Best Insurance Companies In Nigeria

Best Insurance Companies In Nigeria

Nigerians buy insurance, among other things, to protect themselves and their possessions from unforeseen circumstances.

They would rather not have to use a large amount of their funds for these kinds of occasions. As a result, getting insurance is essential.

Insurance helps individuals and organizations safeguard their possessions against potential dangers that could result in total loss.

Insurance Companies In Nigeria

Prominent insurance companies in Nigeria support people who want to shield themselves from these kinds of bad things. You must be aware of your needs and how an insurance company functions to select the best one. To do that, there are considerations to make before choosing an insurance company.

These components are necessary to avoid being swayed by branding.

This article explains all you need to know about the best insurance companies in Nigeria.

Is Insurance Neglected In Nigeria, Why?

In comparison to other nations, Nigeria has a low insurance penetration rate and an underdeveloped insurance market. This can be due to several things, one of which being the general public’s low knowledge of insurance and its advantages, which has limited adoption.

With the correct cooperation, insurance companies in Nigeria can overcome their many obstacles, which include fraud, limited product diversity, low market penetration, complicated regulations, and inadequate infrastructure, and set themselves up for success. 

Insurance companies, regulators, and other stakeholders must work together to streamline regulations, encourage innovation, and bolster the enforcement of laws against fraud. 

Additionally, insurers will be able to serve particular needs and demographics through increasing distribution channels, improving product innovation, and investing in insurance technology. 

Last but not least, widespread awareness campaigns, open procedures, and quick resolution of disputes will increase credibility and confidence in the public. 

Benefit Of Having Insurance 

One essential financial tool is insurance. Knowing that you’ll get financial support in the event of an accident or disaster can ease your mind and hasten your recovery. In terms of life insurance, this can imply that your children can attend college or that your family won’t have to leave the house. 

In terms of auto insurance, it can imply that you have additional funds on hand to assist with replacing your damaged car or paying for repairs. When something unfortunate derail your life, insurance can help you get back on track as much as possible.

To find out more about the advantages of insurance in general and the advantages of your particular insurance policy in particular, contact your independent insurance agent. 

In addition to your insurance coverage, insurance companies in Nigeria provide you with benefits like free roadside assistance, risk management advice for companies, or cash value in a life insurance policy.

In certain situations, such as workers’ compensation and auto insurance, you might even be mandated by law to carry insurance to defend other people.

Best Insurance Companies in Nigeria

Below are the best insurance companies in Nigeria.

1. NEM Insurance

In 1948, NEM insurance was introduced to Nigeria via Edward Turner & Co.’s agency. In 1965, it evolved into a Nigerian branch of the London-based NEM General Insurance Association Limited. The company was established in 1970 as a Nigerian company and was listed on the Nigerian Stock Exchange in 1989 as a result of the Federal Government of Nigeria’s privatization effort. 

To transact all classes of general insurance, the company merged with Vigilant Insurance Company Ltd. after the recapitalization exercise in 2007.

The company provides insurance coverage for everything from corporate auto insurance to marine insurance, aviation insurance, oil and gas, engineering insurance, personal products, and small and medium-sized enterprise products. The chairman is Mr Fidelis Ayebae, and the MD/CEO is Mr Tope Smart. NEM is one of the best insurance companies in Nigeria.

2. AIICO Insurance Plc

Founded in 1963, AIICO Insurance Plc is a group that manages assets, pensions, and insurance. It is one of the leading insurance companies in Nigeria. 

Its main areas of concentration are health insurance, life assurance and annuities, general insurance and special risks, asset management, and pension management.

They provide the subsequent policies:

  • Plan for Investing in Income
  • Three-month schedule of payments
  • Corporate savings plan for travel insurance
  • Investment plan for education
  • Adaptable endowment scheme
  • Plan for Term Assurance
  • Electronics equipment policy plan

3. Cornerstone Insurance

Incorporated as a private limited liability company on July 26, 1991, Cornerstone Insurance later changed its status to a public limited liability company and was listed on the Nigerian Stock Exchange in 1997. 

Cornerstone Insurance Plc was named the “Best Use of Technology Insurance Company 2016” by the Nigerian Technology Awards. It is the first insurance company in Nigeria to offer clients an online platform for insurance transactions. It is ranked as one of the best insurance companies in Nigeria.

The National Insurance Commission (NAICOM) has granted the company a license and recertified it to conduct both general and life insurance business. The classes of insurance business the company presently undertakes include the following: Vehicles, Aircraft, Watercraft, Engineering All Risks, Protection of Assets, Third-Party Liability, Oil and Gas, Term Assurance, Credit Life, Group Life, Mortgage Protection and Takaful (Islamic Insurance)

4. Leadway Assurance Company

Established in 1970, Leadway Assurance provides insurance services in the areas of life and pensions and general business insurance. In addition, the company provides related financial services like portfolio management, bonds, secured credit, and miscellaneous financial losses. Leadway Assurance is regarded as one of the best insurance companies in Nigeria.

They have computerized the majority of their operations to increase effectiveness, and they are highly active on social media.

They provide the subsequent policies:

  • Plan for Family Benefits
  • Plan for saving the leadway
  • Plan for Term Assurance
  • Plan for financial policy.
  • Plan for saving for education
  • Individual savings strategy
  • Plan deferred annuity

5. Coronation Insurance Plc

Coronation Insurance plc. is a comprehensive insurance provider that caters to life, general, and special risk businesses with a wide array of products and services. It is one of the best insurance companies in Nigeria.

