Top 20 Insurance Companies In Nigeria-2022(Read More)

Top 20 Insurance Companies In Nigeria
Written by Jacob Efeni

In every aspect of our life, it is very important to prepare for the unexpected. That is why it is always advisable to get insurance. To help you get the right insurance coverage, we compiled a list of the Top 20 Insurance Companies In Nigeria.

As much as a lot of Nigerians don’t give much attention to insurance services, that doesn’t mean it is not important.

Insurance is an important service that protects you, your business, your family, and your property from any unexpected events that may occur as a result of natural or man-made disasters such as fire, floods, and many more.

Life comes with so many unexpected and unforeseen events which we totally have no control over. Nobody wants anything bad to happen, but preparing for that is a smart decision you can always make. This is where insurance comes in.

In other to protect and safeguard your family, businesses, and yourself against potential risks, we’ve created a list of the Top 20 Insurance Companies In Nigeria that have proven records over the years.

We compiled this list base on factors like years of existence, Insurance packages, quality of service, and many more.

Also Read: Property Insurance

Top 20 Insurance Companies In Nigeria
Top 20 Insurance Companies In Nigeria

Top Insurance Companies In Nigeria-2022

  1. Leadway Assurance Company
  2. Great Nigeria Insurance Plc
  3. Standard Alliance Insurance Plc.
  4. Cornerstone Insurance Plc
  5. AIICO Insurance Plc
  6. Custodian and allied insurance
  7. Niger Insurance Plc
  8. Continental Reinsurance
  9. AXA Mansard Insurance
  10. Nicon Insurance Limited
  11. African Alliance Insurance Plc
  12. Ark Insurance
  13. Lasaco Assurance Plc
  14. NSIA Insurance
  15. Goldlink Insurance
  16. Consolidated Hallmark Insurance Plc
  17. Guinea Insurance Plc
  18. Nem Insurance Plc
  19. Sovereign Trust Insurance
  20. FBN Insurance

Top Insurance Companies In Nigeria Base On Quality Of Service

Leadway Assurance Company

Leadway Assurance Company is one of the most successful insurance companies in Nigeria. The company is known for providing commercial, personal property and casualty insurance, travel insurance, and life insurance.

The company was founded by Sir. Hasan .O. Odukale in the year 1971 with a head office in Lagos, Nigeria. The company started operation fully the same year as a direct motor insurer. With time, the company expanded into different areas of business until it became a composite company underwriting both life and general insurance business.

As time passed by Leadway Assurance Company’s financial capacity grew, this gave them the ability to underwrite risks of high magnitudes as regards heavy industries such as oil and gas, and other big manufacturing companies.

Leadway Assurance Company also offers subsidiary financial services like Bond, Secured Credit, Miscellaneous financial losses, and Fund/Portfolio management.

Leadway Insurance company offers different coverages such as Business Insurance, Personal Insurance
Auto Insurance

Under its business insurance coverage, these extend to marine insurance, SME insurance, property insurance, and accident policies.

Leadway Personal Insurance Covers General Insurance, Health & Life, Savings & Investments, Annuities &Pension, Travel Insurance, and Property Insurance.

Great Nigeria Insurance Plc

Great Nigeria Insurance Plc is one of the fastest-rising insurance companies in Nigeria. The company offers different insurance coverage that covers different disasters such as life, fire, personal accident, motor, money, burglary, professional indemnity, and marine insurance services.

Great Nigeria Insurance Plc started operation in Nigeria over 55 years ago. The company was founded in 1960 and since then it has been operating successfully.

The ownership of the company is made up of diverse shareholders from a wide range of individuals and institutional investors around the world with a robust board of directors of distinguished personalities.

The company has been massively involved in underwriting, financial advisory, and real estate investments. This has allowed the company to master the business terrain and develop skills that give the company an edge in service delivery.

According to the company, they have continuously arranged adequate reassurance treaties with a consortium of local and international reputable reassurance companies by providing the required capacity to underwrite risk.

Standard Alliance Insurance

Standard Alliance Insurance is another great insurance company in Nigeria that offers protection and coverage under Home Insurance, Personal Insurance, Business Insurance, Engineering Insurance, Compulsory Insurance, and Special Insurance. The company is known for its quality service and great customer support.

