List of top insurance companies in Nigeria

Which are the top insurance companies in Nigeria today? In this post, we bring you rankings of the top 10.

Most of the insurance companies operating in Nigeria are dominated by a few key players.

While these companies underwrite a large policies, each of them have unique characteristics.

To help you choose the best insurance company for your situation, we created a list of Nigeria’s top ten insurance companies and what makes each of them unique.

We’ve just written about the top fintech companies in Nigeria, you should check it out as well.

Insurance companies are important in the Nigerian economy, hedging risks and covering the costs of accidents.

Present throughout most parts of the country, these organizations are involved in life insurance, property and casualty insurance, business and commercial insurance, and reinsurance.

Nevertheless, insurance companies are still a pillar of any country’s economy and they will remain in this position in the nearest future.

Nigeria is such a great business region for an insurer to prosper that they can actually use their financial resources to expand abroad and conquer new horizons of the market.

List of Top 10 Insurance Companies In Nigeria

Insurance Companies In Nigeria
RankName
#1Leadway Assurance
#2AIICO Insurance
#3Custodian Insurance
#4Axa Mansard Plc
#5Consolidated Hallmark Company
#6NEM Insurance
#7Industrial and General Insurance Plc
#8Mutual Benefit Assurance
#9Cornerstone Insurance Plc
#10African Alliance Insurance Plc

This article presents the latest rankings of top 10 insurance companies for anyone considering being insured.

1. Leadway Assurance Company

Leadway-Assurance - top insurance company in Nigeria

LEADWAY is currently the best insurance company in Nigeria, with a reputation for service efficiency and customer reliability.

They provide efficient financial solutions leveraging on our unique capabilities and skills to bring Insurance as a risk management tool to their clients.

Their superior capabilities in Claims settlement, as well as solid financial reputation, are put behind their diverse clientele to ensure the undertaking of risks.

The company offers 3 insurance services to its customers namely; personal insurance, business insurance, and asset management.

Under personal insurance, it’s all about protecting YOU, everything and everyone you love and value.

Their array of personal insurance products are designed to ensure nothing gets in the way of your happiness.

These products include:

  • General Insurance with services such as Home Flexa, LHappy, LBoss, Travel Insurance etc.
  • Life and Health insurance offering policies including Term Assurance, Education Protection Plan, mortgage protection etc.
  • Savings and investments with services such as Deferred Annuity, Personal Savings plan etc.
  •  Annuities and Pensions offering services like Leadway Personal annuity Plan and Deferred Annuity Plan
  • Premium Finance

2. AIICO Insurance Company

AIICO insurance

Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is an insurance, pensions management, and asset management Group in Nigeria.

As a tier one insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria.

As they aim at providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, they include corporations, financial institutions, governments and individuals in their dealings.

They are one of the top Insurance companies in Nigeria because AIICO owns valuable financial and strategic assets.

These assets include controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”), and AIICO Capital Limited (an asset management wholly-owned subsidiary).

The company thus have market-leading positions in its key business lines in:

  • Life assurance and annuity
  • General insurance and special risks
  • Pension management
  • Health insurance and
  • Asset management

Related: Top online betting sites in Nigeria

3. Custodian Insurance Plc.

Custodian insurance company

Custodian Investment Plc. is an investment company with a significant holding in companies and brands.

These include Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees and Crusader Sterling Pensions Limited all rendering top in class services in their respective spheres.

As one of the top insurance companies in Nigeria, they offer products like General insurance products and Life assurance products.

Services under the General insurance products on offer entails Auto insurance, Travel insurance, Home insurance, Safety plus while Life assurance products include Savings and investments, Endowment Policies, Protection and Annuities.

Currently, with group-wide assets under management (AUM) in excess of NGN 300 billion (approx. $1b), the company ranks high among eminent players in Nigeria’s Other Financial Services Sector of the economy.

4. AXA Mansard Insurance Plc

AXA Mansard

AXA Mansard Insurance plc 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.

The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.

The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria.

They also offer asset/investment management services, medical insurance solutions, and pension fund administration through its three subsidiaries AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited.

The Company was listed on the Nigeria Stock Exchange in November 2009 and has Market Capitalization in excess of N28 billion thereby remaining the biggest insurance company on the Nigerian Stock Exchange.

AXA Mansard Insurance plc is rated B+ by A.M. Best (2016) for Financial Strength. Their service offerings include:

  • Motor Insurance
  • Life insurance
  • Savings and investments
  • Life insurance
  • Annuities

5. Consolidated Hallmark Insurance

Following a merger in 2007, Consolidated Hallmark Insurance Plc emerged as one of the top ten General Business and Special Risk Insurance underwriters in Nigeria.

In the last ten years, the company has played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in the Motor insurance business.

Our commitment to serving you better has seen us make key investments in our People, Technology and Processes.

They are the second among other Nigerian insurance companies to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification).

Awarded, in recognition of their commitment to excellence and keeping up with international standards for service delivery.

