Subscribe Us

header ads

Top 10 Insurance Companies in Nigeria In 2023

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.

An Insurance company is simply a company that provides insurance services.

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.

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.

The second type of insurance is general insurance. General insurance provides protection for losses other than death, such as personal injury or asset 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 in this article, we provide you with our list of the top 10 insurance companies in Nigeria:

Top 10 Insurance Companies in Nigeria

Here are the top 10 insurance companies in Nigeria;

1. AIICO Insurance plc

AIICO is an abbreviation for “American International Insurance Company”, founded in 1963, as a subsidiary of American International Group (“AIG”). It was started to offer Life and general insurance services. AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. AIICO’s key business lines are in; Life assurance and annuity, General insurance and special risks, Health insurance and, Asset management.

AIICO offers the following:

Auto Insurance

Travel Plan

Home Insurance

Oil And Gas Plan

Agric. Insurance

2. Leadway Assurance

Leadway Assurance Company Limited (‘LEADWAY’), founded in 1970, is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability. They offer General business insurance and Life and Pensions Insurance. They also offer Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management.

They have the following Insurance plans:

Family Benefit plan

Lead way saving plan

Term assurance plan

Money policy plan.

Educational saving plan

Personal saving plan

Deferred annuity plan

3. Continental Reinsurance

Continental Reinsurance, which initially started as a private reinsurance company, was incorporated in Nigeria in 1985. Continental Reinsurance is a composite reinsurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base. They offer the following plans:

Home Insurance plan

Pet Insurance plan

Insurance plan

Auto Insurance plan

Business Insurance plan

4. Lasaco Assurance Plc

Lasaco Assurance Plc (formerly known as Lagos State Assurance Company Limited) was incorporated on the 20th of December 1979 and became operational on the 1st of August 1980. Lasaco Assurance offers the following plans:

Marine insurance plan

Bond insurance plan

Money insurance

Professional indemnity insurance

Fire and Special insurance plan

Personal accident plan

Householder’s Insurance plan

Motor insurance plan

Aviation insurance plan

5. AXA Mansard Insurance

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 in 64 countries in Central and South America, the Middle East, and Africa. They offer the following:

Asset/investment management services

Health management services

Pension fund administration

6. Custodian and Allied Insurance

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.

They offer the following plans:

Investment plus plan

Auto insurance plan

Travel insurance plan

Immediate annuity plan

Tuition protection plan

Capital plan

7. Goldlink Insurance plc

Goldlink Insurance Plc was incorporated on 15th April 1992 as a Private Limited Liability Company and granted a license to operate as a full-fledged insurance company on 8th September 1993.

Goldlink Insurance plc offers both Life and General Businesses Insurance, including Fire and Special Perils Insurance, Motor Insurance, Life & Pension Insurance, Oil & Gas Insurance, Travel Insurance, etc.

8. Industrial and General Insurance plc

Industrial and General Insurance plc was incorporated initially as a private limited liability company on 31 October 1991. It was then registered again as a public limited liability company in 2007. They meet the insurance needs of clients via precise processes and unique response time in diverse sectors, including banking, oil and energy, manufacturing, engineering, marine and aviation, as well as government establishments.

9. African Alliance Insurance plc

African Alliance Insurance plc, formerly African Alliance Insurance Limited, 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. They offer the following plans:

Direct debit form plan

Individual assurance plan

Investment assurance plan

Annuity assurance plan

Group life assurance plan

Esusu plan

10. Cornerstone Insurance plc

Cornerstone Insurance, a Public Limited Liability Company, 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).

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 Awards.


Having known why you need to take out Insurance, and provided with the list of top 10 Insurance companies in Nigeria, you should conclude an insurance contract directly today for the sake of future unforeseen events especially.

Post a Comment