Top 20 Insurance Companies in Nigeria 2023

top insurance companies in Nigeria

last Updated on August 8, 2023

Insurance can be an unseen shield that protects you from life’s unforeseen circumstances. As Nigeria continues to grow and evolve, so too do the insurance companies that serve its people. From major players to up-and-coming providers, these insurance companies in Nigeria offer a range of options to help keep individuals, families, and businesses secure.

A world where uncertainties are met with a reassuring nod, where the unexpected is met with a knowing smile – all thanks to the protective shield of a reliable insurance company by your side.

We’re about to unveil the rock stars of risk management, the champions of coverage, and the custodians of your well-being. Join us as we shine a spotlight on the top insurance companies in Nigeria, each with its unique offerings, tailored to shield you and your loved ones from life’s curveballs.

We’ll walk you through the what, why, and how, ensuring that you’re armed with the knowledge to make informed decisions that safeguard your future.

So, fasten your seatbelts as we journey through this landscape of financial security because when it comes to protecting what matters most, these insurance powerhouses have got your back.

In this article, we’ll take a closer look at the insurance landscape in Nigeria, exploring the different types of insurance companies in Nigeria available, the crème de la crème of insurance companies, so you can decide which one fits your needs, and the benefits they offer.

But first, let’s talk more about what insurance is.

What is Insurance?

Insurance is a valuable service that protects you, your business, and your family from unseen disasters. However, as much as you may not want these occurrences to occur, you will be unable to prevent them, which is why they are said to as unexpected.

The good news is that, whenever they occur, insurance promises to cover you.

Best Insurance Companies in Nigeria

Here is a list of the top and best insurance companies in Nigeria for anyone:

1. AXA Mansard Insurance

axa mansard insurance company

AXA Mansard Insurance is an insurance company headquartered in France. AXA Mansard is a member of the AXA Group.

With approximately 160,000 workers, they are one of the world’s largest asset management and insurance companies.

Also, they service around 107 million customers in over 60 countries.

Axa Mansard Insurance is one of the top insurance companies in Nigeria that provides health insurance, life insurance, motor insurance, travel insurance and other insurance products like SMEs insurance, personal insurance, accident insurance, fire & Engineering insurance as well as Aviation & Energy insurance.

2. FBN Insurance

FBN Insurance company in Nigeria

The First Bank of Nigeria has a subsidiary called First Bank of Nigeria Insurance. FBN Insurance has been one of the top insurance companies in Nigeria for some time now. It specializes in providing insurance.

FBN Insurance is primarily a life insurance company that provides coverage to both people and businesses. They have both retail and corporate insurance plans.

FBN provides Insurance products that help you enjoy the peace of mind that comes with being able to manage daily threats.

3. Nicon Insurance

nicon insurance limited

Nicon Insurance is another insurance company in Nigeria that specializes in providing insurance that protects you and all that matters to you the most.

NICON is a significant insurance company in Africa. They were technically owned by Nigeria’s Federal Government in order to help the country’s insurance market expand.

They were, however, privatized in 2005. They have branches in each of the 36 states that make up Nigeria.

Nicon Insurance provides a range of insurance policies to match your specific insurance requirements.

Like special product insurance, fire insurance, motor insurance, travel insurance, marine insurance, personal insurance, general accident insurance, Aviation insurance, oil& gas, Reinsurance, pension and car engineering insurance.

Nicon Insurance is definitely one of the top insurance companies in Nigeria and you should definitely try them

4. Sovereign Trust Insurance Plc

sovereign trust insurance

Sovereign Trust Insurance Plc is an insurance company based in the United Kingdom. Following a reorganization as the Grand Union Assurance Limited, Sovereign Trust began operations in 1985.

They have a branch network all around the country that use to function. Sovereign Trust specializes in a comprehensive variety of products and services that are designed for specific requirements.

This is one of the renowned insurance companies in Nigeria that offers family well-being insurance, motor insurance, oil & gas insurance and marine insurance.

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5. Standard Alliance Insurance Company Limited

standard alliance insurance

Standard Alliance Insurance Company Limited is a financial institution based in the United Kingdom. Standard Alliance is a well-known tech and customer-focused insurance company in Nigeria.

Because of their great delivery of products and services, they are among the best and most regarded in the insurance market.

Standard Alliance Insurance engages in all types of insurance, including general and specific risks. Like home insurance, and personal and business insurance.

6. Royal Exchange Insurance Company

royal exchange insurance

Royal Exchange Insurance Company (REGIC) is another top insurance company in Nigeria. The Royal Exchange name is well-known in Nigeria’s financial market, particularly in the insurance industry.

