Top 10 Insurance Companies In Nigeria 2021/2022 [Ranked!]

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Which insurance companies are the best in Nigeria right now? We’ve compiled a list of the top ten in this article.

The majority of insurance businesses in Nigeria are controlled by a few large players.

Despite the fact that these companies insure a wide range of policies, each has its own quirks.

To help you choose the best insurance company for your situation, we created a list of Nigeria’s top 10 insurance companies and what makes each of them unique.

We also wrote an article about the best fintech companies in Nigeria, which you should check out.

Insurance firms play an important role in the Nigerian economy, hedging risks and covering accident costs.

These organizations operate in the fields of life insurance, property and casualty insurance, business and commercial insurance, and reinsurance, and can be found in almost every state.

Insurance companies, on the other hand, are still and will continue to be a vital part of every country’s economy.

Nigeria is such a great place for an insurer to do business that they can really put their money to work expanding internationally and conquering new markets.

List of Top 10 Insurance Companies In Nigeria 2021/2022

Leadway Assurance

 AIICO Insurance

Custodian Insurance

Axa Mansard Plc

Consolidated Hallmark Company

NEM Insurance

Industrial and General Insurance Plc

Mutual Benefit Assurance

Cornerstone Insurance Plc

African Alliance Insurance Plc Rank Name

1. The Leadway Assurance Company is a company that provides assurance to its clients.
Nigeria’s leading insurance firm, Leadway-Assurance.
LEADWAY has established itself as Nigeria’s best insurance company, with a reputation for efficiency and dependability in customer service.

They provide their clients with cost-effective financial solutions by leveraging our unique capabilities and skills to provide insurance as a risk management tool.

To ensure risk-taking, their exceptional claims settlement capabilities, as well as their strong financial reputation, are put behind their diverse customers.

Personal insurance, commercial insurance, and asset management are the three types of insurance services offered to customers.

Personal insurance is all about protecting you and the people and things you care about.

Their personal insurance policies are designed to ensure that happiness is never a problem.

Among these items are:

Home Flexa, LHappy, LBoss, Travel Insurance, and other general insurance products are available.
Term assurance, education protection plan, mortgage protection, and other policies are available from Life and Health Insurance.
Deferred Annuity, Personal Savings Plan, and other savings and investment options are available.
Leadway Personal Annuity Plan and Deferred Annuity Plan Premium Finance are two examples of annuities and pensions.
2. AIICO Insurance Company
Insurance by AIICO
AIICO Insurance Plc (NSE Ticker: “AIICO”) was founded in 1963 and is a Nigerian insurance, pension, and asset management company.

As a tier-one insurance company, AIICO’s mission is to be Nigeria’s premier insurance company and the insurer of choice.

They work with businesses, financial institutions, governments, and individuals to provide life insurance, retirement services, and risk underwriting to a large and diverse client base.

AIICO is one of the best insurance companies in Nigeria because it possesses strong financial and strategic assets.

A controlling interest in Multishield Limited and a 19% stake in Healthcare International Limited (both HMOs), as well as AIICO Capital Limited, are among the assets.

As a result, the company dominates the following core business lines:

Annuity and life insurance
Insurance for both general and unique risks
Managing a pension
Asset management and medical insurance
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Custodian Insurance Plc is the third largest insurer in the United Kingdom.
Custodian insurance company
Custodian Investment Plc. is a holding company with a number of businesses and brands under its umbrella.

Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees, and Crusader Sterling Pensions Limited are just a few of the firms that excel at what they do.

As one of the best insurance companies in Nigeria, they provide products such as general insurance and life assurance.

Savings and investments, endowment policies, protection, and annuities are among the general insurance products available, while savings and investments, endowment policies, protection, and annuities are among the life assurance products available.

With assets under management (AUM) in excess of NGN 300 billion (roughly $1 billion), the company currently ranks among Nigeria’s leading companies in the Other Financial Services Sector.

