Now Reading
Top Ten Insurance Companies in Nigeria

Top Ten Insurance Companies in Nigeria

Top Ten Insurance Companies In Nigeria

Dear Reader,

It is impossible to deny the importance of Insurance companies, especially in current-day Nigeria.

Insurance companies serve as a pillar of the economy and will remain a pillar in upcoming years.

In Nigeria, these insurance companies are spread across the country, covering accidents costs and evading risks. They provide business and commercial insurance, property and casualty insurance, life insurance and reinsurance.

Although there are many good insurance companies in Nigeria, there are top players in the insurance industry. These top players guarantee large policies and all have characteristics that make them exceptional.

We’ve structured a current list of these top Insurance companies in Nigeria, providing a summary of all the insurance services they offer.

This post will guide you as you search for the right insurance company to match your needs.

What are Insurance Companies?

Insurance Companies

Simply put, insurance companies are companies that offer insurance services.

There are majorly two types of insurance,

 Life Insurance

In a life insurance contract, beneficiaries receive payment of a lump sum after insured individuals pass away. This insurance can also include other components like savings.

General Insurance

This insurance provides coverage of other losses other than the death of the insured. It covers damages or personal injuries caused by accidents.

Top 10 Insurance Companies in Nigeria


Of course we can’t start the list without us!

Formerly known as AutoGenius, MyCoverGenius is changing the narrative of the Nigerian insurance industry by being Non-Traditional.

We evolve constantly, providing our customers with affordable and flexible plans, easy access, convenience and unique customer service.

We provide you access to the best functioning insurance services; designing personalized insurance products that matches the Nigerian Experience.

We offer the following:

  • Health Insurance (Flexicare)
  • Auto Insurance (Third party, Third party plus, comprehensive auto insurance)
  • Gadget Insurance
  • Travel Insurance

AIICO Insurance plc

American International Insurance Company was founded in 1963, it was started as a subsidiary of American International Group (AIG) to provide Life insurance and general insurance services.

In Nigeria, this insurance company leads the Retail Life insurance and Non-Life insurance market. 

This insurance company offers:

  • Agric. Insurance
  • Travel Plan
  • Auto Insurance
  • Home Insurance
  • Oil And Gas Plan

NEM Insurance Plc

Edward Turner & Co started NEM Insurance Plc in 1948. And in 1965 it became a branch of NEM General Insurance Association Limited of London in Nigeria.

In compliance with the Companies Decree of 1968, the insurance company was later Incorporated as a Nigerian company in 1970. The insurance company was into Life and Non- Life Insurance.

NEM Insurance Plc merged with Vigilant Insurance Company Ltd after the recapitalization exercise in 2007, to provide all types of General Insurance in Nigeria. 

Currently, this insurance company offers:

  • E-Insurance
  • Marine Insurance
  • Motor insurance
  • Engineering and Bonds
  • Aviation and Gas insurance
  • Goods-In-Transit

Leadway Assurance

Leadway Assurance Company Limited is one of Nigeria’s reputable insurance companies. It was founded in 1970 and offers General insurance, life insurance and Pensions Insurance.

This insurance company also offer Portfolio management, Bond, Secured Credit and Miscellaneous financial losses.

Here are the insurance plans they offer:

  • Lead way saving plan
  • Family Benefit plan
  • Term assurance plan
  • Money policy plan
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan

AXA Mansard Insurance

This Insurance company offers Life and Non-Life insurance services.

 It is a member of a worldwide well-known insurance group, AXA Group. This insurance group exist in 64 countries in Africa, the Middle East, Central and South America.

AXA Mansard Insurance offer:

  • Asset/investment management services
  • Pension fund administration
  • Health management services

Consolidated Hallmark Insurance

This insurance company became one of Nigeria’s top providers of General business insurance and Special Risk Insurance after a merger in 2007.

They offer the following insurance services:

  • All Risks Insurance
  • Goods-In-Transit
  • Burglary Insurance
  • Home Insurance
  • Motor 3rd Party
  • Personal Accident
  • Motor Comprehensive
  • Travel Insurance
  • Aviation
  • Bonds Insurance
  • Consequential Loss
  • Contractors-All-Risk
  • Machinery Breakdown
  • Marine Insurance
  • Money Insurance
  • Plant-All-Risk
  • Professional Indemnity

Custodian and Allied Insurance

Also known as CAIL, this company is a Nigerian-made insurance company.

The goal of this insurance company is to create, package and provide innovative insurance plans that best fulfil the needs of customers, whilst operating a highly efficient, profitable, resourceful, and ethical insurance company that will stay functioning for years.

CAIL offers the following plans:

  •  Investment plus plan
  •  Auto insurance plan
  • Travel insurance plan
  •  Immediate annuity plan
  • Tuition protection plan
  •  Capital plan

African Alliance Insurance plc

Formerly African Alliance Insurance Limited, this company was established in 1960, backed by Munich Reinsurance Company.

African Alliance Insurance plc offers a unique combination of insurance plans, Investments Products and Savings.

Here are the plans they offer:

  • Direct debit form plan
  •  Individual assurance plan
  •  Investment assurance plan
  •  Annuity assurance plan
  •  Group life assurance plan
  •  Esusu plan

Cornerstone Insurance plc

Cornerstone Insurance was included as a Private Limited Liability Company in 1991. The company was cited on the Nigerian stock exchange in 1997.

In 2016, Cornerstone Insurance Plc. Received the award of ‘Best use of Technology’ by Nigerian Technology Awards.

They deal in these classes of Insurance business:

  • Aviation
  • Motor Vehicle
  • Marine
  • Engineering Risks
  • Term Assurance
  • Asset Protection
  • Liability to Third Party
  • Oil & Gas
  • Group Life
  • Term Assurance
  • Credit Life
  • Wealth Creation Products and Takaful (Islamic Insurance)
  • Mortgage Protection

Mutual Benefit Assurance

This insurance company is one of Nigeria’s leading brands in the Insurance industry; it has over 3000 staff and marketing executives.

Mutual Benefit Assurance offers the following services:

  • General Insurance (Life insurance, Personal Accident, Fire and Burglary insurance)
  • Motor insurance
  • Travel insurance
  • Health insurance
  • Anticipated Endowment Plan
  • Investment Plan
  • Children Education Plan (Mutual Individual Savings and Protection Plan, Personal Pension and Investment Plan, Mutual school fee Guarantee Plan)

In conclusion, We can not over-emphasise the importance of doing thorough research before choosing an insurance company. You have to choose one that will provide the right coverage for you, your family and your properties.

What's Your Reaction?
In Love
Not Sure
View Comments (0)

Leave a Reply

Your email address will not be published.

© 2021 MyCoverGenius. All Rights Reserved.