19 Best Insurance Companies in Nigeria 2023 (Listed Insurance Companies in Nigeria)

What are Insurance companies?

A financial institution known as an insurance company provides a range of insurance policies to shield people and businesses against the possibility of financial losses in exchange for recurring payments.

The way an insurance business operates is by spreading out risks across many different policyholders.

What does an Insurance Company really do?

To safeguard you and your possessions from loss, theft, or damage, insurance businesses and insurance companies sell coverage. This is made possible by insurance companies dispersing risk over a large population.

In the event of a catastrophe, emergency, or disaster, an insurance company makes sure you receive financial support, enabling you to recover more quickly.

Top Listed Insurance Companies in Nigeria

This is a list of top insurance companies in Nigeria in no particular order;

1. AXA Mansard Insurance

French-based AXA Mansard Insurance is a provider of insurance. AXA Group company AXA Mansard is a part of. They are among the biggest asset management and insurance organizations in the world, employing about 160,000 people. Additionally, they provide services to 107 million clients in more than 60 nations.

One of the top insurance providers in Nigeria is Axa Mansard Insurance, which also offers other insurance products like SMEs insurance, personal insurance, accident insurance, fire & engineering insurance, as well as aviation & energy insurance. It also offers health insurance, life insurance, motor insurance, and travel insurance.

2. FBN Insurance

First Bank of Nigeria Insurance is a division of the First Bank of Nigeria. For a while now, FBN Insurance has ranked among the top insurance providers in Nigeria. It focuses on offering insurance.

The main business of FBN insurance is life insurance, which it offers to both individuals and corporations. They offer both personal and business insurance options.

You can benefit from the peace of mind that comes with being able to handle everyday dangers by using the insurance solutions offered by FBN.

3. Nicon Insurance

Another Nigerian insurance provider with a focus on insurance is Nicon Insurance. A notable insurance provider in Africa is NICON. They were in fact owned by the Federal Government of Nigeria in an effort to develop the nation’s insurance industry.

But in 2005, they were privatized. Each of the 36 states that make up Nigeria is served by one of their branches.

To meet your unique insurance needs, Nicon Insurance offers a variety of insurance packages. For example, special product insurance, fire insurance, automobile insurance, travel insurance, marine insurance, personal insurance, general accident insurance, aviation insurance, oil & gas insurance, reinsurance, pension, and insurance for automobile engineering.

One of the best insurance providers in Nigeria is Nicon Insurance, therefore you should give them a try.

4. Sovereign Trust Insurance Plc

Located in the UK is the insurance firm Sovereign Trust Insurance Plc. In 1985, Sovereign Trust launched its activities as the Grand Union Assurance Limited following a restructure.

They used to have a working branch network spread all across the nation. The extensive range of goods and services that Sovereign Trust specialises in are created for particular needs.

This is one of the most well-known insurance providers in Nigeria, offering family well-being, auto, oil & gas, and marine insurance.

5. Standard Alliance Insurance Company Limited

Located in the UK, Standard Alliance Insurance Company Limited is a financial organisation. In Nigeria, Standard Alliance is a well-known insurance provider with a strong focus on the consumer. They are among the best and most well-known companies in the insurance industry thanks to their excellent product and service offering.

All forms of insurance, including those for general and specific hazards, are provided by Standard Alliance Insurance. Personal and business insurance are similar to home insurance.

6. Royal Exchange Plc

A British stock exchange is called The Royal Exchange Plc. In Nigeria’s financial market, the Royal Exchange brand is well-known, particularly in the insurance sector.

In 2008, Royal Exchange Plc created a group structure to implement its goals for the financial sector. In Nigeria, Royal Exchange Insurance primarily focuses on the non-life insurance market.

One of the best insurance providers in Nigeria, they offer life insurance, health insurance, and general insurance.

7. Leadway Assurance Company

One more of Nigeria’s leading insurance providers, Leadway Assurance Company, offers insurance services.

Since its founding in 1970, Leadway Assurance has been a player in the insurance market. They are experts in retirement, life, business, and auto insurance. They also offer supplemental financial services. Included are portfolio management, credit bonds, and various financial losses.

One of the most reputable insurance providers in Nigeria is Leadway Assurance, which is unquestionably appropriate for the demands of the majority of people.

8. AIICO Insurance Plc

An insurance provider with its headquarters in the UK is called AIICO Insurance Plc. It is a major player in the Nigerian insurance industry as well. They started this business in 1963, and since then it has climbed the insurance industry’s ladder to become one of the leading firms.

Financial Services, Life Insurance, Special Liabilities Insurance, Health Insurance, Wealth Management, and Retirement Benefits Management are further areas of focus for AIICO Insurance Plc.

This is one of Nigeria’s most well-known insurance providers, if not the most well-known. They may provide all kinds of coverage and have been around for what seems like forever.

