10 Insurance Companies in Nigeria that are Available in 2024

Filed in Articles by on January 25, 2024

Insurance Companies in Nigeria: Before I begin, I would like to give a brief definition of the keywords (insurance) to help you understand the above topic.

Insurance Companies in Nigeria

What is insurance?

Insurance refers to a mechanism that future-proofs an individual or an organization from having to bear the full weight of unforeseen negative events that entail finances to correct.

Insurance helps to reduce the cost of fixing damages caused by destructive unforeseen events to a reasonable extent. Unforeseen events like theft, fire outbreaks, motor vehicle accidents, health issues, etc. are taken care of by insurance companies.

Insurance companies are companies that provide insurance services to a person or an organization depending on the Policy agreed upon by both parties.

A policy is a contract between the insurer (i.e., insurance company) and the insured (i.e., individual or organization), known as the policyholder, which determines the claims that the insurer is legally required to pay, In exchange for an initial payment, known as the premium, the insurer promises to pay for unforeseen sad events.

There are many insurance companies in Nigeria. But as a Nigerian, what’s the challenge in selecting the right insurance company?

The challenge lies in the fact that insurance companies in Nigeria are not very popular; it’s very difficult for you to see an advertisement for these companies in Nigeria because most Nigerians do not value them.

But the fact that you are reading this article shows that you are among the few of them who care about insurance.

Before I go into the insurance list available for 2024, I would like you to consider the below factors before selecting an Insurance company.

Factors to Consider When Selecting an Insurance Company

When choosing an insurance company, a lot of factors should come into play in mind. In the past, a lot of people have gotten burnt as a result of dealing with the wrong insurance company.

To avoid making mistakes of this nature, it is better to take your time and do some accurate investigation before going to an insurance company.

Factors to consider are as follows:

1. Price Factor

Remember the old saying, “You get what you pay for.” This is the more reason why price should be considered when choosing an insurance company. There are plenty of reasons why pricing differs between insurance carriers.

A lower price may mean you have less coverage. Less coverage means more money out of your pocket when a loss arises.

A lower price may also mean that the insurance carrier has gone into a new market for them, so it may not have the experience another insurer would. Making sure that the insurance company you choose offers pricing that matches your financial plan is a very important factor to be considered.

2. Legal Accreditation

The company’s government accreditation is an important factor to consider when selecting an insurance company. Companies that are legally endorsed would stick to rules, regulations, policies, and guidelines better than companies that are not.

3. The Company’s Reputation

You should take the time to find out about the company before committing to them. The Internet is one of the easiest ways to find out about any company.

Just look out for reviews about the company on the internet; you will be able to find useful information about the company’s track record.

One basic thing to guard against is the negative review and the nature of the problem experienced by the client in a deal with an insurance company. If the company has problems with the non-compensation of its policyholders, that’s a signal that you shouldn’t do business with that company.

4. Financial Strength

This factor is very important in considering the Insurance company to be insured by. In order to avoid a tragic situation whereby you as an individual or business owner have to lose his or her policy, proper and detailed investigations should be carried out on the financial strength and stability of the insurance company.

A good way to do this is to obtain a copy of their current financial statement and look out for their profitability and growth rate over the years. You would also realize a lot of resources online and online rating services that would give you a clear insight into the financial capacity of an insurance company.

5. Coverage

A good knowledge of what a particular insurance company offers coverage on is also an important factor to be taken into consideration when choosing an insurance company.

Most insurance companies render general insurance coverage on the property, auto, health, and general liability insurance policies, but the type of insurance your business needs depends on the kind of insurance you are into.

Finding out if the insurance company offers coverage on things that are peculiar to your business needs is of great importance.

Top 10 Insurance Companies in Nigeria and the Policies they Offer

Over the years, these companies have shown high credibility in their dealings, making themselves commendable with their different policy packages.

1. Leadway Assurance Company

This company was founded in 1970. Leadway offers insurance services in both life and pensions and general businesses.

At the same time, Leadway also offers allied financial services like Bonds, Secured Credit, Miscellaneous Financial Loss, and Fund / Portfolio management.

Policies offered by LEAD WAY Assurance Company

Leadway Savings Plan

Family Benefit plan

Personal Savings Plan

Educational Savings Plan

Term Assurance Plan

Money policy plan.

2. Custodian and Allied Insurance

Custodian & Allied Insurance is a solely owned Nigerian Company. CAIL’s main purpose is to develop, package, and deliver innovative insurance products that best satisfy customer demand.

At the same time, it is operating a highly profitable, efficient, resourceful, and ethical organization that will live well in the future and be a valuable asset to its shareholders.

The Insurance Policy gives the business owner the choice of selecting some or all of the insurance plans that meet the needs of their business.

Policies Offered by Custodian and Allied Insurance

Investment plus plan

Immediate annuity plan

Tuition protection plan

Auto insurance plan

Travel Insurance Plan

Capital plan

4. Cornerstone Insurance Plc.    

Cornerstone Insurance Plc. was incorporated on 26th July 1991 as a private limited liability company but later grew into a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997.

The organization was established to carry out the Insurance business in a professional, ethical, and customer-focused manner and has stayed committed to these values over the years.

The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to carry out both General and Life business insurance.