Royal Exchange Plc formed a group structure in 2008 in order to carry out its vision for the financial industry. In general, Royal Exchange Insurance specializes in the non-life insurance business in Nigeria.

This is one of the top insurance companies in Nigeria offering general insurance, health insurance, and life assurance.

7. Leadway Assurance Company

leadway assurance

Leadway Assurance Company is another one of the top insurance companies in Nigeria providing insurance services.

Leadway Assurance was founded in 1970 and has been operating in the insurance industry ever since. They specialize in commercial, life, auto and retirement insurance. They also provide ancillary financial services. Portfolio management, credit bonds, and miscellaneous and financial losses are all included.

Leadway Assurance is one of the most respected insurance companies in Nigeria you can find and definitely suitable for most people’s needs.

8. AIICO Insurance Plc

aiico insurance review

AIICO Insurance Plc is an insurance company based in the United Kingdom. It is also a leading player in the Nigerian insurance market. They founded this company in 1963 and have since risen through the ranks of the insurance industry to become one of the top companies.

AIICO Insurance Plc also concentrates on Financial Services, Life Insurance, Special Liabilities Insurance, Health Insurance, Wealth Management, and Retirement Benefits Management.

This is one of the most popular if not the most popular insurance companies in Nigeria. They’ve been around since like forever and can offer all types of coverage.

9. African Alliance Insurance Plc

african alliance insurance

African Alliance Insurance Plc is a company that provides insurance to Africans. On May 6, 1960, African Alliance Insurance plc was founded. In the field of Life Assurance, the insurance plc organization has a reputation for being efficient and trustworthy.

Furthermore, they customize their insurance policies to each stage of their consumers’ life. They provide the following insurance policies; a guaranty scheme for annuities, and life and property insurance.

Because of African Alliance Insurance’s strong specialist life assurance services, it is seen as one of the top insurance companies in Nigeria.

10. Lasaco Assurance Plc

lasaco assurance

Lasaco Assurance Plc is a company that provides insurance. The Companies Decree of 1968 was used to form Lasaco Assurance Plc on December 20, 1979. The company was known as Lagos State Assurance Company Limited at the time.

On July 7, 1980, they were licensed as an insurer and began operations on August 1, 1980. They provide the following insurance policies: automobile insurance, flight insurance, marine insurance, and insurance against accidents or fire outbreaks.

11. Custodian & Allied Insurance Plc

custodian insurance

Custodian & Allied Insurance Plc is one of the most recognised insurance companies in Nigeria as it is active on the Nigerian Stock Exchange.

Custodian & Allied Insurance offers insurance and reassurance solutions for life and non-life cover.

Custodian & Allied Insurance Plc offers insurance products and services like cover motor insurance, travel insurance, general insurance, life insurance, proper insurance, marine cargo and hull-to-fire/special perils insurance, business interruption, occupiers liability, healthcare professional indemnity insurance, and trustees owners and personal all risks insurance.

12. Heirs insurance

heirs insurance

Heirs Insurance is one of the best general insurance companies in Nigeria as it challenges traditional insurance by positioning itself as the top digital insurer in the country by providing simple and accessible insurance plans and protection for vehicles, homes, businesses and more.

Some of Heirs insurance plans include motor insurance, travel insurance, goods-in-transit insurance, insurance, homeowner insurance, tenant insurance, marine cargo and hull-to-fire/special perils insurance, biker interruption, and personal accident insurance.

13. IEI Insurance

iei insurance

IEI Insurance or International Energy Insurance Plc is a motor focus insurance company in Nigeria

IEI Insurance offers private and commercial vehicle insurance as well as motorcycle insurance. IEI Insurance has a third-party insurance portal where anyone, an agent or yourself can buy any of their insurance products.

This portal lets you manage all your policies in a single view, schedule your policies for renewal and before they expire, view all your payments history and track their status.

14. NSAI Insurance

nsai insurance

NSIA Insurance is a subsidiary of Groupe NSIA, It is regarded as one of the top Insurance companies in Nigeria because of its customer-centric culture.

NSIA Insurance has made it its obligation to pay claims on all classes of business insurance within 48 hours as long as there’s a receipt of the signed discharged vouchers. And to also achieve a Customer Satisfaction Index of 90% alongside an Employee Satisfaction Index of 90%.

