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Top Insurance Companies in Nigeria

Imagine waking up to the sad news of losing all you’ve labored for your entire life. It can be a fire, water, or even an accident by air. Sometimes we often need backups in life, that is what insurance does.

Insurance is a kind of backup for uncertain loss caused by an unexpected accident. Insurance is mainly law and economic related. Insurance acts as a relief to pain or loss that you might experience as a result of unforeseen circumstances., and that is why you need to get familiar with insuring life, properties, and finances/investments you may have acquired.

The amount of money a policyholder (you) or business pays for an insurance policy is referred to as an insurance premium. It’s simply a monthly or yearly fee you as a policyholder is expected to pay to an insurance company that offers you economic and financial protection. Insurance premium can also be seen as a liability, as you are expected to present coverage for claims that might be made in the future against the policy.

Insurance companies are not just there to receive monthly or yearly payments from policyholders, in return they offer some value to you as the policyholder in providing safety and security to people that have insured their finances or Businesses: it provides economic, developmental, and financial supports that helps reduce unexpected casualties that you or your business might experience in life.

In Nigeria, some notable insurance agencies provide first-class policies and services. When It comes to choosing an insurance company in Nigeria, it definitely will depend on policies that fit your demand as there are convincing elements to look out for before doing business with any agency.

Factors Involved In Choosing A Good Insurance Company

1) Recommendations

Recommendations from satisfied customers based on the services they’ve received are highly needed. Before choosing an insurance company to buy an insurance policy from, try to see if you can get recommendations from existing customers.

2) Good Customer Service

Though many Insurance companies have gone online, that shouldn’t reduce the quality of the customer service provided by these companies. Even while online, customer service agents should be very active in responding to customers through chats and similarly, respond to calls.

While trying to buy an insurance policy, make out time to read their policies and make sure they emphasized customer service inquiries, and find out if the agency has the type of customer service you desire.

3) Affordable Premium Pricing

Settling with an insurance company that offers affordable premiums is necessary. Getting the value for your money is key, that is, trying not to overpay on a quality insurance policy.

You can settle for the best quality with affordable pricing by going online to request quotes. In that case, you don’t have to start visiting their physical offices.

4) Multi-policy Discounts

Do you intend to buy more than one type of insurance policy? In this case, be on the lookout for a company that operates multi-policy discounts.

Make sure your intentions of trying to settle for more than one policy benefits you.

5) Convenience

How convenient is buying an insurance policy online? Does the insurance company you are seeking financial protection from, operates in a way that makes purchasing a policy an easy task? You should be able to conveniently insure your properties.

Insurance websites with customer service chat features, monthly statement mailing to clients, and a means to file claims online without stress should be considered for convenience as you draw conclusions on which insurer to settle with.

A Look At The Top 10 Insurance Agencies in Nigeria

1) Lead Way Assurance Company

This insurance agency is known to offer services on general commercial insurance including Life and pension insurances. While they render allied financial offerings, Secured Credit, Bond, Miscellaneous economic losses and Portfolio management are also part of their policies.

Just like some notable insurers in Nigeria they have a very active online response via phone, emails, and on numerous social media platforms. This insurance company is currently ranked as the best insurance company in Nigeria right now.

2) Aiico Insurance PLC

If you’re looking for an income funding plan, a three-payment plan, Travel insurance, corporate saving plan, Education funding plan, Flexible endowment plan, Term guarantee plan, or an Electronics equipment policy plan, then AIICO Insurance Plc is the agency that can offer such policies.

The AIICO was created in 1963, with its key focus on, general insurance and special dangers, Life guarantee and annuity, Health insurance, Asset control, and Pension control, etc.

3) Cornerstone Insurance PLC

Cornerstone Insurance Plc is one of the early indigenous birds in the Nigerian insurance industry.

This insurance agency has been proven and has been found worthy among Nigerians who have an interest in insurance. In line with its worthiness, It got certified by the National Insurance Commission (NAICOM) to do both Life and General groups coverage.

4) Custodian and Allied Insurance

With a series of policies to choose from, the Custodian and Allied insurance agency are by far one of the best insurance companies you can trust. Their policies range from Investment plus plan, Immediate annuity plan, Tuition safety plan, Auto insurance plan, Travel coverage plan to Capital plan.

5) AXA Mansard Insurance Company

The AXA Mansard is an international establishment with over 107 million clients in about 60 countries. Just like other reputable insurance companies mentioned so far, AXA Mansard offers numerous policies to customers and it is one of the most trusted insurance companies in Nigeria now.

6) Continental Insurance

Continental Insurance is one of the top insurance companies in Nigeria that you can actually recommend to anybody that has the intention of insuring properties, pets, or auto, as their policy plans include a Home Insurance plan, Pet Insurance plan, Business Insurance plan, Insurance plan, and Auto Insurance plan.

7) Industrial and General Insurance PLC

In 2007, the industrial and general insurance plc was registered as a public limited liability organization. Which lead to their startup operation in Life and General coverage.

The company which was originally founded in 1991 started as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks. Over the years, Industrial & General Insurance PLC backed by a strong capital base, first-class professionals, and use of modern information technology, the company quickly established a reputation for exceptional competence.

Insurance plans offered by this company include:

  • Group Life Products plan
  • Aviation Insurance plan
  • Engineering Insurance plan
  • General Business Insurance plan
  • Health Insurance Plan
  • Marine Insurance plan
  • Oil & Energy Insurance plan

8. Lasaco Assurance PLC

As of December 20th, 1979, Lasaco Assurance Plc was incorporated in Nigeria but the company eventually, got its license as an Insurer on July 7, 1980, and commenced operations on August 1, 1980.

Providing policies on Motor coverage plan, Aviation, insurance plan, Marine coverage plan, Professional indemnity plan, Fire and Special insurance plan, Personal twist of fate plan, Bond coverage plan, Money coverage, and Householder’s Insurance plan is what the company does, and they’re well known and trusted by thousands of Nigerians.

9) African Alliance Insurance PLC

The African Alliance Insurance plc has unique policies which include Esusu plan, Direct debit form plan, Individual warranty plan, Investment guarantee plan, Annuity guarantee plan, and Group lifestyles warranty plan.

Incorporated in the year 1960, this company has grown to become one of the Nigerian insurance companies with a reputation of being efficient and sincere in Life Assurance.

10) Goldlink Insurance PLC

Finally, Goldlink Insurance Plc has a long list of insurance policies. These consist of plans inclusive of Motor Insurance, Fire and Special Perils, Oil, and Gas, Life and Pension, and lastly, Travel Insurance.


Trying to insure your life, properties and investments is a wise decision, while we don’t pray for it, one can expect the unexpected.

If by chance you feel the need to insure your properties, our long list of the top 10 insurance agencies in Nigeria can guide you to making a decision that suits your plan.

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Editorial Team

Editorial Team

We're a team of experienced content creators in Nigeria who help to keep this website updated with valuable and verified information.View Author posts