Standard Alliance Insurance Plc was incorporated in July 1981 as a private limited liability company and it commenced operation in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996. Standard Alliance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the Nigerian Stock Exchange in December 2003.

The Company has an authorized capital of N7bn divided into 14bn ordinary shares at 50kobo each. As of December 31st, 2014, total paid-up share capital stood at N5.996bn; total assets of N7.721bn, and Shareholders’ funds of N3.417bn. The company’s Premium written as at the end of 2014 was N4.333bn.

The company is a technology-driven company that is ranking among the best and most well-respected insurance companies in Nigeria both in product and service delivery.

Standard Alliance plc is licensed by the National Insurance Commission (NAICOM) to transact general and special risk insurance businesses.

Cornerstone Insurance Plc

Cornerstone Insurance Plc is an insurance company that was established and incorporated on the 26th of July, 1991 as a private limited liability company. The company became a public limited liability company around 1997. Since then, the company has dedicated its time to ensure that it puts client needs first in all situations.

Cornerstone Insurance Plc is licensed and re-certified by the national insurance commission (NAICOM) to do both general and life businesses.

The company offers different coverage under the following; which are Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, and Takaful (Islamic Insurance).

At the time of writing this article, cornerstone insurance plc has an authorized share and market capital of N9.25 billion and N5 billion respectively. In December 2021, the company has shareholder’s funds of N14.8 billion. The company’s total assets in excess are N40.4 billion.

AIICO Insurance Plc

AIICO Insurance Plc was established in 1963 as a financial service group with a market-leading position in its key business lines, Insurance, Health Maintenance, and Asset Management.

AIICO Insurance Plc has various coverage such as Life assurance and annuity, General insurance and special risks, Health insurance, and, Asset management.

AIICO Insurance started operation in Nigeria around 1963 as an agency office of the American life insurance company (ALICO), American International Group (AIG.)

Custodian and Allied Insurance

Custodian and allied insurance is an insurance company in Nigeria. The company is among the leading insurance companies in Nigeria that have been operating in the financial service sectors. The company is known to have a significant holding in different companies and brands including custodian and allied insurance limited, custodian life Assurance Limited, Custodian Trustees, Crusader Sterling Pensions Limited, and UPDC Plc. All these companies render best-in-class services in their respective spheres.

Custodian Investment Plc is managed by a board that comprises professionals with proven track records in various fields of the financial sector.

At the time of writing this article, the company has an asset under management (AUM) in excess of $1.1 billion. This is expected to grow in years to come because of the company’s massive growth.

Niger Insurance Plc

Niger Insurance Plc is a well-known leading insurance company in Nigeria that transacts all classes of Insurance businesses and offers a wide range of innovative and customer-oriented insurance products in Life and Non-life insurance to its growing clients. At the time of writing this article, the company currently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N3,869,747,000. You can read more about Niger Insurance Plc

Continental Reinsurance

Continental Reinsurance was incorporated in the year 1985 as a private reinsurance company. In January 1987, the company started operation as a general reinsurer and in January 1990, it became a composite insurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base.

The company has a goal of becoming the recognized leading reinsurance company in Africa. As time goes on, the company converted to a public limited liability company in 2000.

Continental Reinsurance has a recapitalization of 10 billion Naira in 2007, with widespread ownership which includes international investors. On May 30, 2007, Continental Reinsurance was listed on the Nigerian Stock Exchange.

In 2019 the Company obtained the approval of its shareholders and the regulators to undertake a Scheme of Arrangement for the purpose of restructuring its business. The objective of the restructuring is to enhance the growth of the business, reposition the Company for enhanced competitiveness and provide for a sustainable increase in profitability.

The successful implementation of the Scheme culminated in the 100% acquisition of the shares of the Company by its parent company in Mauritius, CRE African Investment Limited, and the delisting of the shares of the Company from the Nigerian Stock Exchange.

AXA Mansard Insurance

AXA Mansard Insurance was founded and incorporated in 1989 as a private limited liability company and was registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

AXA Mansard offers various insurance coverages under life insurance, property insurance and casualty for individuals, and commercial solutions for SMEs and corporate organizations.

As of 2016, AXA Mansard was rated B+ by A.M for its financial strength and it was also certified ISO 9001:2008 compliant by the Standard Organisation of Nigeria (SON) for quality management systems.

AXA Mansard Insurance is ensuring that its customer gets the best insurance package.