Policies offered by CORNERSTONE Insurance

Motor insurance plan

Travel insurance plan

Halal takaful plan

School fee guarantee plan

Investment plan

Home insurance plan

Life insurance plan

Annuity plan

Goods in transit plan

Marine Insurance plan

Gadget protection plan

4. Axa Mansard Insurance Company

AXA Mansard is a member of the AXA Group, the international leader in insurance and asset management with 166,000 workers serving 107 million clients in sixty-four countries. The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many various countries.

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

The Company renders life and non-life insurance products and services to persons and institutions across Nigeria at the same time while offering asset/investment management services, health management services, and pension fund administration through its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited, and AXA Mansard Pensions Limited.

Policies Offered by Axa Mansard Insurance

Autoflex plan

Easy care plan

Auto classic plan

Money market plan

Equity income plan

Life savings plan

General ( business/ tourism) protection plan

Student protection plan

Instant plan

Health plan

Retirement savings plan

5. African Alliance Insurance plc.

This company was officially incorporated on May 6, 1960, by the founders Chief S.L. Edu (CON), Mr. T. A. Braithwaite (CON) and Chief M.E.R. Okorodudu, supported by world-class reinsurers and co-shareholders, Munich Reinsurance Company.

Alliance Insurance Plc. is widely recognized for its efficiency and honesty in Life Assurance, serving thousands of customers with personalized insurance products tailored for each stage of their lives.

Today, African Alliance Insurance Plc. drives innovation in the 21st century and outstandingly positions itself to offer premium value to all its stakeholders, from its esteemed customers to its workers, partners, and shareholders.

Policies offered by African Alliance insurance

Annuity Assurance Plan

Group Life Assurance Plan

Esusu plan

Direct debit form plan

Individual Assurance Plan

Investment Assurance Plan

6. Goldlink Insurance Plc.

Goldlink Insurance Plc. was incorporated on 15th April 1992 as a Private Limited Liability Company and given a license to operate as a full-fledged insurance company on 8th September 1993. Goldlink incorporated an authorized share capital of N10 million with a fully paid-up capital of N10 million.

In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink was converted to a Public Liability Company on 11th May 2007 and was listed on the NSE by way of introduction on 12th February 2008.

This company is owned by Nigerians and is licensed to underwrite both Life and General Businesses which include Fire and Special Perils, Motor Insurance, Life & Pension, Oil & Gas, Travel Insurance, and many others, with suitable policies to meet the needs of its customers.

Policies offered by Goldlink Insurance

Compulsory Insurance plan

Engineering Policies plan

General Accident plan

Group Life Insurance plan

Individual Life Insurance plan

Liability Policies plan

Marine & Aviation plan

Motor Insurance plan

Oil & Gas plan

Re-Insurance plan

School Safety Plan

7. Continental Insurance

Continental Insurance was incorporated in Nigeria in the year 1985. Continental insurance started business initially as a private insurance company.

In January 1987, the company began operating as a general insurer and in January 1990, it turned out to become a composite insurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base.

Continental Insurance is the isolated sector champion of the pan-African insurance industry. The insurance company engages with life and non-life insurance businesses across the continent, offering its customers different policies to meet their demands.

Continental Insurance Policies

Insurance plan

Auto Insurance plan

Pet Insurance plan

Home Insurance plan

Business Insurance plan

8. Industrial and General Insurance Plc

The company (IGI) was first incorporated as a private limited liability company on 31 October 1991 and later re-registered as a public limited liability company in the year 2007.

It started the business in January 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks.

Supported by a strong capital base, first-class professionals, and the deployment of modern technology, the company immediately established a reputation for exceptional competence.

The Company focuses on understanding each client’s peculiar needs to assess the risks to which the client is exposed, and to offer tailor-made insurance solutions.

Policies offered by Industrial and General Individual Life

Group Life Products plan

Aviation Insurance plan

Engineering Insurance plan

General Business Insurance plan

Health Insurance Plan

Marine Insurance plan

Oil & Energy Insurance plan

9. Lasaco Assurance Plc.

This is a composite insurance and financial services company incorporated on the 20th of December 1979 under the Companies Decree of 1968.

The Company, then known as Lagos State Assurance Company Limited, obtained a License as an Insurer on 7th July 1980 and started business operations on 1st of August 1980.

With the massive opportunities presented by increased capitalization for business expansion and growth, LASACO became a Public Liability Company in the year 1991 when its Shares were admitted for the first time to the Nigerian Stock Exchange (NSE) through listing by Introduction.

Policies offered by Lasaco Insurance

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

10. Aiico Insurance Plc.

This company (AIICO) was established in the year 1963. It is an insurance, pensions management, and asset management group in Nigeria with market-leading positions in its key business lines to life assurance and annuity, general insurance and special risks, pension management, health insurance, and Asset management.

Policies offered by AIICO insurance

Corporate Savings Plan

Income investment plan

Education investment plan

Three payment plans

Electronics equipment policy plan

Term Assurance Plan

Travel Insurance Plan

Flexible endowment plan

Hope the above list of the Top 10 Insurance Companies in Nigeria is useful for your understanding; as these companies have shown high credibility over the years and their services are satisfying and commendable for anyone.

Let me know your take.

CSN Team.

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