top insurance companies in nigeria

Top 10+ Insurance Companies in Nigeria

There are good numbers of insurance companies in Nigeria that it becomes almost impossible to select the top ones. We all know most Nigerians are not quite comfortable with paying insurance premiums. This makes it difficult to rate them.

Notwithstanding, we were able to compile the best insurance companies in Nigeria through our concerted efforts. The benchmarks were mostly testimonies from clients, popularity, and track records of success.

Now comes the intro…

The peak of the uncertainties of life is very sharp that if you aren’t prepared, you might not be able to regain your stance after a fall. That is why as a wise man/woman, you should prepare for emergencies.

In the bid to help you contain the risks of life’s activities, many indemnity companies have sprung up. In Nigeria, the list of such companies is inexhaustible, therefore poses you with the difficult task of choosing the best for you.

We have researched and came up with this list of the top 15 insurance companies in Nigeria, to enable you to make quicker decisions. Each of them offers unique services. So, you might want to go through it gently to pick out which is best for you.

1. AIICO Insurance Plc

You cannot talk about the best underwriting companies in Nigeria without including AIICO. The company started in 1963 as the Agency office of America Life Insurance Company (ALICO). Then, ALICO was then a subsidiary of American International Group (AIG).

Later in its years in Nigeria, the Federal government of Nigeria acquired a 60% stake of the company. Therefore the name changed to AIICO which stands for American International Insurance Company. It got listed on Nigeria Stock Exchange in 1990.

Although AIICO started with life and pension products and insurance services, the company presently offers the following:

  1. Life assurance and annuity.
  2. Health insurance.
  3. Pension management.
  4. General insurance and special risks.
  5. Asset management.

Currently, AIICO seems to be the leading insurance company when it comes to life insurance and pension services. It also has a favourable cut in other areas of insurance. The company also boasts of having valuable financial assets, enough to accommodate whatever loss you might run into.

2. Leadway Assurance Co. LTD

Yet another highly recognized insurer in Nigeria is Leadway Assurance Co. Limited. The company was registered and incorporated in 1970 but started operating in 1971. It was founded by Sir (Dr) Hassan O. Odukale.

The company is a top insurance company in Nigeria having operated for years and acquired a considerable amount of knowledge, expertise and trust.

Leadway Assurance Co. Ltd offers the following:

  1. Personal insurance which is further divided into life and health, general insurance, savings and investment, pension and annuities, and premium insurance.
  2. Business insurance further slashed into property insurance, marine insurance, SME insurance, and accident policies.
  3. Auto insurance.

As depicted by the camel on their logo, Leadway promises to offer you companionship, courage, support, stability, and help you carry your burden through your difficult times.

3. Custodian Life Assurance LTD

Just as the name implies, Custodian Life Assurance (CLA) company is a Nigeria-based underwriter specialising in life insurance. The company is licensed by the National Insurance Commission to carry out the above business.

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CLA first started in 1956 as the foreign insurance office of Crusader Life Insurance Limited. In 1989 when it merged with Custodian and Allied Insurance Plc, the company became a public company and was enlisted on Nigeria Stock Exchange in 1990.

Presently, CLA offers have the following insurance products:

  1. Savings and investment under which there are Capital Builder, Esusu Shield, Personal Provident Plan, and Investment Plus Plan.
  2. Endowment Policies which further has Education Endowment, Lifetime Harvest, and Ordinary Endowment.
  3. Protection also divided into Term Assurance, Whole Life Assurance, Dignity Plan, and Tuition Protection.
  4. Annuities also diverge into Retiree Life Annuity, Immediate Annuity, and Deferred Annuity.

Aside from the Custodian Life Assurance, the Custodian Investment Plc has other insurance companies including:

  1. Custodian Trustees Limited.
  2. Custodian and Allied Insurance Limited.
  3. Crusader Sterling Pensions Limited.

4. Consolidated Hallmark Insurance Plc

Consolidated Hallmark emerged to become one of the top players in Nigeria’s insurance ecosystem from a merger that took place in 2007. Since then, the group has continued to show professionalism, integrity, and focus in their business.

They have taken care of many underwriting projects especially in the areas of aviation, oil & gas, marine cargo, hull business, and motor insurance. However, Consolidated Hallmark Insurance has the following insurance products:

  1. Home Insurance.
  2. Personal Accident.
  3. Travel Insurance.
  4. Fire & Special Perils.
  5. Burglary Insurance.
  6. Combined Fire & Burglary.
  7. Motor Comprehensive.
  8. Machinery Breakdown.
  9. Contractors-All-Risk.
  10. Motor Third-party.
  11. Motor Third-party Fire & Theft.
  12. Money Insurance.
  13. Plant-All-Risk.
  14. All Risks Insurance.
  15. Bonds Insurance.
  16. Consequential Loss.
  17. Professional Indemnity.
  18. Marine Insurance.
  19. Oil & Gas.
  20. Aviation.
  21. Goods-In-Transit.

