Top 10 Best Insurance Companies In Nigeria (2024)

The top 10 best insurance companies in Nigeria as of this year 2024 are discussed in this article. In return for recurring payments from people or corporations (the insured), known as premiums, insurance companies in Nigeria, offer a range of policies that are intended to safeguard people and businesses against the danger of financial losses.

Simply put, insurance is something that individuals or organizations purchase to safeguard themselves from financial calamity. People who purchase insurance must pay a “premium,” which might be made on a monthly basis in exchange for a promise to exercise caution. In exchange, if something unfavourable occurs to the insured person, business, or item, the insurance provider will reimburse the insured after carefully estimating the chance of occurrence to establish an exact cost to reimburse the insured.

In order to protect themselves, their businesses, properties, and valuables against unforeseeable events that could financially devastate them, many Nigerians purchase insurance from some of the top best and most popular insurance companies in the country today, and so far, these insurance companies have consistently delivered. Insurance firms genuinely work to lessen the impact of any financial setback so that a person or organization has a safety net to fall back on and a foundation to build upon when the worst occurs.

Insurance not only eases anxiety but also offers some financial security against unforeseen mishaps and other hazards in life. There are various reasons to get insurance, including the desire to safeguard your loved ones in the event of your passing or loss of earning capacity, as well as the need to safeguard your house, car, or other valuables in the event of theft or disaster. Simply put, an insurance company is a business that offers insurance services.

Life insurance and general insurance are the two broad categories into which insurance can be split. In the case of a life insurance policy, the insurance company will pay the beneficiary a lump amount once the covered person passes away. Savings are one of the additional components that life insurance might incorporate. General insurance is the second category of insurance. General insurance offers protection against losses other than fatalities, such as property damage from accidents or physical injuries. It’s crucial to include insurance policies in your financial plan if you want to safeguard your assets, your family, and yourself from various hazards.

There are many insurance companies in Nigeria today, but only a few of them qualify as our top 10 because of their reliability and the fact that, over time, many people in the country have come to trust them. We will look at these popular insurance companies in a moment. Before providing our complete list of the top leading insurance firms in Nigeria today, we will first address some important considerations you should keep in mind while choosing a reputable insurance company in the country today.

THINGS TO CONSIDER WHEN CHOOSING AN INSURANCE COMPANY IN NIGERIA

The following are the things to consider before choosing an insurance company in the country today. They are:

THE IMAGE/REPUTATION OF THE INSURANCE COMPANY 

Is this a trusted company? Is this insurance provider reliable? How has this financial institution been rated over the years by the public? Has it been favourable or unfavourable? You should learn more about the insurance provider before buying insurance from them. To learn more about the insurance company you want to invest in, you should browse online. You should also ask around for opinions about the company, paying close attention to what people say, especially those who have used some of these insurance companies in the past. When choosing one, this should help you get a sense of the company’s history and what to anticipate.

LEGAL ACCREDITATION OF THE INSURANCE COMPANY

Please be sure an insurance company has been legally accredited and certified by the Federal Government of Nigeria through the appropriate certification bodies before deciding to invest your money there.

THE COVERAGE OF THE COMPANY

The business should provide for specific insurance requirements, and you should choose the option that best meets your requirements. You might need to move your business somewhere else if, for instance, the insurance provider does not cover situations like the business ideas that interest you.

THE FINANCIAL STRENGTH AND PRICE FACTOR OF THE INSURANCE COMPANY

It is crucial to know whether an insurance provider performs effectively amid economic crises, or meltdowns before choosing one so you can anticipate how that decision will affect you in the future. Before investing in any of the insurance firms you have in mind, you should thoroughly review stock ratings and business resources to obtain the knowledge you need. Also ensure that before you sign a contract with an insurance provider, they are also reasonably priced.

TOP 10 BEST INSURANCE COMPANIES IN NIGERIA 2024 

Below are the top 10 best and most popular insurance companies in Nigeria this 2024:

LEADWAY ASSURANCE COMPANY LIMITED

Incorporated in 1970 as a limited liability corporation, Leadway Assurance Company Limited opened for operations in 1971. The Company’s commercial activities began in Kaduna and then moved to other regions of the federation. Leadway currently has over 24 branch offices, with Lagos functioning as the corporate office and Kaduna acting as the registered office. General business insurance, life insurance, and pension insurance are all services provided by Leadway Assurance. This top-tier insurance provider in Nigeria also provides ancillary financial services like Bond, Secured Credit, Miscellaneous Financial Losses, and Portfolio Management.

Some of their policies include the following:

• Family Benefit plan
• Leadway saving plan
• Term assurance plan
• Money policy plan
• Educational saving plan
• Personal saving plan
• Deferred annuity plan.

AXA MANSARD INSURANCE PLC

AXA Mansard also ranks among the top 10 best insurance companies in Nigeria today, it is a well-known provider of Life and Non-Life insurance products and services in Nigeria today. This leading insurance provider in Nigeria currently is a part of the AXA Group, a global leader in asset management and insurance with 166,000 staff members servicing 107 million customers across 64 nations. With activities mainly in Europe, North America, and Asia Pacific, AXA is present in a number of geographically distinct areas. Additionally, the corporation has activities in Cameroon, Gabon, the Ivory Coast, Morocco, Senegal, and Algeria, giving it a presence across Central and South America, the Middle East, and Africa. AXA has maintained a presence in Africa for more than 20 years. One of the best insurance providers in Nigeria, AXA Mansard offers life and non-life insurance products and services to private citizens, companies, and organizations.