Their passion for growth has seen them grow their assets by over 130% from ₦4.65bn in 2007 to ₦10.82bn as at 2018 financial year.

Insurance Offerings from the company includes:

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

Many of the products on offer from the company cannot be obtained elsewhere in especially their Travel Insurance products and Professional Indemnity.

This makes them one of the top ten insurance companies in Nigeria.

6. NEM Insurance Plc

Nem insurance company

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.

It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965.

Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria.

NEM insurance was into Life and Non- Life business. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

Their service offerings include:

  • Marine Insurance
  • Aviation and Gas insurance
  • Engineering and Bonds
  • Motor insurance
  • Goods-In-Transit
  • E-Insurance which is a unique product offered by the insurance company. This type of insurance cannot be obtained elsewhere in Nigeria.

7. Industrial and General Insurance Plc (IGI)

IGI insurance

Industrial And General Insurance Plc (IGI) commenced business in 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks.

Backed by a strong capital base, first-class professionals and deployment of modern technology, the company is reputable for off the chart competence.

They are one of the most preferred insurers for individual and corporate clients seeking premium insurance and related financial services.

They are one of the top insurance companies in Nigeria as they continually invest in and deploy the latest in Information Technology.

This they do to stay ahead of competition in our response time and in the provision of first-rate services tailored to meet the specific requirements of our clientele.

The IGI website is structured to facilitate online quotation and payment, policy administration, policy queries, and brokers’ portfolio management, to guarantee seamless operations and processes.

The range and classes of products and services offered by IGI include:

  • Life Products
  • Agriculture
  • Aviation
  • Engineering/Contractors-All-Risk
  • General business
  • Marine
  • Oil and Energy

8. Mutual Benefit Assurance

top insurance companies in Nigeria

Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships.

Today, MUTUAL is a leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing executives in its employment.

The company offers insurance policy services such as:

  • General Insurance
  • Life insurance
  • Fire and Burglary insurance

Personal Accident

  • Motor insurance
  • Travel insurance
  • Health insurance
  • Anticipated Endownment Plan

Investment Plan

  • Children Education Plan
  • Mutual Individual Savings and Protection Plan
  • Personal Pension and Investment Plan
  • Mutual school fee Guarantee Plan

9. Cornerstone Insurance Plc

Cornerstone insurance company

Cornerstone Insurance Plc was 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.

The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses.

Classes of insurance include:

  • 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)

The company’s Authorized Share Capital and Market Capitalization is N7.5 billion and N5 billion respectively, while the Shareholders’ Funds is N7.49 billion as of December 2018.

The total assets of the company are in excess of N24.1 billion which makes them one of the most trusted insurance companies in Nigeria.

10. African Alliance Insurance

African insurance company

African Alliance Insurance Plc is widely recognized as the most experienced and strongest Specialist Life Assurance Office in Nigeria.

The company serves thousands of customers with personalized insurance products tailored for each stage of their lives.

African Alliance Insurance Plc currently manages a Shareholders’ Fund estimated at N3.6bn.

Their Gross Premium Income and Asset Base are estimated at N13.42bn and N41.35bn respectively, (figures as of 31st December 2016-audited), evidence of strength, history and clients’ trust in the company.

They offer varieties of insurance and financial products like:

Insure

  • Annuity Plans
  • Children Education Plan
  • Mortgage Protection Plan

Invest

  • Alliance Investment Plus Plan
  • Income Investment Plan
  • Money Appreciation Plan
  • Smart Kid Educational Plan
  • Esusu
  • Takaful
  • Al-ISTIDAD PLAN (Takaful Family Income Plan)
  • Al-Ilmu Plan
  • Al-Nasir Plan
  • Arafat Plan
  • Naatiajatu Daynu Plan
  • Baytu Surur Plan
  • Mudharabah Investment Plan(Target Savings)

Top Insurance Companies In Nigeria (Summary)

Keying into  insurance is a serious investment, which usually goes for a long term.

So, it’s important to make smart choices based on serious research. You should remember that the best option for you depends on your funds, needs, and expectations.

There are various types of policies alongside companies that supply them and that’s why we’ve created this list.

Here’s a quick recap of the top insurance companies in Nigeria:

  1. Leadway Assurance Company
  2. AIICO Insurance Company
  3. Custodian Insurance Plc.
  4. AXA Mansard Insurance Plc
  5. Consolidated Hallmark Insurance
  6. NEM Insurance Plc
  7. Industrial and General Insurance Plc (IGI)
  8. Mutual Benefit Assurance
  9. Cornerstone Insurance Plc
  10. African Alliance Insurance

Did you find this post helpful? Let’s have your opinion in the comment box below.

Even More Topics:

1# Fastest Growing Celebrities Net Worth & Top Lists Blog In the World. We strive to be your source of top informative and inspirational articles covering everything from the net worths of entrepreneurs, music and sports celebrities, to richest lists, quotes, and other educative content.

LEAVE A REPLY

Please enter your comment!
Please enter your name here