Each of the above products is tailored to the needs of their clients. Meanwhile, the company boasts of growing their asset worth by 150%, from N4.65 in 2007 to N11. 74 in 2019.

5. Allianz Nigeria Insurance Plc

This is also one of the top insurance companies that have served thousands of Nigerians in a couple of years. However, Allianz Nigeria Insurance Plc is an insurer licensed by the National Insurance Commission to transact both life and non-life insurance business in Nigeria.

The company was incorporated in 1993 as Union Assurance Company and relaunched in 2016 as Ensure Insurance Plc. Allianz Group acquired the company in 2018 and changed the name to what it is today.

Allianz Nigeria Insurance has developed the following insurance products to meet their clients’ needs:

Personal: Motor, Education, Life, Savings, Home Insurance, and Travel.
Business: Aviation, Group Life Assurance, Group Personal Accident, Fidelity guarantee, public indemnity, goods in transit, oil and gas, marine, fire and special Perils, and so on.

In 2016, the company had a gross written premium worth N4.19 billion. But in 2017, they grew by 86% having about N7.67 billion worth of written premium. This signals that the company is on the path of growth.

6. AXA Mansard

This company is a member of AXA Group, one of the leading figures in insurance and asset management across the globe. However, AXA Mansard was incorporated in Nigeria as a private limited company in 1989.

It is licensed by the National Insurance Commission of Nigeria (NAICOM) to offer life and non-life insurance products and services to individuals and institutions in the country. The company also offers asset and investment management services through other subsidiaries of AXA Group.

AXA Mansard offers different types of insurance to Nigerian. They include the following:

  1. Health.
  2. Life and savings.
  3. Investments.
  4. Property and Casualty.

The above list of products embodies other sub-products and services of the company. Currently, AXA Mansard operates in 64 countries, serving about 107 million clients through their 166,000 employees.

7. Cornerstone Insurance Plc

Cornerstone Insurance Plc is a Nigerian insurance company licensed by NAICOM to transact general and life insurance businesses in the country. The company was incorporated in 1991 as a private limited company. In 1997, Cornerstone went public and was quoted on the Nigerian Stock Exchange market.

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This insurance company makes it to this list of top insurance companies in Nigeria because of the reputation and trust they have grown over time. It is the first Nigerian insurer to incorporate online payments of insurance transactions.

Meanwhile, Cornerstone Insurance Plc offers the following products and services:

  1. Motor Vehicle.
  2. Aviation.
  3. Marine.
  4. Engineering All Risks.
  5. Asset Protection.
  6. Liability to Third Party.
  7. Oil & Gas.
  8. Group Life.
  9. Credit Life.
  10. Mortgage Protection.
  11. Term Assurance.
  12. Wealth Creation Products.
  13. Takaful (Islamic Insurance).

8. STACO Insurance Plc

In 1994, after the acquisition and restructuring of Alpha Insurance Plc, STACO Insurance Plc emerged. The top-rated Nigerian underwriter was incorporated in 1991 and licensed by NAICOM to administer all classes of insurance products and services to individuals and organisations in Nigeria.

However, STACO has the following products in their portfolio:

  1. Accident.
  2. Fire and Bonds.
  3. Transportation.
  4. Energy and Special Risks.
  5. Motor Insurance.
  6. Personal Protection plan.
  7. Home Owners insurance.

Inside each of these products listed above, you would get sub-products, which goes further to niche down your insurance needs.

Meanwhile, STACO is owned by Nigerian insurance professionals who have distinguished themselves to mark a difference in the industry. Presently, the company has an asset base of about N6 billion.

9. Anchor Insurance

According to customers’ reviews, Anchor Insurance has a rating of 4.2 out of 5. However, we count as one of the best insurance companies in Nigeria. The company is registered and licensed by the National Insurance Commission to transact only non-life insurance businesses.

Moreover, the underwriting outfit has continued to grow since it started in 1989. In 2017, they had a gross written premium of N2. 2 billion, but in 2018, they had a gross written premium worth N3.4 billion.

Since Anchor Insurance is not licensed for life insurance, they offer the following general insurance products and services:

  1. Agriculture Insurance.
  2. Motor Insurance.
  3. Anchor Loss of Employment Insurance Scheme.
  4. Micro Insure.
  5. Business Interruption.
  6. Bonds and Suretyship.
  7. Fire Insurance.
  8. Burglary and House.
  9. Hull and Cargo.

Anchor Insurance belongs to both national and international insurance bodies, a little proof of worthiness in the industry.

10. Nem Insurance Plc

In about 300 reviews, Nem Insurance Plc has a rating of 4.3 out of 5. Thus, the company is one of the most reputable underwriting firms in Nigeria.

