[Latest] Top 17 Best Insurance Companies In Nigeria

cropped Oasdom top 14 best list of insurance companies in Nigeria
cropped Oasdom top 14 best list of insurance companies in Nigeria

This is an UPDATED POST about the top reliable insurance companies in Nigeria, their services, insurance policies, and contact details.

Insurance companies just like financial markets, financial instruments and financial services, are a major component of the Financial  system.

Also, insurance companies are referred to as Non-banking financial companies or NBFCs. They are financial institutions that provide banking services, but do not hold a banking license.


These institutions are not allowed to take deposits from the public. Nonetheless, all operations of these institutions are still covered under banking regulations.

Also, they do offer all sorts of banking services such as loan and credit facilities, retirement planning, money markets, underwriting, and merger activities.

Did you know that there are more than enough insurance companies in Nigeria? Yes, that makes it hard to know which ones are the best for you.

In this article, I’m going to share with you:

  • What insurance companies
  • Key insurance terms
  • Types of insurance
  • The top list of the top best insurance companies in Nigeria and;
  • Functions of insurance companies.
  • Meaning and types of life insurance services offered by these companies and more.

We all believe that life is good, yes life is good but sometimes it takes its face against each and every one of us isn’t it?

What will you do? Learning how to deal with it is the trick.

One of the ways to deal with life is getting help through Insurance companies, as this can also help you cope with life anxiety. But what is insurance?


What Is Insurance In Nigeria?

If you’re asked what is Insurance in Nigeria, Insurance is a way of reducing your potential financial loss or hardship.

It can help cover the cost of unexpected events such as theft, illness or property and it can even provide families with a financial payment upon someone death.

What is insurance in Nigeria


All you need to do is just to pay a fee called a Premium, and in exchange, the insurance company agrees to pay you a certain amount of money if the event you are insuring against is covered and happens during the term of the policy.

We have various insurance companies in Nigeria today but it will be advisable that you know more about the top insurance companies before buying insurance.

Let’s consider some basic insurance terms that you may encounter as you look into my list of best insurance companies in Nigeria, soon to be listed below.

Agent: Someone who represents one insurance company and sells its insurance products.

Broker: Person or company who sells the insurance products of several different insurance companies

Coverage: Amount of protection you have purchased.

Claim: Official notice you provide to your insurer requesting to be paid for a loss of event covered by your insurance policy.

Insured: Person(s) protected by the insurance policy.

Insurer: Insurance Company that issues the insurance policy

Policy: Legal contract between you and the insurer

Insurance companies in Nigeria consist of different types of insurance which include:

  • Life insurance
  • Health insurance
  • Business insurance
  • Property and casualty (General) insurance
  • Auto insurance.

Also Read: Best 19 quick online loans in Nigeria

List of Top 10 Insurance Companies In Nigeria

Yes, I promised you a list of 17 insurance companies in Nigeria and you’ll get it, but first, check out the top 10 insurance companies below.

Talk about Pension, Gratuity or gratitude, these insurance coys have plans for that and all are licensed and certified by the National Insurance Commission.

1. AIICO Insurance Nigeria Plc

AIICO, one of the best insurance companies in Nigeria

AIICO known as the American International Insurance Company is an Agency Office of American Life insurance company that commenced operation in 1963.

Their aim is to offer life assurance and annuity, general insurance, health insurance, pension management, property insurance, E-insurance, Education plan, Mortgage protection plans, Term assurance and so on.

It is one of the biggest insurance companies in Nigeria that provides quality products to their customers.

AIICO Insurance Policies

  • corporate saving plan
  • Income investment plan
  • Education investment plan
  • Three payment plan
  • Electronics equipment policy plan
  • Term assurance plan
  • Travel insurance plan
  • Flexible endowment plan
AIICO Head office address: Plot PC 12, Church Gate Street, Victoria Island, Lagos.
AIICO Website: http://www.aiicoplc.com
AIICO Phone: 01 279 2930

2. AXA Mansard Insurance plc

mansard insurance company gt bank

Guaranty Trust Assurance Plc is also rated as one of my best insurance companies in Nigeria.

