Top 10 Insurance Companies in Nigeria

Top 10 Insurance Companies in Nigeria
Written by Omolola Akinyemi

What can protect you from unplanned events when they happen? Life is risky. Therefore it is advisable to get some sort of financial protection for yourself, your family and assets. That is where insurance comes in. Thus as a Nigerian, you need to know the top 10 insurance companies in Nigeria, that can give you the necessary financial protection.

Insurance companies in Nigeria

Which insurance companies in Nigeria can be trusted to compensate for your loss, and do so on time? I invite our readers to join us and explore the world of insurance in modern Nigeria. And to find out which insurance packages are available for you. 

Insurance in Nigeria: What Actually is Insurance?

The term ‘insurance‘ (or indemnity, coverage, or assurance) as we indicated earlier, is a form of financial protection. It is a legal agreement between an individual (or organization) and the insurer. The insurer agrees to pay you some amount to help you (or another party chosen by you) recover in the case of a financial loss or serious harm. 

Such sudden events leading to loss or harm might include fire, burglary, vehicle accident, work hazards, death, failing health, and more. That agreement is called an insurance policy. To guarantee this future benefit, the insured party is required to pay a regular amount called a premium to the insurance company. 

Insurance companies in Nigeria (and elsewhere globally) help you to manage risks. Life itself is full of risks at every turn. By signing for an insurance policy, you are transferring the risk to the insurance company. The insurer will manage the risk on your behalf, by paying you a certain amount when such an undesirable event occurs.  

So if your insured property gets burnt by any means not your fault, the insurer pays you some money. With that, you can repair the property (or perhaps buy another one). Luckily enough, there are reputable insurance companies in Nigeria as we speak. 

In principle, any property considered valuable can be insured. Your vehicles, houses, business goods, even your body (or its parts) can be insured. 

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Insurance Companies in Nigeria: Important Statistics

Here are some critical facts about the state of the insurance sector in Nigeria so far, as of 2024.

  • About 0.5 percent of Nigerians have signed up for one form of insurance or another.
  • Just 3 percent of Nigerians signed up for health insurance, provided mostly by their employers.
  • A meager 3.4 million cars on Nigerian roads are insured. This is small in comparison to about 12 million working cars in total.
  • The insurance industry’s Gross Premium Income stands at 520.1 trillion Naira as of 2022. This is the total premium paid by insured Nigerians in the stated period.
  • In all, there are 60 insurance companies in Nigeria so far.
  • As of 2023, Nigeria insurance is industry is worth at least 2.8 trillion Naira. Additionally, Nigeria’s insurance sector generated 729.1 billion Naira in premiums, in the first three quarters of 2023.
  • The rate of insurance penetration/spread in Nigeria is extremely low – just 0.5 percent as of 2023. This is due to reasons which include:
    1. high number of low-income earners and poor people, 
    2. insufficient access to information technology, 
    3. very little understanding of the insurance service by citizens,
    4. dearth of trained personnel
    5. poor regulatory framework  

Thus, the Nigerian populace need to be educated about the benefits of obtaining insurance. This is a crucial duty to be handled by the regulatory body of the Nigerian insurance industry, the National Insurance Commission (NAICOM). Furthermore, insurance companies in Nigeria must equally embark on similar enlightenment campaigns. Particularly regarding the types of insurance that cover life, safety of commercial goods, vehicle insurance, and property. 


Types of Insurance in Nigeria

Section 2 of the Nigerian Insurance Act outlines two main classes of insurance, which are Life insurance and General insurance. Life insurance can be further subdivided into:

  • Individual life insurance;
  • Health insurance; and
  • Group life insurance/pension.

While General insurance can be any of the eight types below::

  • Motor vehicle insurance
  • Fire insurance
  • General accident insurance
  • Engineering insurance
  • Oil and gas insurance
  • Marine and aviation insurance
  • Bonds credit guarantee and suretyship insurance; and
  • Miscellaneous insurance

Benefits of Insurance to Nigerians

The tendency to think getting an insurance policy is expensive has kept so many from signing up. However, an insurance cover is likely cheaper to pay every month than you think. Above all, 

  1. It is an easier way to pay for unplanned losses when faced with a tragic event. 
  2. Your dependents will be adequately compensated with a death benefit sum when you pass on. As long as you have a life insurance policy in place, your beneficiaries would not suffer. 
  3. Insurance payouts are not subject to taxation. So you are free from paying taxes out of insurance claims.
  4. It constitutes a good savings culture, and can be an additional source of funds to your retirement savings account.
  5. It can help pay for final expenses such as the funeral expenses of the insured.
  6. It is usually required as a collateral for obtaining loans.

