Top 10 Insurance Companies Leading The Insurance World In Nigeria

admin August 1, 2023
Updated 2023/08/01 at 5:44 PM
Top 10 Insurance Companies

You are about to discover the list of the top 10 insurance companies in Nigeria that you probably did not know.

Nigerians purchase insurance, among other things, to safeguard not only their homes but also themselves from unforeseen events. They would want to avoid having to spend a lot of money on these events. Consequently, getting insurance is necessary.

Insurance enables people and businesses to protect their assets against potential risks that could cause them to lose everything.
In this article, we’ll examine insurance in greater detail and list the top 10 insurance companies in Nigeria.

What Exactly Does Insurance Entail?

An agreement known as an insurance policy provides financial protection or reimbursement against losses from an insurance company to a person or an organization. In order to make payments to the insured more manageable, the company pools the risks of its clients.

Insurance policies are used to protect against the possibility of monetary losses, large and small, resulting from harm to the insured person or her property or from liability for harm or damage to a third party.
There are many different kinds of insurance policies available, and almost any person or organization can find an insurance company that will insure them for a fee.

What Are Insurance Companies?

Insurance companies are financial institutions that offer a variety of insurance policies to shield people and businesses from the risk of financial losses in exchange for recurrent payments of premiums.

Insurance companies invest the premiums they receive in financial securities in order to generate additional income and profit, in addition to using the money to pay out daily claims.
They are intermediaries in the financial sector that provide direct insurance or reinsurance services to protect clients’ finances from potential risks in the future.

According to study results, insurance companies in Nigeria play a variety of roles, including but not limited to lowering financial risk; protecting against loss due to unforeseeable circumstances; ensuring safety and security; fostering economic growth; and acting as financial intermediaries.
Nigeria’s Top 10 Insurance Companies

Let’s now examine ten of the best insurance companies in Nigeria;

Top 10 Insurance Companies In Nigeria

1. AIICO Insurance Plc

Ella is now available 24/7 —MD, AIICO - Nigeriannewsdirectcom
The insurance, pension, and asset management group AIICO Insurance Plc was founded in 1963. It is one of the top 10 insurance companies in the nation. General insurance and special risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main areas of focus.
Offerings from AIICO include:
• Vehicle Insurance
• Travel/Residential Insurance
• gas and oil plans.
• Food and insurance

2. Leadway Assurance

Leadway Assurance (@LeadwayInsure) / Twitter
One of Nigeria’s leading insurance service providers, Leadway Assurance Company Limited, was established in 1970 and has a reputation for providing reliable services to clients. They provide life and pension insurance as well as general business insurance. Additionally, they provide portfolio management, bonds, miscellaneous financial losses, and secured credit.
They offer the following types of insurance:
• Plan for Family Benefits
• Lead-savings strategy
• Term assurance plan
• Blueprint for a money policy.
• Savings strategy for education.
• A private savings strategy
• Deferred annuity plan

3. Custodian and Allied Insurance

Custodian and Allied Insurance Plc ( - AfricanFinancials

Custodian and Allied insurance firms is one of the top 10 insurance companies with variety of insurance products. Every plan is customized to meet the needs of its users.
They provide the subsequent policies:
• Investing and strategy
• A quick annuity strategy
• Plan to cover tuition
• Plan for auto insurance.
• Plan for travel insurance
• Capital program

4. Continental Insurance

CORPORATE ACTION:Continental Insurance Appoints Non-Executive Directors - Nairametrics
The private sector’s dominant player in the insurance market across all of Africa is Continental Insurance. The business offers its clients all across the continent alternatives for life and non-life insurance.
They provide the subsequent policies:
• Make a Business Insurance Plan
• Plan for auto insurance.
• Insurance for homes
• Plan for pet insurance.