Their foundation is based on trust. Some of the products they offer include Auto insurance which includes; Autoflex plan, Auto Go, Auto Classsic and others.

They also have easy care health plan, money market fund, equity income fund, general business and tourism protection, retirement plan inclusive.

MANSARD Insurance Policies

  • Autoflex plan
  • Easy care plan
  • Auto classic plan
  • Money market plan
  • Equity income plan
  • Life savings plan
  • General ( business/ tourism) protection plan
  • Student protection plan
  • Instant plan
  • Health plan
  • Retirement savings plan
Location is at 928A Aboyade Cole Street, Victoria Island, Lagos. 
You can also visit their website via https://www.axamansard.com/
Phone: 08150490199

Also Read: Top 10 leading web hosting sites in Nigeria

3. Leadway Assurance Company Limited

Leadway assurance - top insurance companies in Nigeria

In 1970, an insurance company which also provides integrated insurance and financial services to customers was founded by sir (Dr) Hassan Olusola Odukale.

Leadway started operation in 1971. The leadway assurance management team are simply the best in the industry.

Leadway Assurance Products:

  • General insurance
  • Life and Health Insurance
  • Savings and Investment Plan
  • Annuities and Pensions
  • Premium Finance
  • Leadway BOSS
  • Marine Insurance
  • Surety-ship, Agric Insurance
  • Motor Insurance
  • Property Insurance
  • Marine Insurance and finally;
  • Accident Insurance.

The contact address of lead way assurance

Leadway is located at 121/123 Funso Williams Avenue Iponri, Lagos. 
Visit leadway website for more information on http://www.leadway.com
Phone: 01-2700700

4. Mutual Benefits Assurance Plc

mutual benefit insurance company

Another insurance company that started operation on 18th April 1995 is Mutual Benefits Assurance Plc.

Mutual benefits life assurance products include pure life insurance, investment-linked schemes like children education plans and pure investment.

Others insurance products of mutual benefits assurance plc include motor, marine, fire & perils, travel e.t.c.

mutual benefit assurance head office address: Aret Adams House, 233 Ikorodu Road,
Ilupeju, Victoria Island Lagos.
Website: http://www.mbaplc.com
Phone: 09054644444, 09054744444

5. Cornerstone Insurance PLC

cornerstone insurance company

cornerstone insurance plc was incorporated on 26th July 1991 with registration number RC163170.

The company is licensed and re-certified by the National Insurance Commission (NAICOM) to offer both general and life insurance.

Cornerstone insurance plc management team is another one that we can boast of with excellent service delivery.

This insurance company in Nigeria has received many awards based on the level of professionalism.

cornerstone insurance plc products include Motor insurance, Travel insurance, Home insurance, Life insurance, Annuity, Goods in transit, Combined fire and burglary, Marine Insurance, Mymoto shield, Gadget Inspector Plan, Drone Insurance.

CORNERSTONE Insurance Policies

  • Motor insurance plan
  • Travel insurance plan
  • Halal takeful plan
  • School fee guarantee plan
  • Investment plan
  • Home insurance plan
  • Life insurance plan
  • Annuity plan
  • Goods in transit plan
  • Marine insurance plan
  • Gadget protection plan
Cornerstone insurance plc head office address: Water Corporation Drive off 
Ligali Ayorinde Street, Victoria Island, Lagos. 
Their website: https//:www.cornerstone.com.ng
Phone: 0810 6000 800

6. Industrial and General Insurance Plc (igi)

Industrial and general insurance plc nigeria

Industrial and General insurance company was first incorporated as a private limited liability insurance company in Nigeria, on 31st October 1991 and in 2007.

It was later re-registered as public limited liability. It started operating as a composite insurance company i.e life insurance and general which includes pensions, special risks in January 1992.

Products include; Motor Insurance, Life products, Engineering/contractor risk, Marine, Travel and Health insurance, Fire Insurance, Aviation, Oil and energy and so on.

industrial and general insurance has subsidiaries and below is their contact and office address.