It was established in 1958 and has the authority to underwrite all insurance classes, including all risk, goods-in-transit, fire, special perils, etc. Life assurance, personal insurance, and bancassurance are all provided by Coronation Insurance. Among its affiliates are:

  • Asset Management Coronation
  • Insurance for Coronation
  • Life Assurance Coronation
  • Securities Coronation
  • Capital of Coronation
  • Registrars of Coronations
  • Trustees for Coronation
  • Ghana’s Trium Coronation Insurance

The managing director is Mr. Olamide Olajolo, and the chairman is Mr. Mutiu Sunmonu, CON.

Insurance Companies In Nigeria

6. AXA Mansard Company

The AXA Group includes the AXA Mansard company as a member. AXA Group is a major force in asset management and insurance. The group of companies serves 107 million clients in over 60 countries.

The company offers individuals and organizations across the nation solutions for on-life insurance as well as life insurance. Axa Mansard Company is one of the best insurance companies in Nigeria.

They provide the subsequent policies:

  • Plan for student safety
  • Plan Autoflex
  • Plan for Equity Income
  • Classic auto plan
  • Plan for the money market
  • Simple maintenance schedule
  • Plan for life savings
  • Quick plan
  • Health care strategy
  • Plan for retirement savings
  • General protection plan for business and tourism

7. African Alliance Insurance Plc

On May 6, 1960, African Alliance Insurance plc. was incorporated. The Insurance Plc business is known for its dependability and efficiency in the life insurance market. Additionally, they customize their insurance offerings to fit the needs of their customers at every stage of life.

African Alliance Insurance plc is one of the best insurance companies in Nigeria.

They provide the following policies:

  • Plan for Annuity Assurance
  • Plan for group life insurance
  • Plan Esusu
  • Plan for direct debit via form
  • Personal guarantee scheme
  • Plan for Investment Assurance

This insurance company was first registered on April 15, 1992, as a Private Limited Liability Company. On May 11, 2007, it underwent a conversion to a Public Liability Company, and on February 12, 2008, it was introduced and listed on the NSE. It is one of the best insurance companies in Nigeria.

General and life business licenses are held by Goldlink Insurance Plc. Plans like auto insurance, oil and gas, fire and special hazards, life and pension, and travel insurance are among them.

Among the insurance plans they provide is the 

  • Group Life Insurance plan.
  • Plan for School Safety
  • mandatory insurance program
  • Plan for Oil and Gas
  • Engineering Liability
  • Plan for General Accidents
  • Personal Life Insurance Policy
  • Reinsurance plan
  • Plans for Liability Policies
  • Plan for Marine and Aviation
  • Plan for Motor Insurance

9. FBN Insurance

FBNInsurance is a life insurance company that offers coverage to both corporate and individual clients. As one of the newest insurance companies in Nigeria, they take advantage of their partnership with FBN Holdings Plc to establish their presence in key areas throughout the nation.

The Company began operations on September 1, 2010, and is jointly owned by FBN Holdings Plc (65%) and the Sanlam Group, one of the biggest financial institutions in South Africa (35%).

Their products enable our clients to experience the peace of mind that comes with coping with life’s inevitable risks. They can safeguard their values and save for a comfortable future with their help.

Helping individuals, companies, and communities bounce back from unforeseen events is one of their main goals. Therefore, they must guarantee that they will continue to support their clients in the future as well as the present.

10. Sterling Assurance Nigeria Limited

Established in 1990, Sterling Assurance Nigeria Limited offers competitive services across all general insurance categories. Currently, N5 billion is the authorized share capital, with N3.81 billion serving as the shareholders’ fund.

Due to its emphasis on providing outstanding, timely, and efficient underwriting and claims services, this company has earned the trust of significant intermediaries as well as corporate insurance buyers.

The company’s headquarters are located in Anthony, Lagos at Sterling Assurance House, 284, Ikorodu Road.

Sterling Assurance Nigeria Limited is one of the best insurance companies in Nigeria.

Our insurance coverage is supported by sufficient reinsurance agreements with reputable reinsurance companies, such as AON Group, Africa Re, Continental Re, BEST Re, Tunis Re, and General Insurance Corporation of India (GIC).


Regardless of the field in which one works, negligence of any kind is a grave problem that needs to be properly addressed, let alone one that tends to offer sufficient protection for properties and businesses in the event of any eventuality that insurance covers.

Unquestionably, insurance coverage by one of the best insurance companies in Nigeria is essential for safeguarding people and companies against a wide range of unanticipated events, including fire incidents, theft, damage to property, auto accidents, environmental hazards, and much more.

If proactive measures are not taken, there could be major financial problems or even bankruptcy.

When insurance is neglected, people, families, and companies run the risk of suffering serious financial consequences. By minimizing the risks, people and companies can safeguard themselves against unanticipated events by realizing the value of insurance and getting the right coverage.

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Frequently Asked Questions

What is the name of Nigeria’s first insurance provider?

The first insurance company in Nigerian insurance history was the Royal Exchange Assurance Agency, founded in 1918. African Insurance Company Limited, however, was Nigeria’s first locally-owned insurance provider. In 1958, it began offering services.

Which kinds of insurance companies exist?

Standard lines, excess lines, captives, direct sellers, foreign and domestic companies, mutual funds, stock companies, Lloyds of London, and many others are among them.

How did the insurance industry start?

The history of insurance dates back to the 17th century, when underwriters, bankers, and merchants frequented a coffee shop.

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