10 Best Insurance Companies in Nigeria 
There are more than 30 insurance companies in Nigeria where you can get your business, family or your automobile insured in case of any sudden risk.
We’re living in the world where bad news trends daily. If you don’t hear about a car accident, you will hear about bankruptcy, sudden death of a breadwinner, sickness and so on. This is the reason why every tom and harry must get themselves insured with a reputable company in his/her country.
In a world filled with unexpected eventualities, one needs to make provisions against uncertainties and this is the reason why some business continues to thrives among their competitors even, after they might have been challenged with big loss!
In Nigeria, there are various insurance companies offering insurance services ranging from health, life, property, business and automobile protection.
All insurance companies in Nigeria are controlled by the National Insurance Commission, NAICOM.
Like i said earlier, there are more than 30 insurance companies in Nigeria and due to the vast majority of them today, you may find it difficult choosing the best out of these long list.
But don’t worry, I’ll be showing you below the the top among these insurance companies below:
What Are the Best Insurance Companies in Nigeria?
Here we go;
AXA Mansard Insurance
AXA Mansard is one of the top insurance companies in Nigeria. AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries.
AXA Mansard Insurance Plc, formerly Mansard Insurance Plc, is engaged in the provision of life and general business risk management solutions and financial services to corporate and retail customers in Nigeria.
The Company’s segments include Non-Life business, which covers the protection of customers’ assets and indemnification of other parties that have suffered damage as a result of customers’ accidents; Life business, which covers the protection of the Company’s customers against the risk of premature death, disability, critical illness and other accidents.
Pension Funds Management, which offers pension advisory, investment and consultancy services; Asset management, which offers a range of investment products domestically and abroad to suit customer’s long- and short-term investment needs.
And also, Property Development, which offers various products in real estate, and Health Maintenance Organization (HMO), which provides health maintenance services to a range of individuals.
AIICO Insurance PLC
AIICO Insurance Plc is another top insurance company based in Nigeria, which is engaged in providing insurance services in life insurance business, non-life insurance business, deposit administration and financial services to organizations and private individuals.
The Company’s operating segments include life insurance, which consists of whole life, term assurance, guaranteed pensions, pure endowment pensions and mortgage endowment products, and offers savings, protection products and other long-term contracts.
And, non-life insurance, which comprises general insurance to individuals and businesses; Multishield, which is a health maintenance organization for prepaid health plans to cater for the health needs of individuals and;
Corporate organizations; Pension Manager, which provides pension administration services to private and public sector contributors, and AIICO Capital Limited, which offers portfolio management services, structured investments and mutual funds for corporate and individual clients.
Leadway Assurance Company , also known as Leadway , is a Nigerian insurance corporation headquartered in Lagos, Nigeria . It is one of Nigeria’s largest insurance companies. Leadway provides commercial and personal property and casualty insurance, travel insurance and life insurance.
Leadway assurance has a multi-functional app for carrying out your claims and getting quotes.
NEM Insurance PLC
Another top insurance company in Nigeria is NEM Insurance Plc (NEM). NEM is engaged in general insurance business. The Company is engaged in the provision of non-life insurance services for both corporate and individual customers.
The Company operates through two segments: Nem Insurance (Nigeria) Plc, and Nem Insurance (Ghana) Ltd.
The Company’s products and services include fire/extraneous perils policy, consequential loss policy, burglary or housebreaking policy, fidelity guarantee policy, public liability policy, money policy, goods in transit policy, group personal accident policy, motor insurance policy, marine policies, aviation policy, financial risk management policy, machinery breakdown policy and electronic equipment policy.
The Company provides oil and gas, and energy insurance in Nigeria with a focus on various areas, such as upstream risks, downstream risks, and power, solid mineral and other products, and it also provides risk management services.
- Industrial and General Insurance PLC
Industrial and General Insurance Plc underwrites life and non-life insurance solutions in Nigeria. It offers life assurance products that include individual life products, such as continuous education plans, dividend plus plans, endowment assurance, integrated benefit plans, mortgage protection assurance, multi-investment plans, personal pension and annuity plus plans, term assurance plans.
And whole life assurance; and group life products, such as group pension plans, group term assurance, life gratuity schemes, and staff retirement products. The company provides non-life insurance products in the areas of aviation, engineering, general business, global health insurance plans, marine, oil and gas.
These and many more makes Industrial and General Insurance PLC to make our list of top insurance companies in Nigeria.
African Alliance Insurance PLC
When it comes to top insurance firms in Nigeria in regards to ‘Life’, African Alliance can’t be overlooked.
African Alliance Insurance Plc is widely recognized as the most experienced and strongest Specialist Life Assurance company in Nigeria, serving thousands of customers with personalized insurance products tailored for each stage of their lives.
Formerly African Alliance Insurance Limited, the company was incorporated on May 6, 1960 by its founders; Chief S.L. Edu (CON), Mr T. A. Braithwaite (CON) and Chief M.E.R. Okorodudu, backed by world class reinsurers and co-shareholders, Munich Reinsurance Company.
Today, African Alliance Insurance Plc drives innovation in the 21st century and uniquely positions itself to offer premium value to all its stakeholders, from its esteemed customers to its employees, partners and shareholders.
Goldlink Insurance PLC
Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993.
Goldlink was incorporated with an authorised share capital of N10million with fully paid-up capital of N10million. In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008. It was incorporated with the share capital of N4.5bn.
Goldlink has its head office at 6, Emmanuel Street, Maryland, Lagos State with 16 branches across the country. It 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.
Since its founding in 1992, Goldlink has grown tremendously both in customer base as well as in its knowledge and skills on current trends and emerging innovations bringing it to a leadership position in the insurance industry, making them rank among top insurance firms in Nigeria.
Niger Insurance Plc, is one of the Leading Insurance Companies in Nigeria that transacts all classes of Insurance business and offers a wide range of innovative and customer-oriented insurance products in Life and Non life insurance to its growing clients.
The public quoted Composite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N3, 868,307,000.
The company is fully computerised with the most robust technology. The computer network is capable of expansion and upgradeable to meet with present future needs in the volume of business.
The company has put in place sound reinsurance treaties with local and foreign first class Reinsurance Companies.These comprehensive securities ensure financial stability and exude confidence in its services to both present and prospective customers.
As a composite Insurance Company, Niger Insurance Plc transacts all classes of Insurance business and offers a wide range of innovative and customer-oriented products and services to its growing clientele.
- Cornerstone Insurance
Cornerstone Insurance Plc. Incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. Cornerstone was established to conduct Insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business they currently undertake include the following:
Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).
Cornerstone Insurance Plc. Is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance Plc. was adjudged as the ‘Best use of Technology, Insurance Company, 2017, Nigerian Technology Awards.
Their services are technology driven by cutting edge Insurance applications. These services are accessible with ease through the internet and/or mobile technology.
Linkage Assurance Plc was incorporated 26th March, 1991 and was licensed to cover and transact non-life insurance businesses on 7th October, 1993.
Linkage Assurance is one of the leading insurance service providers in Nigeria, with a reputation for prompt and accurate service delivery, efficiency and customer satisfaction. Through its alliance with reputable financial institutions and their growing investment in human resources & information technology, they’ve maintained the professional mien required of a global reputable insurance company.
This is my list of top insurance companies in Nigeria and I hope you find this article useful.
Be sure to choose the most suitable option for you in the list above when shopping for an insurance firm to offer you protection against different risks.
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