9. African Alliance Insurance Plc

Africans can purchase insurance from African Alliance Insurance Plc. African Alliance Insurance plc was established on May 6th, 1960. The insurance plc organization is known for being reliable and effective in the sector of life assurance.

Additionally, they adapt their insurance plans to each stage of their clients’ lives. Along with life and property insurance, they also offer a guarantee programmer for annuities.

African Alliance Insurance is regarded as one of the best insurance firms in Nigeria due to its excellent specialized life assurance services.

10. Lasaco Assurance Plc

A corporation that offers insurance is called Lasaco Assurance Plc. On December 20, 1979, Lasaco Assurance Plc was established in accordance with the Companies Decree of 1968. At the time, the business was known as Lagos State Assurance Company Limited.

They received their insurance licence on July 7, 1980, and on August 1st, 1980, they started doing business. They offer the following insurance policies: coverage against accidents or fire outbreaks, flight insurance, marine insurance, and coverage for automobiles.

11. Custodian & Allied Insurance Plc

Due to its participation on the Nigerian Stock Exchange, Custodian & Allied Insurance Plc is one of the most well-known insurance providers in Nigeria.

For life and non-life cover, Custodian & Allied Insurance provides insurance and reassurance options.

Custodian & Allied Insurance Plc offers a variety of insurance services and products, including trustees owners and personal all risks insurance, occupiers liability insurance, general liability insurance, life insurance, maritime cargo insurance, and insurance against fire and other special dangers.

12. Heirs insurance

One of the greatest general insurance companies in Nigeria is Heirs Insurance. It competes with traditional insurers by establishing itself as the leading digital insurer in the nation by offering straightforward insurance plans and protection for homes, businesses, and more.

Automobile insurance, travel insurance, goods-in-transit insurance, homeowner and tenant insurance, maritime cargo and hull to fire/special hazards insurance, biker interruption, and personal accident insurance are just a few of Heirs’ insurance products.

13. IEI Insurance

A motor focus insurance provider in Nigeria is called IEI Insurance or International Energy Insurance Plc.

IEI Insurance provides motorbike insurance in addition to personal and business auto insurance. Anyone, an agency, or you personally can purchase any of IEI Insurance’s insurance products through a third-party insurance site.

You may manage all of your policies using this portal, schedule them for renewal and before they expire, examine your payment history, and keep track of their progress.

14. NSAI Insurance

Because of its customer-centric culture, NSIA Insurance, a division of Groupe NSIA, is considered as one of the top insurance firms in Nigeria.

As long as there is a receipt of the signed discharged vouchers, NSIA Insurance has made it a requirement that it would pay claims on all classes of business insurance within 48 hours. And to attain both a 90% Employee Satisfaction Index and a 90% Customer Satisfaction Index.

Personal insurance, agricultural insurance, business insurance, automobile insurance, life insurance, homeowner insurance, travel insurance, health insurance, and energy and special risk insurance are among the goods offered by NSIA Insurance.

15. Cornerstone Insurance

Launched in 1991, Cornerstone Insurance Plc is now traded on the Nigerian Stock Exchange.

Because of its ethical and professional behaviour, together with customer-focused ideals, Cornerstone Insurance is one of the most well-known insurance businesses in Nigeria.

The National Insurance Commission has granted Cornerstone new licences and re-certifications (NAICOM).

Oil & Gas Insurance, Marine, Engineering All Risks, Asset Protection, Liability to Third Parties, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, and Takaful are some of the products offered by Cornerstone Insurance (Islamic Insurance).

Cornerstone has a market capitalization of N5 billion and an authorised share capital of N7.5 billion.

16. Allianz Nigeria Insurance Plc

Due to its well-known efforts to make insurance more understandable to regular Nigerians, Allianz Nigeria Insurance is one of the top insurance providers in the country.

With over 30,000 clients, Allianz takes pride in being a composite insurance firm in Nigeria that specialises in both life and non-life insurance.

Automobile insurance, life insurance, home insurance, travel insurance, group life assurance, burglary insurance, group personal accident insurance, and fidelity guarantee are among the insurance products offered by Allianz.

17. Coronation Insurance – Wapic Insurance

Another well-known insurance provider in Nigeria is Wapic Insurance, presently known as Coronation Insurance. It was established in 1985.

Coronation provides a variety of services in addition to insurance, such as asset management, private banking, trustee and registrar services, securities trading, and brokerage.

Coronation Insurance provides a variety of insurance options for your boat, yacht, house, business, life, and investments.

18. Tangerine Life Insurance

One of the most well-known life insurance providers in Nigeria and perhaps all of Africa is Tangerine.

Tangerine is a financial app that anybody can use to send and receive money, pay bills, keep track of their spending, obtain loans, save money, and safeguard (insure) their most prized possessions.

With the Tangerine Life insurance plan, you may pay a premium that fits your budget while still protecting all you value.

The insurance providers mentioned above are unquestionably some of the best available in Nigeria. You can choose from any of these insurance providers in Nigeria and know that you are in capable hands.

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