Nicon Insurance Limited

Nicon Insurance Limited

Nicon Insurance which is known as the National Insurance Corporation of Nigeria is a leading insurance company in Nigeria. The company was formerly owned by the federal government of Nigeria, to assist and ensure it contributes to the development of the insurance industry in Nigeria.

NICON was established by a decree NO. 22 of July 1, 1969, with a share capital of N 2million Naira. Its first major claim was paid to Nigeria Airways when its DC-10 crashed. The sum of 2.5 million (Pounds) was involved.

Around 2005, the company was privatized with offices all over the 36 states of Nigeria.

African Alliance Insurance Plc

African Alliance Insurance Plc was founded and incorporated in May 1960 by the founder in the person of Chief S.L. 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.

Africa Alliance Plc is a popular Insurance company in Nigeria that has been serving thousands of customers in Nigeria. The company has various personalized insurance products which were designed to solve customers’ problems.

As of today, African Alliance Insurance Plc is known for great innovations which offer great values to stakeholders, esteemed customers, and employees.

The company operates a network of 18 branches which are managed by competent and passionate teams with years of experience in the financial industry.

According to African Alliance Insurance Plc, they paid a whopping N6.5 billion as a settlement in the year 2016.

The company is also known to manage a Shareholders’ Fund 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), evidence of our strength, history and clients’ trust in our brand.

Ark Insurance

Ark Insurance is a professional Insurance broker with over 45 years of experience in the insurance industry. The company has a track record of providing quality service over the years.

The company focuses on technical competence coupled with in-depth local market knowledge to deliver strong service for both the local and multinational clients operating their businesses in Nigeria.

Ark Insurance is licensed by the National Insurance Commission (NIC) and part of the Worldwide Brokers Networks, the largest independent brokers network.

According to Ark Insurance Group, the company has developed a wide range of insurance programs that provide protection to various types of clients- from single individuals to multinationals.

Ark has a long history of enabling clients to avoid, control, mitigate and transfer risks. Ark Insurance Group’s leverage on investment in human capital, deep client relationships, Insuretech investment, and market-leading innovations.

Lasaco Assurance Plc

Lasaco Assurance Plc is another fast-growing insurance company in Nigeria. The company is known as a composite insurance company with various products and services that are designed to meet the needs of its customers. The company was incorporated on the 20th of December, 1979 and it was licensed as an insurer on the 7th of July,1980.

As of 1st of August 1980, LASACO commenced full operation. With the vast opportunities presented by increased capitalization for business expansion and growth, the company became a public liability company around 1991 when its shares were admitted for the first time to the Nigeria stock exchange (NSE) through the listing by introduction. With time, the company has grown in size, business coverage, profit, capital, and assets. They are currently operating in various classes of insurance and special risk business, high impact financial service, and Real Estate Managed by their subsidiary.

NSIA Insurance

NSIA Insurance is a company with high values that believe in providing the best risk management for companies and individuals. The company is operated by experts in the insurance industry who are dedicated to ensuring that you get the best as a client.

Following their successful acquisition of ADIC Insurance Limited, one of Nigeria’s leading distributors of diversified insurance products and services, NSIA has continued ADIC’s tradition of providing service that consistently meets customers’ expectations and regulatory requirements.

NSIA Insurance Holding company currently operates throughout Africa including Cameroon, Congo, Gabon Benin, Cote d’Ivoire, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Togo, and Senegal.

Goldlink Insurance

Goldlink Insurance is an insurance company that was incorporated on the 15th of April, 1992 as a private limited liability company and it was granted a license to fully operate as a fullfledged insurance company on the 8th of September,1993. Golden link became incorporated with an authorized share capital of 10 million with a fully paid-up capital of 10 million.

As of 11th of May 2007, the company was listed on the Nigeria Stock Exchange (NSE) by way of introduction and it became incorporated with a share capital of N4.5bn.

Golden link Insurance has a head office at No 6 Emmanuel Street, Maryland Lagos state Nigeria with about 16 branches across the country.

The company is owned by Nigerians and licensed to underwrite both life and general business insurance which includes Fire and Special Perils, Motor Insurance, Life & Pension, Oil & Gas, Travel Insurance, and many others.

Consolidated Hallmark Insurance Plc

Consolidated Hallmark Insurance Plc underwent a merger around 2007, After the merger, the company emerged as one of the top 10 general business and special risk insurance underwriters in Nigeria.

