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Insurance Companies In Nigeria – Top 7


Insurance is an important service that helps to protect oneself, your business, and your family against unexpected events and the inception of Insurance Companies in Nigeria can be linked to the arrival of British Trading firms to manage the risks associated with their businesses.


Everything in life does have an expiry date. But ways of prolonging sustenance have come to light through insurance. Certainly, insurance companies are not new to the average man. An expensive car could break down completely. Its damage could be beyond repair but if it is insured, it could be replaced maybe soon or later.


Insurance not only brings peace of mind but also provides some financial protection for unexpected accidents and other risks in life. There can be many reasons for insuring, including the desire to protect your family after your death or loss of earning power or to protect your home, car, or other assets in the event of theft or disaster.


Without a doubt, many insurance companies in Nigeria are doing well in the cause of their business, insurance companies remain the pillar behind any country’s economy and there is no sign that they are ever slowing down in the nearest future.


Nigeria is learning and walking through spheres of becoming active in the modern world as a developing country. While insurance is an act that was established quite long ago, Nigeria started insurance in the year 1958.


After Nigeria gained her independence, the first established insurance companies in Nigeria were European implementations. An example was the Royal Exchange Assurance Agency. The European establishments created Nigerian subordinate companies. Although there was an issue with this development.


This birthed the growth of indigenous private insurance firms. The standardization of the insurance industry by the Nigerian Government led to the foundation of The National Insurance Commission in 1997.


Today, we must say that Nigeria has indeed excelled in the insurance field. The awareness of creating security over every asset has given great benefit to the country and its sense of protection and responsibility.


The Role Of Insurance Companies


The role of insurance companies is to help their customers manage risk. Buying insurance with an insurance company is equivalent to transferring part of your financial risk to the insurance company. When you are not insured, you will have to bear the financial risk yourself.

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After you purchase the insurance, you will become the insured or the beneficiary. You pay the insurance company an amount called “premium” as a price for asking the insurance company to take the risk for you. If you encounter an accident that falls within the scope of the contract, you can file a compensation claim.


Types Of Insurance


Insurance can be roughly divided into two categories.

  •  Life insurance and 
  • General insurance.
  • In the case of a life insurance contract, the insurance company will make a lump sum payment to the beneficiary after the death of the insured. Life insurance can also include other elements, such as savings
  • General insurance protects against losses other than death, such as personal injury, property or assets damage caused by an accident.


Incorporating insurance arrangements into your financial plan is very important for protecting yourself, your family and personal assets, as well as preventing various risks. That is why we provide you with our list of the top 10 insurance companies in Nigeria in this article.

Top 7 Insurance Companies In Nigeria


  • Leadway Assurance Company

Leadway is now the best insurance company in Nigeria, with a reputation for customer service efficiency and dependability. Leadway Assurance came into existence in the year 1970, and ever since then, they have been very active in the insurance business. They major in business, life, and pension insurance. In addition, they also offer allied financial services. This includes portfolio management, credit bond, and miscellaneous financial losses.


Leadway Insurance Company offers three distinct insurance services to its prospective customers namely; business insurance, personal insurance, and asset management.

They have the following Insurance plans

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

  • AIICO Insurance Plc

The AIICO Insurance firm was established in 1963, and since then, it has exponentially grown into one of the best insurance companies in pensions management, annuity, and asset management in Nigeria.

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.

Equally, the company aim at rendering life insurance, retirement services, and risk underwriting to an extreme and diversified client base that includes financial institutions, corporations, governments as well as individuals in their private dealings.

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Some of their services are

  • Life assurance.
  • General insurance.
  • Asset management.
  • Health insurance.
  • Pensions management.


  •  Custodian Insurance Plc.

Being one of the leading insurance companies in Nigeria, Custodian Insurance Plc offers fine insurance products such as General Insurance, Life assurance, and more.

Custodian and Allied Insurance, also known as CAIL, is a fully Nigerian-born insurance company. The purpose of this company 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.

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 offer the following plans

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

  • AXA Mansard Insurance Plc

AXA Mansard Insurance offers both Life and Non-Life insurance products and services. AXA Mansard Insurance is a member of the AXA Group, the worldwide known insurance, and asset management Group operational with 166,000 employees serving 107 million clients in 64 countries in Central and South America, the Middle East, and Africa.

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

They offer the following

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


  • Consolidated Hallmark Insurance

Consolidated Hallmark Insurance is one of the leading Insurance companies in Nigeria. They are determined to change the way people see insurance in Nigeria. CHI Plc. believes they can achieve this through the help of technology and the professionals they have on board. Furthermore,  Consolidated Hallmark has several insurance offerings tailored to meet your needs.

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.

The insurance products that Consolidated Hallmark company offers include

  • Home Insurance.
  • All Risks Insurance.
  • Goods-In-Transit.
  • Burglary Insurance.
  • Motor 3rd Party.
  • Personal Accident.
  • Travel Insurance.
  • Motor Comprehensive.
  • Marine Insurance.
  • Money Insurance.
  • Aviation.


  • Cornerstone Insurance plc

Cornerstone Insurance is a Public Limited Liability Company that was incorporated on 26th July 1991, as a Private Limited Liability Company. In 1997, it was quoted on the Nigerian stock exchange. The classes of Insurance business they undertake include the following: Motor Vehicle, Aviation, Marine, Engineering Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).

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The cornerstone insurance company is certified and re-licensed by the competent National Insurance Commission popularly known as NAICOM to carry out both the General Insurance and Life businesses.

Cornerstone Insurance Plc. is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, and was adjudged the ‘Best use of Technology, Insurance Company, 2016, Nigerian Technology Award’.

It is products include

  • Motor Vehicle.
  • Aviation insurance.
  • Marine insurance.
  • Engineering All Risks.
  • Group Life.
  • Mortgage Protection.
  • Wealth Creation Products.
  • Takaful (Islamic Insurance).


  • African Alliance Insurance Plc

African Alliance Insurance plc was incorporated on May 6, 1960, with the backing of Munich Reinsurance Company. They offer a creative combination of Protection (Term Assurance and Group Life), Savings, and Investments Products.

The African Alliance Insurance company is recognized as one of the most experienced, capable, and strongest Specialist Life Assurance Firms in Nigeria.

They offer the following plans

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

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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.

It is important to note that insurance is a sure way to secure yourself against potential risks. Therefore, you can leverage any of the insurance companies listed in this article to provide coverage for yourself, your family, your business, and your properties against any unexpected event.


While the above-mentioned are the best and strongest insurance companies in Nigeria, it’s, however, important you make smart choices using our decent review. Remember that your best and perfect option depends on your needs, funds, and expectations.

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