Nem started operating in Nigeria in 1948 through Edward Turner and Co. In 1970, it got incorporated as a Nigerian company and was listed on the NSE in 1989. Before 2007 when it merged with Vigilant Insurance LTD, Nem was primarily into life and non-life insurance business.

Presently, the company is licensed by NAICOM to transact only general insurance businesses. Thus, Nem Insurance Plc has the following products:

  1. Motor insurance.
  2. Goods in transit.
  3. Aviation and Gas.
  4. Marine insurance.
  5. Engineering and bonds.

They also have other products subdivided into corporate products, personal products, and SME products.

11. Zenith General Insurance

The Nigerian insurer we know today as Zenith General Insurance was incorporated in 1970 as Piccadilly Insurance Company Limited. It traded on NSE with this name until 2003. However, in 2004, the company was acquired by Zenith Bank Nigeria, and its name changed to what we know it as today.

This reputable insurance company is licensed by NAICOM to transact only non-life insurance businesses. Hence the term, “General” in their name. Their products are capsuled in three distinct forms:

  1. Corporate insurance
  2. Personal insurance
  3. Travel insurance

Nevertheless, these packets have many other insurance products and services in them, designed to meet the needs of their clients. Some of them are marine, householder, auto insurance and so on. The company is governed by a board of directors led by Jim Ovia.

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12. Sterling Assurance Nigeria LTD

Another top-rated insurance company in Nigeria is the Sterling Assurance Nigeria LTD. According to previous reviews by their customers, the company has an average rating of 4.2 out of 5.

The company was incorporated in 1990 and licensed by NAICOM to offer products in general insurance businesses. It currently has an authorized share capital of N5 billion with N3.81 billion being the shareholders’ fund.

The risk management services provided by Sterling Assurance Nigeria LTD is captured under the following products:

  1. Motor Insurance.
  2. Fire and special perils.
  3. Burglary and Housebreaking.
  4. Marine insurance.
  5. Money insurance.
  6. Public liability insurance.

The company also has other products like group/personal accidents, professional indemnity, goods in transit, and household policy. Sterling Assurance Nigeria buttresses its security on reinsurance companies like AON, General Insurance Corporation India, and other reputable ones.

13. FBN Insurance

The company is a limited liability insurance company licensed to transact general insurance businesses. Thus, they offer risk coverage to both individuals and corporate clients.

FBN General Insurance is a member of the Sanlam Group, a South African conglomerate. It incorporated in 2010 and since then, the company has been in operation scaling from low to high.

After the 2019 fiscal year, FBN Insurance was recorded as the fastest growing general insurance company in Nigeria in terms of written gross premium. They scaled up to 44% compound annual growth rate (CAGR).

Meanwhile, they have the following products in their portfolio:

  1. Auto insurance.
  2. Burglary insurance.
  3. Professional indemnity.
  4. Fire and special perils.
  5. Goods in a transit plan.
  6. Householder insurance plan.
  7. Marine cargo insurance.
  8. Personal accident plan.
  9. FlexiHome.
  10. FlexiGuard.

14. Law Union and Rock Insurance

This is one of the oldest underwriters in Nigeria as it has operated since 1951. Thus, it belongs to the category referred to as the first generation insurance companies. Law Union and Rock Insurance got incorporated in 1969 and fully became an indigenous company.

It was re-certified by NAICOM to operate as a general insurance business underwriter. Therefore, both individuals and corporate clients are captured under their lengths of business. Presently, the company has over N8 billion in assets and over N4 billion Shareholders’ Fund.

The services offered by this reputable insurance company is captured under the following:

  1. Marine insurance.
  2. Renters and owners.
  3. Third-party insurance.
  4. Auto insurance.
  5. Travel insurance.
  6. Oil and Gas insurance.
  7. Money insurance.
  8. Burglary insurance.
  9. Goods in transit.
  10. Bond insurance.
  11. Fire insurance.
  12. Construction insurance.

15. Mutual Benefits Assurance Plc

The last but definitely not the least on this list of the top insurance companies in Nigeria is Mutual Benefits Assurance Plc. The insurer and risk management company was founded in 1985 but incorporated in 1995.

Mutual Benefits Assurance offers both life and general insurance packages. They work through their other subsidiaries like Mutual Benefits Life Assurance Ltd and Mutual Benefits Microfinance Bank Ltd.

Under their general insurance products, they offer:

  1. Burglary insurance.
  2. Fire and special perils.
  3. Travel health insurance.
  4. Motor vehicle insurance among others.

The company also offer the following under their life insurance packet:

  1. Anticipated endowment plan
  2. Whole Children’sildren education plan.
  3. Personal pension and investment plan.
  4. Mutual individual savings and protection and so on.

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