In the last few decades, the company played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo, and Hull Business as well as in the Motor insurance business.

The company is ensuring that it builds a reputation on professionalism, integrity, and excellent service delivery.

The company is considered the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification).

Guinea Insurance Plc

Guinea Insurance Plc can be traced back to 1948 when the British West African Corporation Limited (BEWAC) opened an insurance department and became the chief agent in Nigeria for the legal and general assurance society limited of London.

in 1950, the agency extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to business growth and maximization of available opportunities; Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited, and British West African Corporation Limited, jointly incorporated an insurance Company. Thus, Guinea Insurance Company Limited was incorporated on December 3, 1958, as a non-life insurance underwriting firm to provide first-rate insurance solutions in the General Business category.

The overseas shareholders held 51% majority shares at the time before the indigenization decree of 1976 reversed the shareholding structure to 60% Nigerian interest and 40% overseas. Consequently, the overseas shareholders divested their 40% holdings to existing Nigerian shareholders in 1988 thereby making the Company 100% Nigerian owned.

Nem Insurance Plc

Nem Insurance Plc is a Nigeria-based insurance company that started operation in 1948 through the agency of Edward Turner & Co. It became a branch of NEM General Insurance Association Limited of London around 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.

The company, which has contributed immensely to the growth of the Insurance Industry in Nigeria, was in Life and Non- Life business. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

The company has expanded its operations into the West African Sub-region, with the successful registration and commencement of business of its former subsidiary, NEM INSURANCE (GHANA) LIMITED in May 2009.

The subsidiary is now merged with Regency Alliance to form Regency Nem Insurance Ghana Ltd in September 2016 due to recapitalization requirements. A new member, NEM ASSET MANAGEMENT LIMITED was also added to the Brand earlier in March 2016.

Sovereign Trust Insurance

Sovereign Trust Insurance Plc is an insurance company that was founded over 26 years ago. The company was founded around January 1995 following the restructuring and recapitalization of the then Grand Union assurances Limited.

The company currently operates a network of branches nationwide with a head office at NO 17, Adetokunbo Ademola Street, VI, Lagos.

Sovereign Trust Insurance Plc is licensed as an insurer by the federal government with the authority to underwrite all classes of non-life business.

At the time of writing this article, Sovereign Trust Insurance Plc claims to have a share capital of N5.25 billion divided into 10.5 billion units of 50 Kobo per share. The company has a fully paid-up capital Shareholders’ funds of over N3.4 Billion. The ownership of the company is made up of diverse shareholders from different walks of life.

FBN Insurance

FBN Insurance is a Limited Liability Company that is licensed to transact life insurance. The company is a member of Sanlam Group, one of the leading diversified financial service groups.

FBN officially started operation on the 1st of September, 2010. Since the introduction of the company, it has experienced massive growth over the years.

As a life insurance company, the company provides coverage for individuals and corporate clients. FBN is among the youngest start-up insurer in Nigeria with a presence in strategic geographical locations across the country.

The product FBN offers, helps customers to enjoy peace of mind by managing the risk that comes in everyday life. The company also helps you comfortably save for the future and protect what matters to you.

One of its major objectives is to help people, businesses, and communities to get back to their feet when an unexpected event happens by ensuring that it takes responsibility for making sure that its customers are alright.

Drawing from the knowledge, experience, and technical expertise of the Sanlam Group, the company intends to play a significant role in the development of the insurance industry in Nigeria.

Conclusion/Final Verdit

Insurance is very important for you, your business, and your family against different unforeseen circumstances. As an individual or business, it is important you take advantage of and leverage the opportunity available to you through the insurance companies we’ve listed above.

There are so many insurance companies out there that we did not include due to some reasons. If you feel we’re missing any important company, you can let us know using the comment section. we’ll check them out.

If you find this article helpful, don’t forget to share. This will encourage us to write more educative and informative articles like this.
For any questions or inquiries, you can drop them in the comment section. We’ll be happy to answer them.

About the author

Jacob Efeni

Brillaweb is owned by Jacob Efeni, an internet marketer, Seo expert, writer, and affiliate marketer, under Brillaweb Connect. The blog is an information blog that gives you top-notch articles on Banking, Finance, Business, Mortgage, Insurance, Entrepreneurship, and Credit cards.