Top 10 Best Insurance Companies in Nigeria (2024)

Insurance not only provides peace of mind, but also some cash protection against unexpected accidents and other life dangers. Insurance can be purchased for a variety of reasons, including the desire to safeguard your family after your death or loss of earning ability or to secure your home, automobile, or other valuables in the event of theft or disaster.

• An insurance company is just a business that offers insurance.
• An insurance company is just a business that offers insurance.
• Insurance firms’ role is to assist their customers in risk management. Purchasing insurance from an insurance company entails shifting a portion of your financial risk to the insurance company. You will have to incur the financial risk if you are not covered.

When you buy insurance, you become the insured or the beneficiary. You pay the insurance company a fee known as a “premium” in exchange for the insurance company taking the risk on your behalf. You can file a compensation claim if you are involved in an accident that falls within the scope of the contract.

TOP 10 INSURANCE COMPANIES IN NIGERIA

The following are the top ten insurance companies in Nigeria:

1. AFRICAN ALLIANCE INSURANCE COMPANY PLC

African Alliance Insurance plc, originally known as African Alliance Insurance Limited, was founded on May 6, 1960, with the support of Munich Reinsurance Company. They provide a unique blend of protection (Term Assurance and Group Life), savings, and investment products. They have the following plans available:

• Plan for direct debit
• Individual insurance policy
• Investment security scheme
• Annuity protection plan
• Group life insurance policy
• Esusu strategy

2. CONTINENTAL REINSURANCE COMPANY

Continental Reinsurance, which began as a private reinsurance company, was established in Nigeria in 1985. Continental Reinsurance is a composite reinsurer with a diverse business mix and customer base that provides both treaty and facultative life and non-life reinsurance. They have the following plans available:

• Plan for Home Insurance
• Plan for Pet Insurance
• Insurance policy
• Plan for Auto Insurance
• Plan of Business Insurance

3. GOLDLINK INSURANCE PLC.

Goldlink Insurance Plc was formed as a Private Limited Liability Firm on April 15, 1992, and was awarded a license to operate as a full-fledged insurance company on September 8, 1993.

Goldlink Insurance plc provides Life and General Business Insurance, which includes Fire and Special Perils Insurance, Motor Insurance, Life & Pension Insurance, Oil & Gas Insurance, Travel Insurance, and other services.

4. AIICO INSURANCE PLC.

AIICO stands for “American International Insurance Company,” which was established in 1963 as a subsidiary of American International Group (“AIG”). It began by providing life and general insurance services. In Nigeria, AIICO is the market leader in Retail Life Insurance and Retirement Services, as well as a market leader (top 3) in Non-Life Insurance. Life assurance and annuities, general insurance and special risks, health insurance, and asset management are AIICO’s main business lines.

AIICO provides the following services:

• Automobile Insurance
• Travel Strategy
• Homeowners Insurance
• Plan for Oil and Gas
• Agriculture insurance

5. CORNERSTONE INSURANCE PLC

Cornerstone Insurance, a Public Limited Liability Company, was formed as a Private Limited Liability Company on July 26, 1991. It was listed on the Nigerian stock exchange in 1997. They conduct the following types of insurance business: motor vehicle, aviation, marine, engineering risks, asset protection, third-party liability, oil and gas, group life, credit life, mortgage protection, term assurance, wealth creation products, and takaful (Islamic Insurance).

Cornerstone Insurance Plc. was named the ‘Best use of Technology, Insurance Firm, 2016, Nigerian Technology Awards’ as the first insurance company in Nigeria to provide customers with an online platform for insurance transactions.

6. LEADWAY ASSURANCE

Leadway Assurance Company Limited (‘LEADWAY’), formed in 1970, is one of Nigeria’s leading insurance service providers, known for its service efficiency and customer dependability. They provide general business insurance as well as life and pension insurance. They also provide Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management services.

They provide the following insurance policies:

• Plan for Family Benefits
• Plan for Saving in the Lead
• Term insurance policy
• Plan your financial strategy.
• Savings strategy for education
• Personal financial plan
• Deferred annuity scheme

7. LASACO INSURANCE PLC

Lasaco Assurance Plc (previously known as Lagos State Assurance Company Limited) was founded on December 20, 1979, and began operations on August 1, 1980. Lasaco Assurance provides the following policies:

• Plan for marine insurance
• Bond protection scheme
• Insurance for money
• Indemnity insurance for professionals
• Plan for fire and special insurance
• Personal accident insurance
• Household Insurance Policy
• Automobile insurance policy
• Plan for aviation insurance

8. CUSTODIAN AND ALLIED INSURANCE

Custodian and Allied Insurance, or CAIL, is a wholly-owned Nigerian insurance firm. The mission of this firm is to create, package, and provide new insurance products that best meet the needs of customers, all while running a highly profitable, efficient, resourceful, and ethical organization that will last for a long time and be a significant asset to its owners.

They have the following plans available:

• Plus plan for investment
• Plan for auto insurance
• Plan for travel insurance
• Immediate annuity strategy
• Plan for Tuition Protection
• Capital budget

9. AXA MANSARD INSURANCE COMPANY

AXA Mansard Insurance provides life insurance as well as non-life insurance products and services. AXA Mansard Insurance is a subsidiary of the AXA Group, a global insurance and asset management company with operations in 64 countries across Central and South America, the Middle East, and Africa. They provide the following services:

• Services for asset/investment management
• Services for health management
• Administration of pension funds

10. INDUSTRIAL AND GENERAL INSURANCE PLC

On October 31, 1991, Industrial and General Insurance plc was formed as a private limited liability business. In 2007, it was re-registered as a public limited liability corporation. They address clients’ insurance needs through precise processes and rapid reaction times in a variety of industries, including banking, oil and energy, manufacturing, engineering, marine and aviation, and government institutions.