Top 10 Insurance Companies In Nigeria 2021/2022 [Ranked!]

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

A few big players control the majority of the insurance businesses in Nigeria.

While these firms insure a vast number of policies, each has its own peculiarities.

We produced a list of Nigeria’s top 10 insurance companies and what makes each of them distinctive to assist you choose the finest insurance company for your situation.

We also published an article about Nigeria’s best fintech companies, which you should read as well.

Insurance companies play a significant role in the Nigerian economy, hedging risks and covering accident expenses.

These organizations are active in life insurance, property and casualty insurance, business and commercial insurance, and reinsurance and may be found in most sections of the country.

Insurance businesses, on the other hand, are still a cornerstone of every country’s economy and will continue to be so in the foreseeable future.

Nigeria is such a terrific business environment for an insurer to thrive in that they may really use their financial resources to expand internationally and conquer new market vistas.

List of Top 10 Insurance Companies In Nigeria 2021/2022

Insurance Companies In Nigeria 2022
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 now the best insurance company in Nigeria, with a reputation for customer service efficiency and dependability.

They offer cost-effective financial solutions to their clients by utilizing our unique capabilities and skills to provide insurance as a risk management tool.

Their exceptional claims settlement capabilities, as well as their solid financial reputation, are put behind their broad customers to ensure risk-taking.

Customers can choose from three types of insurance services: personal insurance, commercial insurance, and asset management.

Personal insurance is all about safeguarding YOU, as well as everything and everyone you care about.

Their personal insurance policies are designed to ensure that nothing stands in the way of 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 insurance, pension management, and asset management Group in Nigeria.

AIICO’s mission as a tier-one insurance company is to be the insurer of choice and Nigeria’s premier insurance firm.

They interact with corporations, financial organizations, governments, and individuals because they want to provide life insurance and retirement services as well as risk underwriting to a large and diverse client base.

Because AIICO holds strong financial and strategic assets, they are one of the best insurance companies in Nigeria.

These assets include a controlling interest in Multishield Limited and a 19 percent share in Healthcare International Limited (both HMOs), as well as AIICO Capital Limited (an asset management wholly-owned subsidiary).

As a result, the company holds market-leading positions in the following core business lines:

  • 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 a holding company that owns a number of enterprises and brands.

Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, and Crusader Sterling Pensions Limited are just a few of the companies that provide top-notch services in their fields.

They provide goods such as general insurance and life assurance as one of the best insurance companies in Nigeria.

Auto insurance, travel insurance, home insurance, and safety plus are among the general insurance products available, while life assurance products include savings and investments, endowment policies, protection, and annuities.

The company currently ranks high among eminent companies in Nigeria’s Other Financial Services Sector, with assets under management (AUM) in excess of NGN 300 billion (about $1 billion).

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.

Thousands of consumers benefit from the company’s bespoke insurance policies, which are adapted to each stage of their lives.

African Alliance Insurance Plc now maintains a N3.6 billion Shareholders’ Fund.

Their Gross Premium Income and Asset Base are projected to be N13.42 billion and N41.35 billion, respectively (audited data as of December 31, 2016), demonstrating the company’s strength, history, and clients’ trust.

They provide a wide range of insurance and financial services, including:

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)

Investing in insurance is a major commitment that usually lasts a long time.

As a result, it’s critical to make informed decisions based on thorough research. Remember that the best option for you is determined by your financial situation, needs, and expectations.

There are many different types of policies available, as well as firms that provide them, which is why we’ve compiled 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

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4 Comments

  1. Nigeria insurance firm is great especially Leadway Assurance thank you for the information on the top 10 I can make a choice to anyone thanks a lot regards

  2. Yes, because it has really given me a wide variety of knowledge as to how various insurance companies do operate especially in Nigeria

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