5. African Alliance Insurance Plc

African Alliance Insurance (Nigeria) resolutions passed at the 52nd AGM - AfricanFinancials

On May 6, 1960, African Alliance Insurance plc. was established. The insurance plc organization is known for its effectiveness and dependability in the field of life insurance. Additionally, they customize their insurance offerings to suit every stage of the clients’ lives.
They provide the subsequent policies:
• Plan to ensure annuities
• Plan for group life insurance.
• Esusu scheme
• Plan for direct debit
• Personal assurance program.
• Plan for Investment Assurance

6. AXA Mansard Insurance

Axa Mansard Insurance Plc ( - AfricanFinancials
Both life and non-life insurance services and products are provided by AXA Mansard Insurance, more reason it is appearing on one of our top 10 insurance companies.  AXA Mansard Insurance is a subsidiary of the AXA Group, a well-known insurance and asset management company with operations in 64 nations across Africa, the Middle East, and Central and South America.
This is what they provide:
• Services for managing assets and investments
• Services for health management
• Pension fund management

Goldlink Insurance's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile

Goldlink Insurance Plc was established as a Private Limited Liability Company on April 15, 1992, and was given permission to conduct business as a full-fledged insurance company on September 8, 1993.
Both life and general business insurance, such as fire and special perils insurance, auto insurance, life and pension insurance, oil and gas insurance, travel insurance, etc., are provided by Goldlink Insurance plc.

8. Cornerstone Insurance Plc

Cornerstone insurance gives N6 million bonuses to customers | The Guardian Nigeria News - Nigeria and World News — Business — The Guardian Nigeria News – Nigeria and World News
On July 26, 1991, Cornerstone Insurance Corporation was established as a private limited liability company. It eventually changed its legal status to Public Limited Liability and began trading in 1997 on the Nigerian Stock Exchange (NSE). Cornerstone Insurance has stayed committed to its clients ever since it was founded, putting their needs first and developing solutions to fit them.
They provide the subsequent policies:
• Plan for motor insurance.
• Device insurance
• Investment strategy
• A scheme to guarantee school fees
• Insurance for homes
• Plan for life insurance.
• Annuity strategy
• Plan for marine insurance.
• Plan for travel insurance

9. Lasaco Assurance Plc

Lasaco Assurance proposes N183.4 million as final dividend to shareholders | african markets
On December 20, 1979, Lasaco Assurance Plc was established in accordance with the Companies Decree of 1968.
The company’s previous name was Lagos State Assurance Company Limited. They finally received their insurance license on July 7, 1980, and they started doing business on August 1 of that same year.

They provide the following insurance coverage:

• Plan for motor insurance.
• Plan for aviation insurance.
• Plan for marine insurance.
• Professional liability insurance
• Plan for Fire and Special Insurance
• Plan for personal accidents
• Plan for bond insurance.
• Money protection
• Owner’s Insurance Program

10. Industrial and General Insurance plc

NIA expels IGI, Niger insurance, Standard Alliance over claim defaults – Businessamlive

Lastly on out list of top 10 insurance companies is Industrial and General Insurance plc.  Industrial and General Insurance plc was initially founded as a private limited liability business. In 2007, it was once more registered as a public limited liability business. By using precise procedures and a special reaction time, they cater to the insurance needs of customers in a variety of industries, including banking, oil and energy, manufacturing, engineering, maritime, and aviation, as well as public institutions.

What Should You Consider When Choosing An Insurer?

Leading insurance providers in Nigeria assist anyone wishing to protect their future from such a disaster. However, in order to choose the best insurance firm, you must be aware of what you are searching for and how it operates. There are things to think about before selecting an insurance provider in order to achieve that.

Important Elements To look Out for In an Insurance Company

The Image of the Company
You should search the internet for brand reviews and the latest news. This is so that you may determine the company’s strengths and capabilities based on its past performance.
Legal Recognition
The insurance provider you select must hold legal accreditation and certification from the Nigerian government.
The Coverage
When choosing an insurance provider, this is an important and crucial consideration. Choose the level of protection that best meets your needs.
Financial Strength and Price Factor
It’s critical to understand how the insurance business performs within a difficult economic climate and how that might impact you. To find the information you need, check stock ratings and business resources.



Here you have it, Top 10 Insurance Companies to choose from if you are in Nigeria.

Businesses need customized insurance policies that protect them against the various dangers that they face.

Insurance not only eases anxiety but also offers some financial security against unforeseen mishaps and other hazards in life.

The need to safeguard your company, house, automobile, or other assets in the case of theft or tragedy is just one of many possible justifications for purchasing insurance.

Knowing why you need insurance and having been given a list of the top 10 insurance providers in Nigeria, you should sign an insurance contract right now, especially for unforeseen situations in the future.

Recent News

Share this Article
Leave a comment

Leave a Reply

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