Industrial And General  Individual Life Policies

  • Group Life Products plan
  • Aviation Insurance plan
  • Engineering Insurance plan
  • General Business Insurance plan
  •  Health Insurance Plan
  • Marine Insurance plan
  • Oil & Energy Insurance plan
Igi office in Lagos: No 2, Agoro odiyan street, off  Adeola Odeku street 
Victoria Island Lagos state. 
Please visit their website for more information via http://www.iginigeria.com 

7. Custodian and Allied Insurance Plc

custodian and allied insurance plc

It is one of the capitalized insurance companies in Nigeria. The company started operation on the 13th of August, 1997 and they provide both life and general insurance.

Their insurance products include; auto insurance, health, travel, home shield, personal accident and wealth management

This insurance company ensures its customers have access to an independent dispute resolution system if you need to file a complaint.

CUSTODIAN AND ALLIED Insurance policies

  • Investment plus plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan
Their address is at 16A, commercial Avenue Sabo,Yaba, Lagos. 
custodian insurance portal online for more info: http:// www.custodianplc.com.ng
Phone: 01 277 4000

Also Read: All you need to know about the Nigeria Stock Exchange

8. NEM Insurance Plc

nem insurance plc

Another insurance company in Nigeria is NEM Insurance Plc. This insurance company commenced operation in 1948 through the agency of Edward Turner and CO.

This insurance company offers general insurance e.g. Travel insurance, fire insurance, motor insurance and many more.

nem insurance Lagos Office address: 199 Ikorodu Rd, Obanikoro Lagos state 
and you can also visit their website at www.nem-insurance.com.

9. Consolidated Hallmark Insurance Plc

consolidated hallmark insurance plc

Consolidate Hallmark Insurance is also one of the leading insurance companies in Nigeria.

This company offers personal insurance to help protect individuals from potential losses e.g motor insurance, gadget insurance, home insurance, business insurance.

This Nigerian insurance company has highly competent staffs and also has sufficient funds to fulfill the gratuity needs of their employees at the right time

Address: No 266, Moshood Abiola Way, Obanikoro, Lagos state. 
you can also visit their website for more information via chiplc.com

10. Prestige Insurance Ltd

prestige insurance ltd

Prestige Insurance Ltd was founded in 1988. It is an insurance company in Nigeria that offers insurance and reinsurance.

Their services include auto, business, home, life and provision of risks identification management, claim advisory/management and many more.

Their excellent provision of service to customers makes this insurance company to be elected as the insurance broker of the year.

They're located at 19, Ligali Ayorinde Street Victoria Island, Marina Lagos. 
Visit their website for information: http://www.prestigeassuranceplc.com

Up above you have my list of top ten insurance companies in the game. Here’s more below:

Yes, here are other names of insurance companies in Nigeria with reasonable insurance packages.

Also Read: Top ten motor transport companies in Nigeria

11. Linkage Assurance Plc

linkage assurance plc for insurance

Also on my list of insurance companies in Nigeria is Linkage Assurance Plc. It was incorporated on 26th March 1991 and it was issued a license on 7th October 1993.

The company also renders quality service to customers and that’s why it has made my list of best insurance companies in Nigeria.

They provide online insurance, car and all of the automobile  insurance, shop comprehensive plan, SME comprehensive plan, engineering insurance and so on.

Linkage Assurance Plc is located at Linkage plaza plot 94Block 20 lekki Epe,
Express way Victoria Island Lagos. 
Visit their website for more information via http://www.linkageassurance.com

12. African Alliance Insurance plc

 african alliance insurance plc

Here is another one of the top 10 insurance companies in Nigeria – African Alliance insurance limited. They started operation on May 6th, 1960.

They provide life insurance and pension businesses and they operate a network of 18 branch offices managed by a competent team.

African alliance insurance plc products include; Financial security, Investment plan, Takaful, Children education plan and so on.

This company is well known for prompt claims settlement.