AXA Mansard Insurance Plc is the fourth largest insurer in the United Kingdom.
AXA Mansard is a company that provides insurance to individuals and businesses.
AXA Mansard Insurance plc is part of the AXA Group, which is the world’s largest insurer and asset manager, with 166,000 employees serving 107 million clients in 64 countries.

The company is made up of a collection of small businesses that operate under the laws and regulations of various countries.

Individuals and institutions across Nigeria can purchase life and non-life insurance products from the company.

Through its three subsidiaries, AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited, they provide asset/investment management services, medical insurance solutions, and pension fund administration.

The company was listed on the Nigerian Stock Exchange in November 2009 and has a market capitalization of over N28 billion, making it the largest insurance company on the market.

A.M. Best has given AXA Mansard Insurance plc a financial strength rating of B. The following are some of their services:

Insurance coverage for automobiles
Life insurance is a type of protection against the unexpected
Investments and saving
Annuities on Life Insurance
5. Hallmark Insurance Consolidated

Consolidated Hallmark Insurance Plc arose from a merger in 2007 to become one of Nigeria’s top ten general business and special risk insurance underwriters.

In the last ten years, the company has taken the lead in underwriting key transactions in aviation, oil and gas, marine cargo and hull business, and motor insurance.

We’ve made significant investments in people, technology, and processes as part of our commitment to better serve you.

They are the second insurance company in Nigeria to be awarded the prestigious ISO 9001:2015 certification.

Awarded for their dedication to quality and adherence to international service delivery standards.

Their desire to expand has resulted in a 130% increase in assets from $4.655 billion in 2007 to $10.82 billion in the 2018 fiscal year.

Among the company’s insurance services are:

Insurance for All Risks
Contractors-All-Risk Machinery Breakdown Insurance Burglary Insurance Goods-in-Transit Insurance Home Insurance Motor 3rd Party Motor Comprehensive Personal Accident Travel Insurance Aviation Bonds Insurance Consequential Loss
Insurance for boats and ships
Plant-All-Risk Insurance
Indemnity for Professionals
Many of the company’s products, such as Travel Insurance and Professional Indemnity, are not available anywhere else.

As a result, they are now one of Nigeria’s top ten insurance firms.

NEM Insurance Plc is the sixth largest insurance company in the United Kingdom.
Through the agency of Edward Turner & Co., the Nem insurance company NEM INSURANCE PLC began insurance business in Nigeria in 1948.

In 1965, it was established as a Nigerian branch of the London-based NEM General Insurance Association Limited.

Following the Federal Government of Nigeria’s privatization in 1989, the company was incorporated in 1970 as a Nigerian company in accordance with the Companies Decree of 1968.

NEM was a life and non-life insurance company. Following a recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to conduct all types of general insurance business.

The following are some of their services:

Insurance for boats and ships
Insurance for aircraft and gas
Bonds and engineering
insurance for automobiles
The insurance company offers Goods-In-Transit E-Insurance, a one-of-a-kind product. In Nigeria, this type of insurance is unavailable.
Industrial and General Insurance Plc (IGI) is a company that provides insurance to businesses and individuals
IGI insurance is a type of insurance that provides coverage for
Industrial and General Insurance Plc (IGI) began operations in 1992 as a composite insurer, specializing in Life and General Insurance, as well as Pensions and Special Risks.

The company is known for its exceptional competence, which is backed by a strong capital base, top-tier professionals, and cutting-edge technology.

Individual and corporate clients seeking premium insurance and related financial services regard them as one of the most preferred insurers.

They are one of Nigeria’s leading insurance companies, investing in and deploying cutting-edge technology.

This is done in order to stay ahead of the competition in terms of response time and the delivery of first-rate services tailored to our clients’ specific needs.

To ensure smooth operations and processes, the IGI website is designed to allow for online quotation and payment, policy administration, policy queries, and broker portfolio management.