NSIA Insurance products include personal insurance, agric insurance, business insurance, motor insurance, life assurance, homeowner insurance, travel insurance, health insurance, and energy and special risk insurance

15. Cornerstone Insurance

Cornerstone insurance review

Cornerstone Insurance Plc was launched in 1991 and is currently quoted on the Nigerian Stock Exchange.

Cornerstone Insurance is one of the most recognised insurance companies in Nigeria because of its ethical and professional conduct, coupled with customer-focused values.

Cornerstone is licensed and re-certified by the National Insurance Commission (NAICOM).

Cornerstone Insurance products include Motor Vehicle insurance, Aviation insurance, Marine, Engineering All Risks, Asset Protection, Liability to Third parties, Oil & Gas Insurance, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).

Cornerstone’s Authorized Share Capital is N7.5 billion while its Market Capitalization is N5 billion respectively.

16. Allianz Nigeria Insurance Plc

allianz insurance

Allianz Nigeria Insurance is one of the top insurance companies in Nigeria because of its much-known work to make insurance less complex and more simple for everyday Nigerians.

Allianz prides itself as a composite Insurance company dedicated to the Life and Non-Life Insurance business in Nigeria with over 30,000 customers.

Allianz insurance products include Motor insurance, Life insurance, Home Insurance, travel insurance, Group Life Assurance, Burglary Insurance, Group Personal Accident Insurance and Fidelity Guarantee.

17. Coronation Insurance – Wapic Insurance

coronation insurance

Wapic Insurance now called Coronation Insurance was founded in 1985 and is another one of the popular insurance companies in Nigeria.

Other than insurance services, Coronation also offers other services that include asset management, private banking, trustees and registrar services as well securities trading and brokerage services.

Coronation insurance offers comprehensive insurance products for your car, home, business, life, investment, yacht, and marine.

18. Tangerine Life Insurance

tangerine life logo

Tangerine life insurance is of the most popular life insurance companies in Nigeria and arguably Africa.

Tangerine is actually a financial app that lets anyone send and receive money, pay bills, track their expenses, access loans, save and protect (insure) the things that are important to them.

Tangerine Life insurance plan lets you pay a premium within your means that allows you to protect all you cherish.

The insurance companies listed above are definitely some of Nigeria’s top insurance companies in Nigeria you can find. You could go with any of these insurance companies in Nigeria and be certain that you’ll be in good hands.

What are Insurance companies?

An insurance company is a financial institution that offers a variety of insurance policies to protect individuals and businesses against the risk of financial losses in exchange for regular payments.

An insurance company works by sharing risks among a large number of policyholders.

See: Best HMO in Nigeria

What does an Insurance Company really do?

Insurance businesses or insurance companies sell coverage (insurance) to help protect you and your belongings from loss, theft, or damage. This is made possible by insurance firms spreading risk across a big group of people.

An insurance company ensures you receive financial support in the event of tragedy, crisis or accident, allowing you to bounce back and recover quicker.

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List of Top Insurance Companies Numbers

Insurance Companies in Nigeria2022 Turnover (1)
2022 Turnover (1)
2021 Turnover
2021 Turnover
2021-2022 Evolution (2)
Leadway Assurance92,529,579206,3417,062,4 353171,61730.97%
Custodian and Allied Insurance74 032 988165 09466 228 179160 93411.78%
AXA Mansard Insurance68 980 044153 82660 197 851146 28114.59%
Mutual Benefits Assurance33 785 82275 34229 299 24771 19715.31%
N.E.M. Insurance33 369 04974 41327 875 08867 73619.71%
Cornerstone Insurance22 281 79149 68820 920 55350 8376.51%
Coronation Insurance19 835 299 44 23314 130 02034 33640.38%
Sovereign Trust Insurance15 228 77133 96012 718 52630 90619.74%
Lasaco AssuranceInsurance Companies31 01613 282 51632 2764.71%
Linkage Assurance12 979 78928 94511 161 49927 12216.29%
Consolidated Hallmark Insurance12 815 00628 57710 500 38825 51622.04%
Prestige Assurance12 443 81727 7509 274 00522 53634.18%
Sunu Assurances Nigeria6 687 38714 91336 146 09314 9358.81%
Universal Insurance5 666 32112 6363 701 9388 99653.06%
Regency Alliance Insurance5 572 45512 4275 118 46812 4388.87%
Veritas Kapital Assurance4 668 74110 4116 318 94915 355-26.12%
Guinea Insurance1 359 2463 0312 125 0005 164-36.04%
International Energy Insurance870 9811 942687 0761 67026.77%
Royal Exchange Assurance Nigeria-650 477-1 4512 843 0676 909-122.88%

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