African Alliance Insurance Policies

  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan
  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan
They have their Head Office Address at 112 Broad street, Lagos island, Lagos 
You can visit africanallianceplc.com for more details.

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13. Lasaco Assurance Plc

Lasaco insurance plc

Lasaco Assurance Plc an insurance company in Nigeria was granted the license as an insurer on 7th July 1980 and the company commenced operation on 1st of Aug 1980.

They provide general insurance and life insurance with oil and gas insurance inclusive.

LASACO Insurance Policies

  • Motor insurance plan
  • Aviation insurance plan
  • Marine insurance plan
  • Professional indemnity plan
  • Fire and Special insurance plan
  • Personal accident plan
  • Householder’s Insurance plan
  • Bond insurance plan
  • Money insurance
Lasaco Assurance Plc address is at Plot 16, Acme Road Ogba, Ikeja, Lagos, Nigeria. 
You can visit their website via www.lasacoassurance.com

14. Gold Link Insurance PLC

Goldlink insurance plc

Gold link Insurance PLC is another insurance company in Nigeria that started operation on 8th of September 1993.

They provide various types of insurance which include general insurance, life, pension, and special risk insurance.

Goldlink Insurance Policies

  • Compulsory Insurance plan
  • Engineering Policies plan
  • General Accident plan
  • Group Life Insurance plan
  • Individual Life Insurance plan
  • Liability Policies plan
  • Marine & Aviation plan
  • Motor Insurance plan
  • Oil & Gas plan
  • Re-Insurance plan
  • School Safety plan
Address: Gold link plaza 6 Emmanuel Street Onigbongbo Maryland, Marina Lagos.
Website: http://www.goldlinkplc.com

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15. International Energy Insurance Company Limited

 international energy top insurance companies in Nigeria

International Energy Insurance Company Limited (IEI) also made my list of best insurance companies in Nigeria. They started operation on 26th March 1969.

The insurance company provides general insurance to customers.

They are located at Plot 294, Jide Oki street, off Ligali Ayorinde street
Victoria Island Lagos.
Website: http://www.ieiplcng.com

16. Continental Reinsurance

insurance companies in Nigeria - continental reinsurance

It was founded in 1987 and it was converted to a Public Limited Company in 1999.

This company issues both life and non-life insurance policies and they have established a high reputation for themselves.

Continental Policies

  • Insurance plan
  • Auto Insurance plan
  • Pet Insurance plan
  • Home Insurance plan
  • Business Insurance plan
They are located at St. Nicholas House 6, Catholic Mission street, Lagos state. 
You can also visit their website via http://www.continental-re.com

Also Read: All you need to know about the Securities Exchange Commission

17. Royal Exchange General Insurance Company Limited

Royal exchange general insurance company in Nigeria

Next on the list of top insurance company in Nigeria is Royal Exchange General Insurance Ltd. It was founded in 1918.

Their subsidiaries included general insurance, prudential life, finance and asset management, health care, and micro-finance.

This company issues both life and non-life insurance policies and they have established a high reputation for themselves.

They are located New Africa House, 31 Marina, Lagos 
Contact Phone: +234 -1- 4606690 - 9
Email: info@royalexchangeplc.com‎ 
You can also visit their website via http://www.royalexchangeplc.com

Functions of Insurance Companies In Nigeria

the functions of insurance companies in Nigeria

Insurance companies are companies that provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

So, insurance is a pool of risk which a wise trader makes against future occurrence. The premium paid by insurer is always invested by insurance companies.

The functions of insurance is broadly divided in to three parts:

  • Primary functions
  • Secondary functions
  • Other functions

Let’s break it down:

Primary Functions

Providing Protection: The elementary purpose of insurance is to allow security against future risk, accidents and uncertainty.

Insurance cannot arrest the risk from taking place, but  can for sure allow for the losses arising with the risk. It is indeed a protective cover against economic loss by apportioning the risk with others.

Collective Risk Bearing: Insurance is an instrument to share the financial loss. It is a medium through which few losses are divided among larger number of people.