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Insurance Companies in Nigeria: The Top 10 List

We present to our readers, a curated list of the most reliable, top 10 insurance companies in Nigeria. We obtained these statistics by comparing reviews on significant sites following the trends in the Nigerian insurance industry. Particularly the insurers who have stood out in the past half decade thereabout, in no particular order.

  1. AIICO Insurance Plc
  2. Coronation Insurance
  3. AXA Mansard Insurance.
  4. Leadway Assurance Company
  5. Cornerstone Insurance Plc.
  6. Consolidated Hallmark Insurance
  7. Royal Exchange Insurance
  8. Mutual Benefits Assurance 
  9. Regency Alliance Insurance
  10. Sterling Assurance Nigeria

AIICO Insurance Plc

AIICO insurance

AIICO Insurance was fully licensed and incorporated in Nigeria in 1970 under the name American Life Insurance Company Limited, though it began operations way back in 1963. In 1990, the federal government acquired 60 per cent shares in the company and renamed it American International Insurance Company Limited. Subsequently, NFI Insurance PLC and Lamda Insurance Company Limited were acquired and absorbed into the AIICO group in 2007.

At present, AIICO Insurance provides all classes of insurance. They include life, fire, motor, general accident, bond, engineering, marine cargo, oil and gas, aviation, and special risks. In addition, the company offers new insurance categories such as credit life, annuities,  investment-linked products, and group life.

AIICO Insurance currently has over 200 branches in Nigeria, with total assets of over 300 billion Naira. 


Coronation Insurance

Coronation Insurance logo

Founded in 1958 as WAPIC Insurance Plc, Coronation Insurance is now a leading  insurance company in West Africa. It has its key offices in Lagos and Ghana. At present it has two subsidiaries: Coronation Life Assurance Plc and Coronation Insurance (Ghana) Limited.

The company now offers all classes of insurance that cover life, special risks, and general risks. They include insurance cover for goods-in-transit, fire, special perils, and more.

AXA Mansard Insurance

AXA mansard

Incorporated in 1989, AXA Mansard is a member of the AXA Group worldwide. It was listed on the Nigeria Stock Exchange in 2009.

The company now offers both life and non-life insurance products. They include travel insurance, personal accident insurance, education plans, motor insurance, SME insurance, home insurance, investment and pension products, as well as annuities.


Leadway Assurance Company

Leadway Assurance

Leadway Assurance was incorporated in 1970, and started out as with motor insurance. It was also the pioneer of life and non-life insurance in Nigeria.

Today, the company offers a wide range of insurance products. They include life assurance, auto, bond, general accident, oil and gas, engineering, property, marine, aviation, and special risks insurance. It also offers appealing savings and investment products.


Cornerstone Insurance Plc

Cornerstone Insurance logo


Since its establishment in 1991, Cornerstone Insurance has particularly specialized in non-life insurance offers. They range from marine, oil and gas,  special risks, fire, accident, motor insurance, bonds, to engineering insurance products. 

Consolidated Hallmark Insurance

Consolidated Hallmark Insurance logo


Royal Exchange Insurance

Royal Exchange Insurance logo

Royal Exchange Nigeria Plc is a subsidiary of Royal Exchange Assurance established in Britain in the year 1720. The company was originally set up to cater for marine insurance, but has expanded to include other offerings (such as life and fire insurance). The Nigeria arm of the esteemed company commenced operation in 1921, and now has 8 regional offices and 30 branches nationwide. The company also handles funds management and banking services.

The company also currently has five subsidiaries namely Royal Exchange General Insurance Company Limited, Royal Prudential Life Insurance Plc, Royal Exchange Finance Company, Royal Exchange Healthcare Limited, and Royal Exchange Microfinance Bank Limited.

Mutual Benefits Assurance

Mutual Benefits Assurance

Mutual Benefits Assurance was established in Nigeria in 1995, a subsidiary of Mutual Benefits Assurance of New Jersey, United States. The company is now a conglomerate that offers life and general insurance products. In addition, it offers a range of financial products which include savings, investment, pension, endowment, and education plans.


Regency Alliance Insurance

Regency Alliance Insurance logo

Regency Alliance Insurance is a leading insurance company in the West African region, with over 20 years of experience in delivering general insurance products. The company now offers insurance packages which include motor, bind, marine, fire, accident, engineering, oil and gas, and aviation.

Sterling Assurance Nigeria

Sterling Assurance Nigeria logo

Sterling Assurance Nigeria was incorporated in 1990. The company has been offering a wide range of general insurance products ever since.  They include motor, burglary, fire, marine, workmen compensation, goods in transit, group personal accident, and professional indemnity insurance.






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About the author

Omolola Akinyemi

A Computer Science graduate of UNILAG, I hail from Ekiti state of Nigeria. An astute teacher, learner & admin assistant of many years experience. I love technology, innovation, and Nature. A problem solving mentality is important to me. The future is only seconds away, and I believe I can define the future now. You can also.