Some of their policies on offer include the following:

• Student protection plan
• Autoflex plan
• Equity income plan
• Auto classic plan
• Money market plan
• Easy care plan
• Life savings plan
• Instant plan
• Health plan
• Retirement savings plan
• General (business/tourism) protection plan.

AIICO INSURANCE PLC

Another of Nigeria’s top life insurance companies nowadays is AIICO Insurance Plc. This insurance provider, founded in 1963, offers life and health insurance, general insurance, investment management, and pension management services as a way to build and safeguard wealth for its individual, family, and business clients.

AIICO Insurance offers the following policies:

• Income investment plan
• Three payment plan
• Travel insurance
• corporate saving plan
• Education investment plan
• Flexible endowment plan
• Term assurance plan
• Electronics equipment policy plan

CUSTODIAN AND ALLIED INSURANCE PLC

The sole objective of Custodian and Allied Insurance Plc, a fully owned Nigerian company, is to create, package, and distribute cutting-edge insurance products that best meet customer needs. The company also strives to run a highly successful, effective, resourceful, and ethical business that will endure for a very long time and be a valuable asset to its shareholders. There are several different insurance options offered by this reliable insurance provider in Nigeria. Every plan is developed specifically for each customer to match their needs.

The policies on offer at this insurance company include the following:

• Investment plus plan
• Immediate annuity plan
• Tuition protection plan
• Auto insurance plan
• Travel insurance plan
• Capital plan

CORNERSTONE INSURANCE PLC

Cornerstone Insurance Plc, one of top 10 best insurance companies in Nigeria today, was established on July 26, 1991, as a private limited liability company. In 1997, it changed its status to a public limited liability company and began trading on the Nigerian Stock Exchange. This top insurance firm in Nigeria was founded with the intention of conducting insurance business in a manner that is professional, moral, and customer-focused. The company launched a rebranding effort in 2008 as part of its corporate brand strategy to establish Cornerstone as a leader in the industry, which included the release of the new corporate identity for the business.

The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses. The classes of Insurance business they currently undertake include the following: 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).

AFRICAN ALLIANCE INSURANCE PLC

African Alliance Insurance Plc is well-known for being one of Nigeria’s most seasoned and powerful specialist life assurance offices, providing thousands of customers with specialized insurance products designed for each stage of their lives. African Alliance Insurance Limited was the previous name under which the business was formed on May 6, 1960.

Some of their policies include the following:

• Annuity assurance plan
• Group life assurance plan
• Esusu plan
• Direct debit form plan
• Individual assurance plan
• Investment assurance plan.

GOLDLINK INSURANCE PLC

Goldlink Insurance Plc was established as a Private Limited Liability Firm on April 15, 1992, and was given permission to function as a full-fledged insurance company on September 8, 1993. Goldlink changed its legal status to a public liability company on May 11, 2007, and on February 12, 2008, it was introduced to the Nigerian Stock Exchange (NSE) in preparation for its IPO. With 16 branches across the nation, this top insurance company in Nigeria is headquartered at 6, Emmanuel Street in Maryland, Lagos State. It is a wholly Nigerian corporation that has been granted authorization to underwrite both life and general business, including fire and special perils, auto insurance, life and pension, oil and gas, travel insurance, and many other types of insurance.

INDUSTRIAL AND GENERAL INSURANCE PLC (IGI) 

Incorporated as a private limited liability business on October 31, 1991, Industrial and General Insurance Plc (IGI) was re-registered as a public limited liability company in 2007. As a composite insurer, it started doing business in January 1992 to handle Life and General insurance, including Pensions and Special Risks. The company soon built a reputation for great competence and became the go-to insurer for both individual and corporate clients looking for high-end insurance and related financial services because to a solid capital foundation, top-notch personnel, and the use of current technologies. This organization excels at underwriting specialized risks in the management of industrial, engineering, aviation, marine, and energy hazards.

LASACO ASSURANCE PLC

LASACO Assurance Plc was established on December 20, 1979, in accordance with the Companies Decree of 1968. It provides both insurance and financial services. On July 7, 1980, the Company, formerly known as Lagos State Assurance Company Limited, obtained a license to operate as an insurer. On August 1 of that same year, it started conducting business.

When LASACO’s shares were originally admitted to the Nigerian Stock Exchange (NSE) through listing by introduction in 1991, it became a Public Liability Company due to the huge prospects that greater capitalization afforded for company growth and expansion. With operations spanning all classes of the insurance and special risks business, high impact financial services, and real estate, this insurance company has significantly increased in size, business coverage, profitability, capital base, and assets.

The Company’s businesses are conducted through a network of thirteen regional and branch offices spread across the country and its business portfolio currently includes leadership and significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwriting businesses in major sectors of the economy, from heavy Engineering, and Construction, Banking and Finance, Manufacturing Agriculture, Tourism, Life Covers to the high-tech capital intensive, special risks areas of Oil and Gas, and Aerospace. LASACO’s business interests also include Real Estate, and through its various non-core business investments, the Company also holds Shares in many blue chip enterprises.

MUTUAL BENEFITS ASSURANCE PLC

Mutual Benefits Assurance Plc currently ranks as one of the top, best and most popular insurance companies in Nigeria today, consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships.

• Their products include the following:
• Fire And Special Perils
• Motor Vehicle
• Travel Health Insurance
• Children Education Plan
• Mutual Individual Savings and Protection Plan
• Mutual Multilife Shield.

CONCLUSION

The insurance companies listed above are among the top insurers in Nigeria right now, and they have constantly raised the standard with their distinctive offerings throughout the years. These insurance providers are a terrific resource if you are seeking for a few that you can rely on. To be clear, this article is only for informational purposes and we do not have any official affiliations with these businesses. Also check out our list of top health insurance companies in Nigeria today as well.