.

Everything you need to know about a company can be found online. Always look out for reviews as they will help you have a better understanding of what kind of company they are.

In order to not be in a situation where you run the risk of losing your policy, you need to find out the financial strength of the insurance company.

You can also find a lot of resources online and online rating services that can give you a clear insight into the financial strength of an insurance company.

It’s important to have an idea of the type of product an insurance company offers. You need to know if their products are tailored to suit your needs.

Price should be a consideration when choosing an insurance company. A lower price may mean you have less coverage, and less coverage means more money out of your pocket when a loss occurs. Be sure to choose an insurance company that offers prices you can afford.


What are people saying about insurance? Are their clients happy or did someone recommend the insurance company to you? This will also help in your consideration of which insurance company is best.

When you’ve considered these factors, you can then proceed with the search for a good insurance company in Nigeria.

This is where you need our suggestions.

If you’re in need of a good insurance company to sign up for in Nigeria, here is a list of the top 10 insurance companies to look out for in Nigeria.

Top 10 Insurance Companies in Nigeria
Here are the top 10 insurance companies in Nigeria;

1. AIICO Insurance plc

AIICO is an abbreviation for “American International Insurance Company”, founded in 1963, as a subsidiary of American International Group (“AIG”).

AIICO is Nigeria’s market leader in retail life insurance and retirement services and non-life insurance, although they offer products like annuity, general insurance, health insurance, and asset management.

AIICO offers the following:

  • Auto Insurance
  • Travel Plan
  • Home Insurance
  • Oil And Gas Plan
  • Agric. Insurance

2. Leadway Assurance

Leadway Assurance Company Limited (‘LEADWAY’) is one of Nigeria’s notable insurance service companies. Leadway assurance offers general business insurance, life and pension insurance, secured credit, bonding, and portfolio management.

They have the following Insurance plans:

  • Family Benefit plan
  • Lead way saving plan
  • Term assurance plan
  • Money policy plan.
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan

3. Continental Reinsurance

Continental Reinsurance first started off as a private reinsurance company but has now moved to offer other products like treaty and facultative life and non-life reinsurance. They offer the following plans:

  • Home Insurance plan
  • Pet Insurance plan
  • Insurance plan
  • Auto Insurance plan
  • Business Insurance plan

4. Lasaco Assurance Plc

Lasaco Assurance Plc (formerly known as Lagos State Assurance Company Limited) provides life and general insurance services, which include motor, bond, fire, burglary, aviation, marine and lots more.

Lasaco Assurance offers the following plans:

  • Marine insurance plan
  • Bond insurance plan
  • Money insurance
  • Professional indemnity insurance
  • Fire and Special insurance plan
  • Personal accident plan
  • Householder’s Insurance plan
  • Motor insurance plan
  • Aviation insurance plan

5. AXA Mansard Insurance

AXA Mansard Insurance is a member of the AXA Group, a world-renowned insurance, and asset management group, operational in 64 countries. They are actually recognized as one of the top-tier insurance companies in Nigeria with excellent customer service too.

They offer the following:

  • Asset/investment management services
  • Health management services
  • Pension fund administration

6. Custodian and Allied Insurance

Custodian and Allied Insurance, also known as CAIL, provides insurance plans like:

  • Investment plus plan
  • Auto insurance plan
  • Travel insurance plan
  • Immediate annuity plan
  • Tuition protection plan
  • Capital plan

7. Goldlink Insurance plc

Goldlink Insurance plc offers both life and general business insurance, including fire and special perils insurance, motor insurance, life and pension insurance, oil, and gas insurance, travel insurance, etc.

8. Industrial and General Insurance plc

Industrial and General Insurance plc launched the African Expansion Program, which marked the beginning of the company’s venture into the African insurance market. The great move led to the acquisition of about 60% majority shareholding in the National Insurance Corporation (NIC), Uganda.

Their products include:

  • Motor Insurance
  • Consequential Loss Insurance Policy
  • Estate Comprehensive Insurance
  • Estate Fire Insurance Scheme
  • Fidelity Guarantee Insurance
  • Fire Insurance
  • Good-In-Transit Insurance
  • Householder Insurance
  • Industrial All-Risk Insurance
  • Lease Care Policy
  • Money Insurance

9. African Alliance Insurance plc

African Alliance Insurance plc, formerly African Alliance Insurance Limited, offers savings and investment products. Their plans include:

  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan
  • Annuity assurance plan
  • Group life assurance plan

10. Cornerstone Insurance Plc
Cornerstone Insurance is a public limited liability company that was incorporated on July 26th, 1991, and was quoted on the Nigerian stock exchange in 1997. The category of insurance businesses they handle includes the following: motor vehicles, aviation, marine, engineering risks, asset protection, liability to third parties, oil & gas, group life, credit life, mortgage protection, term assurance, wealth creation products, and Takaful (Islamic Insurance).

It might also interest you to know that Cornerstone Insurance Plc. is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, and was awarded the ‘Best use of Technology, Insurance Company, 2016 at the Nigerian Technology Awards.

Related article: Top 10 insurance companies in Kenya

We hope this article helps in your decision-making of which Nigerian insurance you can sign up with.

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