Top 10 Insurance Companies in Nigeria (2023)
Insurance not only brings peace of mind but also provides some financial protection for unexpected accidents and other risks in life. There can be many reasons for insuring, including the desire to protect your family after your death or loss of earning power or to protect your home, car, or other assets in the event of theft or disaster.
An Insurance company is simply a company that provides insurance services.
The role of insurance companies
The role of insurance companies is to help their customers manage risk. Buying insurance with an insurance company is equivalent to transferring part of your financial risk to the insurance company. When you are not insured, you will have to bear the financial risk yourself.
After you purchase the insurance, you will become the insured or the beneficiary. You pay the insurance company an amount called “premium” as a price for asking the insurance company to take the risk for you. If you encounter an accident that falls within the scope of the contract, you can file a compensation claim.
Types of insurance
Insurance can be roughly divided into two categories: life insurance and general insurance. In the case of a life insurance contract, the insurance company will make a lump sum payment to the beneficiary after the death of the insured. Life insurance can also include other elements, such as savings.
The second type of insurance is general insurance. General insurance provides protection for losses other than death, such as personal injury or asset damage caused by an accident.
Incorporating insurance arrangements into your financial plan is very important for protecting yourself, your family and personal assets, as well as preventing various risks. That is why in this article, we provide you with our list of the top 10 insurance companies in Nigeria:
Top 10 Insurance Companies in Nigeria
Here are the top 10 insurance companies in Nigeria;
1. AIICO Insurance plc
AIICO is an abbreviation for “American International Insurance Company”, founded in 1963, as a subsidiary of American International Group (“AIG”). It was started to offer Life and general insurance services. AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. AIICO’s key business lines are in; Life assurance and annuity, General insurance and special risks, Health insurance and, Asset management.
AIICO offers the following:
- Auto Insurance
- Travel Plan
- Home Insurance
- Oil And Gas Plan
- Agric. Insurance
2. Leadway Assurance
Leadway Assurance Company Limited (‘LEADWAY’), founded in 1970, is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability. They offer General business insurance and Life and Pensions Insurance. They also offer Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management.
They have the following Insurance plans:
- Family Benefit plan
- Lead way saving plan
- Term assurance plan
- Money policy plan.
- Educational saving plan
- Personal saving plan
- Deferred annuity plan
3. Continental Reinsurance
Continental Reinsurance, which initially started as a private reinsurance company, was incorporated in Nigeria in 1985. Continental Reinsurance is a composite reinsurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base. They offer the following plans:
- Home Insurance plan
- Pet Insurance plan
- Insurance plan
- Auto Insurance plan
- Business Insurance plan
4. Lasaco Assurance Plc
Lasaco Assurance Plc (formerly known as Lagos State Assurance Company Limited) was incorporated on the 20th of December 1979 and became operational on the 1st of August 1980. Lasaco Assurance offers the following plans:
- Marine insurance plan
- Bond insurance plan
- Money insurance
- Professional indemnity insurance
- Fire and Special insurance plan
- Personal accident plan
- Householder’s Insurance plan
- Motor insurance plan
- Aviation insurance plan
5. AXA Mansard Insurance
AXA Mansard Insurance offers both Life and Non-Life insurance products and services. AXA Mansard Insurance is a member of the AXA Group, the worldwide known insurance, and asset management Group operational in 64 countries in Central and South America, the Middle East, and Africa. They offer the following:
- Asset/investment management services
- Health management services
- Pension fund administration
6. Custodian and Allied Insurance
Custodian and Allied Insurance, also known as CAIL, is a fully Nigerian-born insurance company. The purpose of this company is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
They offer the following plans:
- Investment plus plan
- Auto insurance plan
- Travel insurance plan
- Immediate annuity plan
- Tuition protection plan
- Capital plan
7. Goldlink Insurance plc
Goldlink Insurance Plc was incorporated on 15th April 1992 as a Private Limited Liability Company and granted a license to operate as a full-fledged insurance company on 8th September 1993.
Goldlink Insurance plc offers both Life and General Businesses Insurance, including Fire and Special Perils Insurance, Motor Insurance, Life & Pension Insurance, Oil & Gas Insurance, Travel Insurance, etc.
8. Industrial and General Insurance plc
Industrial and General Insurance plc was incorporated initially as a private limited liability company on 31 October 1991. It was then registered again as a public limited liability company in 2007. They meet the insurance needs of clients via precise processes and unique response time in diverse sectors, including banking, oil and energy, manufacturing, engineering, marine and aviation, as well as government establishments.
9. African Alliance Insurance plc
African Alliance Insurance plc, formerly African Alliance Insurance Limited, was incorporated on May 6, 1960, with the backing of Munich Reinsurance Company. They offer a creative combination of Protection (Term Assurance and Group Life), Savings, and Investments Products. They offer the following plans:
- Direct debit form plan
- Individual assurance plan
- Investment assurance plan
- Annuity assurance plan
- Group life assurance plan
- Esusu plan
10. Cornerstone Insurance plc
Cornerstone Insurance, a Public Limited Liability Company, was incorporated on 26th July 1991, as a Private Limited Liability Company. In 1997, it was quoted on the Nigerian stock exchange. The classes of Insurance business they undertake include the following: Motor Vehicle, Aviation, Marine, Engineering Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).
Cornerstone Insurance Plc. is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, and was adjudged the ‘Best use of Technology, Insurance Company, 2016, Nigerian Technology Awards.
Having known why you need to take out Insurance, and provided with the list of top 10 Insurance companies in Nigeria, you should conclude an insurance contract directly today for the sake of future unforeseen events especially.
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