Discover The Top 10 Highest Paying Insurance Companies in Nigeria

admin August 9, 2023
Updated 2023/08/09 at 11:00 AM
Highest Paying Insurance Companies in Nigeria

In this article, you will discover the highest-paying insurance companies in Nigeria that will not only guarantee you a safe future but gives a good high payout.

When you’ve worked hard for everything you have, you need to make sure it is safeguarded in case something unfavorable occurs.

You have come to the ideal site if you’re looking to join a high-paying insurance provider in Nigeria to safeguard your family or your valuables from unforeseen events.

We’ll look at some of the highest-paying insurance companies in Nigeria in this article.

If you want to obtain insurance with a high-paying Nigerian insurance company, the insurance firms to be featured are among the most dependable and offer quite high claims for your premium.

What You Need To Know About Insurance Companies

Free stock photo of accounting, adult, clients Stock Photo
The services of insurance companies, which act as financial intermediaries and offer direct insurance or reinsurance, protect customers’ finances from potential risks in the future.

Insurance providers evaluate the risk and assess premiums for various insurance coverage options. The insurance provider pays you up to the agreed-upon amount of the insurance policy if an insured event occurs and you sustain damages. Because of how they operate, insurance firms can pay this and yet turn a profit.

Insurance is a very straightforward concept. Your life, health, vehicle, property, etc. are all insured by the insurance company for a set amount of time in exchange for a monthly or annual premium. In exchange, the insurer covers any financial losses that result from damage to an insured person or item.

List Of Highest Paying Insurance Companies In Nigeria

Free Photo Of People Holding Each Other's Hands Stock Photo

Some Of The Highest Paying Insurance Companies In Nigeria are listed below for your consideration;

1. AIICO Insurance Plc

This is one of the oldest insurance businesses in Nigeria that has done a great job of learning the business and providing the public with high-quality goods.
The American International Insurance Company (AIICO), sometimes known as the American Life Insurance Company, began operations in 1963.

Its goal is to provide services including term insurance, general insurance, health insurance, pension management, property insurance, E-insurance, education plans, mortgage protection plans, and life insurance and annuities.

Location: Church Gate Street, Plot PC-12, Victoria Island, Lagos State

2. AXA Mansard Insurance PLC

You can always subscribe to AXA Mansard, one of the highest-paying insurance companies in Nigeria. Having been in business for a while, they are quite adaptable in what they do, and you can benefit from their numerous promotions and offerings.

They provide a variety of products, some of which include auto insurance, such as the Autoflex plan, Auto Go, Auto Classic, and others.
Additionally, they offer comprehensive retirement plans, money market funds, equity income funds, and general business and tourism protection.

Location: 928A Aboyade Cole Street, Victoria Island, Lagos State

3. Leadway Assurance Company Limited

Since 1970, this insurance provider has provided several clients with integrated insurance and financial services. As a result, you can subscribe to any of their products and recommend them to the general public.
The management team at Leadway Assurance is simply the best in the business.

General insurance, life and health insurance, savings and investment plans, annuities and pensions, premium financing, Leadway BOSS, marine insurance, surety-ship, agricultural insurance, motor insurance, property insurance, marine insurance, and accident insurance are all products offered by Leadway Assurance.

Location: 121/123 Funso Williams Avenue, Iponri, Lagos State.

4. Mutual Benefits Assurance Plc

The next among the highest paying insurance companies in Nigeria is Mutual Benefits Assurance Plc. For more than 20 years, this company has been providing services to the public. You can subscribe to their services and profit greatly.
Pure life insurance, investment-linked plans like children’s school savings accounts, and pure investment are all included in Mutual Benefits’ line of life assurance products. Motor, marine, fire & perils, travel, etc. are some of Mutual Benefits Assurance Plc’s other insurance products.

Location: 233 Ikorodu Road, Ilupeju, Victoria Island, Lagos State, Aret Adams House

5. Cornerstone Insurance PLC

Another management team that may take pride in having high claims and superior service performance is Cornerstone Insurance Plc.
The National Insurance Commission (NAICOM) has authorized and recertified this insurance company to offer general and life insurance across the nation, and they are also among the best in the business.

Even in terms of honors, they have won praise for their exceptional professionalism.
Based on its professionalism, this Nigerian insurance company has won numerous awards.

Automobile insurance, travel insurance, home insurance, life insurance, annuities, goods-in-transit insurance, combined fire and burglary insurance, marine insurance, Mymoto shield, gadget inspector plans, and drone insurance are just a few of the products offered by Cornerstone Insurance Plc.

Location: Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos State.

6. Industrial and General Insurance Plc

The next to be featured in this list of the highest paying insurance companies in Nigeria is Industrial and General Insurance Plc. Another highly recognized insurance company in Nigeria is this one.

It is a significant choice that the business, which has been providing services to numerous customers since 1992, was later re-registered as a public limited liability company.
In January 1992, it began doing business as a composite insurance firm, offering both life and general insurance, which covers pensions and specific risks.

Products include things like automobile insurance, life insurance, engineering/contractor risk insurance, marine insurance, health insurance while traveling, and fire insurance.

Location: No. 2, Agoro Odiyan Street, off Adeola Odeku Street, Victoria Island, Lagos State.

7. Custodian and Allied Insurance Plc

Another reputable insurance provider in Nigeria is Custodian and Allied Insurance Plc, which belongs to the country’s largest insurance company. When it first started operating, in 1997, Custodian and Allied Insurance Plc were able to expand.

The company offers both general and life insurance.
Auto, health, travel, home shield, personal accident, and wealth management are among its insurance services.

If you need to submit a complaint, this insurance firm guarantees that its clients have access to an impartial dispute resolution process.

Location: 16A, Commercial Avenue Sabo, Yaba, Lagos State.

8. NEM Insurance Plc

In addition to being among the highest paying insurance companies in Nigeria, NEM Insurance Plc is also among the oldest, having opened for business in 1948.

This insurance provider offers a variety of general insurance products, including travel, fire, and auto insurance.

Location: 199 Ikorodu Road, Obanikoro, Lagos State.

9. Combined Hallmark Insurance Plc.

One of the top insurance providers in Nigeria is Consolidate Hallmark Insurance.
Consolidate Hallmark Insurance should be proud of having excellent, knowledgeable employees who work hard to ensure the business will continue to be among the finest in the nation.

To help shield people from unexpected losses, this corporation provides personal insurance, such as automobile, gadget, home, and business insurance.

Location: No 266, Moshood Abiola Way, Obanikoro, Lagos State

10. Prestige Insurance Ltd.

Prestige Insurance Ltd. provides insurance and reinsurance and has been in business for many years. They offer a variety of services, including car, business, home, life, risk identification, and management, claim advice and management, and more.

This insurance company was chosen as the year’s top insurance broker due to its great customer service.

Location: 19, Ligali Ayorinde Street, Victoria Island, Marina, Lagos State



Life’s uncertainties, like an awful death or a medical emergency, could occur at any time. Additionally, an accident or damage to your car, property, etc., falls under this category.

Therefore, it is crucial to have a plan for such unforeseen events. You can select from the highest paying insurance companies in Nigeria the list above.

Despite the fact that there are numerous other highest-paying insurance companies in Nigeria, these ones have a solid reputation and have been in business for a long time.

Recent News

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *