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Top 10 Insurance Companies in Nigeria (2020)

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Insurance companies are companies that specialize in selling coverage designed to help protect against loss, theft or damage. Insurance companies make this possible by sharing the risk among a large group of people.

Insurance companies come in many forms that can provide various types of policies, including property and casualty, life and health insurance, focused on individuals or companies, all of which depending on the needs of people.

In this sense, as in any other company, various activities are carried out by an insurance company, including the subscription of a policy before issuance. These companies not only sell the insurance policies but also pay the claims that the insured make on their policies.

There is a range of top insurance companies to pick from in Nigeria, welcoming applicants who want to secure their future. As the many benefits stand true, there are still factors to consider before choosing an insurance company in Nigeria.

Despite the branding, to avoid the problem of ‘see finish’, you must carefully investigate the insurance company that catches your fancy and ensure you get your answers before settling.

Insurance

An insurance policy is simply a contract made between the insurer (insurance company) and the insured (individual or organization). It contains the agreement both parties have made – the claims the insurer is required to pay, in exchange for the payment, known as a premium, made by the insurer. In this post, we talk about the top players of insurance in Nigeria and why we consider them best.

Top 10 Insurance Companies in Nigeria (2020)

In no particular order, below are the top 10 insurance companies in Nigeria, according to NigerianWiki:

1. Aiico Insurance Plc

AIICO Insurance Plc is one of the leading insurance companies in Nigeria. Established in 1963, it is an insurance, pensions management, and asset management Group with market-leading positions in its key business lines to Life assurance and annuity, General insurance and special risks, Pension management, Health insurance, and Asset management.

The insurance policies they offer include:

  • corporate saving plan
  • Income investment plan
  • Education investment plan
  • Three payment plan
  • Electronics equipment policy plan
  • Term assurance plan
  • Travel insurance plan
  • Flexible endowment plan

Click here to get started with Aiico Insurance Plc

2. Lead Way Assurance Company

LEADWAY offers insurance services in both Life and Pensions and General business. Founded in 1970, LEADWAY also gives allied financial services like Bond, Secured Credit, Miscellaneous financial losses and Fund / Portfolio management; reinsurance back up from Swiss Re, Munich Re, Africa Re, and Continental Re.

It also offers simple and bureaucracy-free claim processing from all their branch offices in Nigeria.

They have an active social media presence and a highly Computerized operation that enhances efficiency.

The insurance policies they offer include:

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

Click here to get started with LEADWAY Assurance

3. Custodian and Allied Insurance

Custodian & Allied Insurance’s purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful and ethical organization that will survive well into the future and be a valuable asset to its shareholders. They have several insurance plans to choose from.

The insurance policies they offer include:

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

Click here to find out more about Custodian and Allied Insurance

4.  Cornerstone Insurance Plc

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 organization conducted Insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.

It is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life business insurance.

The insurance policies they offer include:

  • Motor insurance plan
  • Travel insurance plan
  • Halal Takaful plan
  • School fee guarantee plan
  • Investment plan
  • Home insurance plan
  • Life insurance plan
  • Annuity plan
  • Goods in transit plan
  • Marine insurance plan
  • Gadget protection plan

Visit Cornerstone Insurance Plc here.

5. AXA Mansard Insurance Company

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.

The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many countries. The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria.

It also offers asset/investment management services, health management services, and pension fund administration through its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited, and AXA Mansard Pensions Limited.

The insurance policies they offer include:

  • Autoflex plan
  • Easy care plan
  • Auto classic plan
  • Money market plan
  • Equity income plan
  • Life savings plan
  • General ( business/ tourism) protection plan
  • Student protection plan
  • Instant plan
  • Health plan
  • Retirement savings plan

Click here to get more information from AXA Mansard

6. African Alliance Insurance Plc

African Alliance Insurance plc., Was officially incorporated on May 6, 1960, by the 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.

Alliance Insurance Plc is widely recognized for its efficiency and trustworthiness in Life Assurance, serving thousands of customers with personalized insurance products tailored for each stage of their lives.

The insurance policies they offer include:

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

Visit African Alliance Insurance Plc to get more information.

7. Goldlink Insurance Plc

Goldlink Insurance Plc was incorporated on 15th April 1992 as a Private Limited Liability Company. It converted to a Public Liability Company on 11th May 2007 and was listed on the NSE by an introduction on 12th February 2008.

It 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, with suitable policies to meet the needs of its customers.

The insurance policies they offer include:

  • Compulsory Insurance plan
  • Engineering Policies plan
  • General Accident plan
  • Group Life Insurance plan
  • Individual Life Insurance plan
  • Liability Policies plan
  • Marine & Aviation plan
  • Motor Insurance plan
  • Oil & Gas plan
  • Re-Insurance plan
  • School Safety plan

Considering Goldink Insurance? Follow the link to get started.

8. Continental Insurance

It incorporated continental insurance in Nigeria in 1985, Continental insurance started business initially as a private insurance company.

It is the private sector champion of the pan-African insurance industry.

The insurance company engages in the life and non-life insurance business across the continent, offering its customers with different policies met their demand.

The insurance policies they offer include:

  • Insurance plan
  • Auto Insurance plan
  • Pet Insurance plan
  • Home Insurance plan
  • Business Insurance plan

Get more information on Continental Insurance products and services.

9. Industrial and General Insurance Plc

Industrial And General Insurance Plc (IGI) was first incorporated as a private limited liability company on 31 October 1991 and later re-registered as a public limited liability company in 2007.

However, It began its business in January 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 quickly established a reputation for exceptional competence.

The Company benchmarks on understanding each individual client’s peculiar needs to assess the risks which the client is exposed to, to proffer tailor-made insurance solutions.

The insurance policies they offer include:

  • Group Life Products plan
  • Mobile Phone Insurance Plan
  • Aviation Insurance plan
  • Engineering Insurance plan
  • General Business Insurance plan
  •  Health Insurance Plan
  • Marine Insurance plan
  • Oil & Energy Insurance plan

Find out more about Industrial and General Insurance Plc here.

10. Lasaco Assurance Plc

Lasaco Assurance Plc is a composite insurance and financial services company incorporated on the 20th of December 1979 under the Companies Decree of 1968.

The Company, then known as Lagos State Assurance Company Limited obtained License as an Insurer on 7th July 1980 and begun business operations on the 1st of August 1980.

The insurance policies they offer include:

  • Motor insurance plan
  • Aviation insurance plan
  • Marine insurance plan
  • Professional indemnity plan
  • Fire and Special insurance plan
  • Personal accident plan
  • Householder’s Insurance plan
  • Bond insurance plan
  • Money insurance

Click here to find out more about Lasaco Assurance Plc.

You can also find out about your favourite insurance companies or go through our list of top registered insurance companies in Nigeria and their contact details here.

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