IGI’s product and service offerings include the following types and categories:

Products that help people live longer
All-Risk General Business Agriculture Aviation Engineering/Contractors
Energy from the Sea
Top insurance companies in Nigeria: 8. Mutual Benefit Assurance
Through investments, strategic alliances, and partnerships, Mutual Benefits Assurance Plc (MUTUAL) has grown into a conglomerate with diverse interests in various sectors of the Nigerian economy.

With over 3,000 employees and marketing executives, MUTUAL is now a leading brand in the Nigerian insurance industry.

Services provided by the company include:

Insurance for the Common Man
Life insurance is a type of protection against the unexpected
Insurance against fire and theft.
Accident on the Job

insurance for automobiles
Insuring your trip
Insurance for health
Investment Plan for the Expected Endownment

Individual Savings and Protection Plan for Children’s Education
Investment and Pension Plan for Individuals
Plan to Ensure School Fees
9. Cornerstone Insurance Plc is a company that provides insurance to individuals.
Insurance firm that stands out
Cornerstone Insurance Plc began as a private limited liability company on July 26, 1991, and later changed its name to a public limited liability company in 1997, when it began trading on the Nigerian Stock Exchange.

The National Insurance Commission (NAICOM) has licensed and re-certified the company to conduct general and life insurance business.

The following are the various types of insurance:

All Risks, Asset Protection, Third Party Liability, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, and Takaful
As of December 2018, the company’s Authorized Share Capital and Market Capitalization were N7.5 billion and N5 billion, respectively, with Shareholders’ Funds at N7.49 billion.

The company’s total assets exceed N24.1 billion, making it one of Nigeria’s most dependable insurance firms.

African Alliance Insurance is number 10 on the list.
African Alliance Insurance Plc is regarded as Nigeria’s most experienced and powerful Specialist Life Assurance Office.

Thousands of people benefit from the company’s customized insurance policies, which are tailored to each stage of life.

The Shareholders’ Fund at African Alliance Insurance Plc has grown to N3.6 billion.

Their projected Gross Premium Income and Asset Base, respectively, are N13.42 billion and N41.35 billion (audited data as of December 31, 2016), demonstrating the company’s strength, history, and clients’ trust.

They offer a wide range of financial and insurance services, including:

Insure

Plans for Annuity
Mortgage Protection Plan Invest Children’s Education Plan

Plan Alliance Plus Investment
Money Appreciation Investment Plan
Education Plan for Smart Kids
Al-ISTIDAD PLAN Esusu Takaful
Al-Ilmu Plan Al-Nasir Plan Al-Ilmu Plan Al-Ilmu Plan Al-Ilmu Plan Al
The Plan of Arafat
Daynu Naatiajatu
Surur Baytu Baytu Baytu Baytu Baytu Bayt
Investment Plan for Mudharabah
Nigeria’s Leading Insurance Firms
Purchasing insurance is a significant investment that is typically made over a long period of time.

As a result, making well-informed decisions based on extensive research is critical. Keep in mind that your best option is determined by your financial situation, needs, and expectations.

We’ve compiled this list because there are so many different types of policies and companies that offer them.

Here’s a rundown of Nigeria’s most well-known insurance firms:

Company called Leadway Assurance
Custodian Insurance Plc AIICO Insurance Company AIICO Insurance Company AIICO Insurance Company AIICO Insurance Company AIICO Insurance Company AIICO Insurance Company
AXA Mansard Insurance Plc Consolidated Hallmark Insurance
NEM Insurance Plc Industrial and General Insurance Plc (IGI) Mutual Benefit Assurance
African Alliance Insurance is a subsidiary of Cornerstone Insurance Plc, which is based in the United Kingdom.
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Loss of Importance

Contractors-All-Risk

Defective Equipment

Insurance for boats and ships

Money Insurance

Plant-All-Risk

Indemnity for Professionals

Many of the company’s products, such as Travel Insurance and Professional Indemnity, are not available anywhere else.

As a result, they are now one of Nigeria’s top ten insurance firms.

NEM Insurance Plc is the sixth largest insurance company in the United Kingdom.