All the insured add the premiums towards a fund and out of which the persons facing a specific risk is paid.

Evaluating Risk: Insurance fixes he likely volume of risk by assessing diverse factors that give rise to risk. Risk is the basis for ascertaining the premium rate as well.

Provision of Certainty: Insurance is a device, which assist in changing uncertainty to certainty.

Secondary Functions of Insurance

Preventing Loss: Insurance warns individuals and businessmen to embrace appropriate device to prevent unfortunate aftermaths of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc.

Covering Larger Risks with Small Capital: Insurance assuages the businessmen from security investments. This is done by paying small amount of premium against larger risks and dubiety.

Help in Developing Larger Industries: Insurance provides an opportunity to develop to those larger industries which have more risks in their setting up.

Other Functions

Insurance is a savings and investment tools as it restricts unnecessary expenses by the insured. Also to take the benefits of income tax exemptions, people take up insurance as a good investment option.

Insurance is also a medium of foreign exchange. Being an international business, an country can earn foreign exchange by way of issue of marine insurance policies and many other ways.

Risk Free Trade: Insurance boosts exports insurance, making foreign trade risk free with the help of different types of policies under marine insurance cover.

Insurance provides indemnity or reimbursement in the event of an unanticipated loss or disaster.

Quick Note on Rating and What Life Insurance Companies In Nigeria Are All About

According to Investopedia, Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

The insurance company promises a death benefit in consideration of the payment of premium by the insured. But why would you need to optin for life insurance?

  • The major reason is to ease the financial burden on dependents (spouse, parents, children).
  • It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a cash if you die during the policy term and this could be used to help pay off these debts.

life insurance companies in nigeria

Also Read: How to get out of debts in 7 actionable steps

Breakdown of Life Insurance

There are four primary players, or roles, in a life insurance policy. These roles belong to the insurer, the owner, the insured and the beneficiary.

  • The insurer is the insurance company, responsible for paying out claims in the case of a death.
  • The owner of the policy is responsible for premium payments to the insurance company.
  • The insured is the person upon whose life the policy is based.
  • The beneficiary is the person, trust or other entity due to receive the life insurance claim—or death benefit—in the case of the insured’s passing.

Types of Life Insurance Offered by Insurance companies

  • Life insurance: Is designed to pay out your chosen cash sum if you die during the length of the policy. It could be used to help protect the family’s lifestyle and everyday living expenses or help pay towards an interest-only mortgage.
  • Decreasing Life Insurance:  Is designed to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.  Meaning your loved ones could continue to live in the family home without worrying about the mortgage.

You may want to check that the length of the policy is long enough to cover the duration of your mortgage term.

If you have Decreasing Life insurance you must also check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.

Critical illness cover can be added at an additional cost when taking out life insurance.

It could pay out your chosen amount of cover if you’re diagnosed with one of our specified illnesses during the length of your policy.

Now that you understand what life insurance means, let’s continue with my list of insurance companies in Nigeria.

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Summary Notes on Best Insurance Companies in Nigeria

That’s all on the top 17 best insurance companies in Nigeria.

It goes without saying that before accepting an insurance company recommended to you by an agent or broker, you need to contact the insurance regulator in your territory to confirm that the insurance company is licensed to do business.

If you’re going to be choosing yourself, be certain about the integrity and reliability of any insurance company and policies involved before you opt-in.

Did you find this post to be helpful? Please give it a like and share and don’t forget to drop your comment.



  1. What is the bases for this rating please? I am surprised that Leadway is rather 3rd on the list.

  2. Royal Exchange Plc is the first insurance company in Nigeria, (1921) Why are they not on this list?

  3. There is one insurance company that is omitted from the list of the top 10 insurance company listed above, WAPIC INSURANCE Plc, what happen?

  4. My experience with an Agent of Mutual Benefit Insurance in Akure, Ondo State, was not a pleasant one. There were documents I needed to sign to finalized the deal. I didnot sign the documents to commence the policy but this guy (Musa) went ahead to commence the policy without my consent.

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