Top 6 insurance companies in Nigeria

Insurance refers to a way of bringing to a reduced rate the potential loss of a particular good. Insurance covers the cost of events that are unforeseeable like say theft, destruction of property and it can even provide certain families with an incentive in the case that the family loses someone important say the head of that family.

To insure any property of yours, you will have to pay a particular sum of money referred to as a Premium. Once you do that the insurance company will pay a given percentage of that money to you as compensation in the event that what you are insuring against occurs within the term set by the policy.

There a lot of insurance companies in Nigeria today and it will be wise to know the ones that offer the best services if you intend insuring anything or anyone.



The American International Insurance Company (AIICO), was established and began operations in Nigeria in the year 1963. In that year, the company was registered and licensed under the name American Life Insurance Company Limited (ALICO). It was in the year 1990 that the company acquired a 60 percent stake by the Federal Government of Nigeria and later listed on the Nigerian stock exchange that the company was renamed American International Insurance Company (AIICO). Its key services include health insurance, pension management, life assurance and annuity, general insurance and special risks, asset management.

According to the company, its objective is to be the company individuals, corporations, financial institutions, and government would choose, in other words, be the best insurance company available in the country and they hope to achieve this by offering life insurance services, retirement services and also risk underwriting to a significant and widespread base of clients.

AXA Mansard Insurance plc

AXA Mansard Insurance plc, an affiliate of the AXA Group that is a world leader in insurance and in the management of assets was incorporated a private limited liability company in the year 1989 and it was registered in that same year with the National Insurance Commission of Nigeria (NAICOM). This insurance company provides products and services – life and non-life – to private individuals and corporate institutions in Nigeria. Also, the company bids asset management services as well as investment management services, medical insurance solutions and pension fund administration with the help of its three subsidiary companies AXA Mansard Health, AXA Mansard Investments Limited and AXA Mansard Pensions Limited. In November, 2009, the company was put on the list of the Nigerian Stock Exchange with a Market Capitalization of N28 billion.

Leadway Assurance Company Limited

Leadway Assurance was founded in Nigeria in the year 1970 by Sir (Dr.) Hassan Olusola Odukale and the company went into full operation in the year 1971. The company offers integrated insurance as well as financial services to its customers and there are those who argue that the Leadway Assurance management team is the best there is in the industry. The products and services offered by this insurance company include: General Insurance, Life and Health Insurance, Savings and Investment Plan, Annuities and Pensions, Premium Finance, Leadway BOSS, Marine Insurance, Surety-ship, Agric Insurance, Corporate Insurance, SME Insurance, Motor Insurance, Property Insurance, Marine Insurance and Finally, Accident Insurance.

Leadway Assurance is one of the foremost insurance companies to be started by Nigerians.

Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc was incorporated as a private limited liability company on the 18th of April 1995. Later that year, precisely in September, the company was registered by the National Insurance Commission (NAICOM) after which the company began operation fully in October 2nd 1995. The company insures against issues that concern motor, fire and perils, marine, travel, aviation, oil and gas, bonds, and general accident. Other products and services offered by this company include: Pure Life Insurance, Investment Linked Schemes, Pure Investment Products, Anticipation Endowments, Mutual Annuity Products, and Retail General Business.

Mission Statement:

Transcending the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders.

Cornerstone Insurance PLC

Cornerstone Insurance PLC was incorporated on the 26th of July in the year 1991 and it received a Certificate of Registration and its registration number was RC163170. Later, the company received a license and was certified again by the National Insurance Commission (NAICOM) to provide general as well as life insurance services and products. Some of the services and products that are offered by the company are as follows; 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, School fees Guarantee, Investment Plans and more.

Cornerstone Insurance PLC is the first insurance company in Nigeria to provide its clients with a platform for insurance transactions online and this is the reason it was declared the Best use of Technology, Insurance Company, 2017 in the Nigerian Technology Awards.

Industrial and General Insurance Plc (IGi)

Industrial and General Insurance Plc (IGI) was incorporated at first as a private limited liability company on the 31st of October, 1991. As at January 1992, the company started its operations offering Life and General insurance and that includes Pensions and Special Risks. It was not until 2007 that the company was re-registered as a public limited liability company. The company’s products and services are available to private individuals as well as corporate organizations that are in need of premium insurance and related financial services. The products and services offered by the company are: Motor Insurance, Life insurance both for a single individual and also for a group, Engineering/contractor risk, Marine, Travel and Health insurance, Fire Insurance, Aviation, Oil and energy, Agricultural insurance, and General Business.


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