Nem insurance company

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.

In 1965, it was established as a Nigerian branch of the London-based NEM General Insurance Association Limited.

Following the Federal Government of Nigeria’s privatization in 1989, the company was incorporated in 1970 as a Nigerian company in accordance with the Companies Decree of 1968.

NEM was a life and non-life insurance company. Following a recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to conduct all types of general insurance business.

The following are some of their services:

Insurance for boats and ships

Insurance for aircraft and gas

Bonds and engineering

insurance for automobiles

Goods-In-Transit

E-Insurance which is a unique product offered by the insurance company. In Nigeria, this type of insurance is unavailable.

Industrial and General Insurance Plc (IGI) is a company that provides insurance to businesses and individuals

IGI insurance is a type of insurance that provides coverage for

Industrial and General Insurance Plc (IGI) began operations in 1992 as a composite insurer, specializing in Life and General Insurance, as well as Pensions and Special Risks.

The company is known for its exceptional competence, which is backed by a strong capital base, top-tier professionals, and cutting-edge technology.

Individual and corporate clients seeking premium insurance and related financial services regard them as one of the most preferred insurers.

They are one of Nigeria’s leading insurance companies, investing in and deploying cutting-edge technology.

This is done in order to stay ahead of the competition in terms of response time and the delivery of first-rate services tailored to our clients’ specific needs.

To ensure smooth operations and processes, the IGI website is designed to allow for online quotation and payment, policy administration, policy queries, and broker portfolio management.

IGI’s product and service offerings include the following types and categories:

Products that help people live longer

Agriculture

Aviation

Engineering/Contractors-All-Risk

General business

Marine

Oil and Energy

8. Mutual Benefit Assurance

top insurance companies in Nigeria

Through investments, strategic alliances, and partnerships, Mutual Benefits Assurance Plc (MUTUAL) has grown into a conglomerate with diverse interests in various sectors of the Nigerian economy.

With over 3,000 employees and marketing executives, MUTUAL is now a leading brand in the Nigerian insurance industry.

Services provided by the company include:

Insurance for the Common Man

Life insurance is a type of protection against the unexpected

Insurance against fire and theft.

Accident on the Job

insurance for automobiles

Insuring your trip

Insurance for health

Anticipated Endownment Plan

Investment Plan

Children Education Plan

Mutual Individual Savings and Protection Plan

Investment and Pension Plan for Individuals

Plan to Ensure School Fees

9. Cornerstone Insurance Plc

Insurance firm that stands out

Cornerstone Insurance Plc began as a private limited liability company on July 26, 1991, and later changed its name to a public limited liability company in 1997, when it began trading on the Nigerian Stock Exchange.

The National Insurance Commission (NAICOM) has licensed and re-certified the company to conduct general and life insurance business.

The following are the various types of insurance:

Motor Vehicle,

Aviation,

Marine,

Engineering All Risks,

Asset Protection,

Liability to Third Party,

Oil & Gas,

Group Life,

Credit Life,

Mortgage Protection,

Term Assurance,

Wealth Creation Products and

Takaful (Islamic Insurance)

As of December 2018, the company’s Authorized Share Capital and Market Capitalization were N7.5 billion and N5 billion, respectively, with Shareholders’ Funds at N7.49 billion.

The company’s total assets exceed N24.1 billion, making it one of Nigeria’s most dependable insurance firms.

African Alliance Insurance is number 10 on the list.

African insurance company

African Alliance Insurance Plc is widely recognized as the most experienced and strongest Specialist Life Assurance Office in Nigeria.

Thousands of people benefit from the company’s customized insurance policies, which are tailored to each stage of life.

The Shareholders’ Fund at African Alliance Insurance Plc has grown to N3.6 billion.

Their projected Gross Premium Income and Asset Base, respectively, are N13.42 billion and N41.35 billion (audited data as of December 31, 2016), demonstrating the company’s strength, history, and clients’ trust.

 

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