Legit Insurance Companies in Nigeria (2022); General, Auto, Health, Life.

Insurance Companies in Nigeria
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Are you searching for the full list of legit insurance companies in Nigeria? This Nigerian insurance companies guide provides insights into the companies and all to know about insurance in Nigeria.

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Insurance Companies in Nigeria – An Introduction

After the necessities of life – good health, standard accommodation, a sweet ride, good food, and whatnot – the next thing on the human mind is an assurance, or in this case, insurance that these things will last long. Everyone wants to ensure that whatever they currently own isn’t permanently lost to a tragedy or some unfortunate event.

It is, for this reason, a class of companies – Insurance Companies – are in existence.

If you’re a Nigerian citizen or have assets in the country, you might want to buy insurance from a legit Nigerian insurance company to help safeguard you and your assets’ future.

Here are some options for insurance companies to consider.

Insurance Companies in Nigeria

Insurance and assurance in Nigeria are necessities because of the high possibilities of unexpected tragedies. You will find many top insurance companies to help prepare you for unforeseen circumstances. 

Note: All insurance companies in Nigeria are under the wing of the National Insurance Commission (NAICOM). NAICOM was established in 1977 in compliance with the National Insurance Commission Act of 1977 for regulation, supervision, management, and administration of all insurance-related activities in Nigeria. The agency also exists to protect insurance policyholders, beneficiaries, and third party bodies to insurance agreements. 

List of Insurance Companies in Nigeria

The Nigerian insurance company boasts of 57 insurance companies. 14 of these companies handle life insurance, while the remaining 43 are into non-life insurance.

Here’s a short list of insurance companies in Nigeria and their addresses.

  • Allianz Nigeria Insurance Plc.
  • Alliance and General Insurance Plc. (A & G Insurance)
  • Custodian and Allied Insurance Plc.
  • Leadway Assurance Plc.
  • Zenith General Insurance Ltd.
  • Anchor Insurance Plc.
  • AIICO Travel Insurance
  • Unitrust Insurance Company Limited
  • Sterling Assurance Nigeria Limited
  • KBL Insurance
  • Custodian Life Assurance and
  • Several other Insurance Companies in Nigeria

Allianz Nigeria Insurance Plc. 

First on the list is Allianz Nigeria Insurance, a private insurance company founded in 1993. This company, formerly known as Ensure Insurance Plc., is fully licensed by the National Insurance Commission (NAICOM) to undertake life and non-life insurance business transactions in Nigeria.

Allianz Nigeria provides insurance services such as:

  • Home Insurance
  • Education Insurance
  • Travel Insurance
  • Life Insurance
  • Car Insurance

These services are available to individuals and companies alike.

Allianz Insurance also offers a wide range of business insurance products like;

  • Fire outbreak
  • Burglary
  • Professional indemnity
  • Goods-in-transit insurance
  • Machinery and equipment all-risk, etc.

With the range and quality of services Allianz Nigeria Insurance provides, one can unapologetically call them the best insurance company in Lagos and Nigeria. 

Allianz Nigeria Insurance Plc. Office Address

Allianz Nigeria Insurance has its office headquarters at 307, Adeola Odeku Street, Victoria Island, Lagos. 

Alliance and General Insurance Plc. (A & G Insurance)

A & G Insurance Company is on the list of accredited insurance companies in Nigeria. This company exists to provide custom insurance products to customers.

A & G Insurance Company Services
  • Burglary insurance
  • Household insurance
  • Group/personal accident insurance
  • Vehicle insurance
  • Public liability insurance
  • Goods-in-transit insurance. 

This insurance company is one of the top companies in Nigeria. Since its inception, it has played a decent part in the history of insurance in Nigeria. 

A & G Insurance Company

You can find the Lagos branch of A & G Insurance at 12 Abibu Oki Street, Off Marina, A&G Tower, Lagos, Nigeria.

Custodian and Allied Insurance Plc.

You will probably find no better custodians of properties and life than Custodian and Allied Insurance Plc. The company is on our elite list of registered insurance companies in Nigeria and has one of the best health insurance packages in Nigeria. 

Custodian and Allied Insurance Plc was incorporated in 1991 and commenced insurance operations in 1995. Some of their insurance products and services include;

  • General insurance products like:
    • Auto insurance 
    • Home insurance
    • Safety plus 
    • Events insurance
  • Life insurance products like;
    • Savings and investment
    • Endowment policy
    • Term assurance
    • Whole life assurance
    • Tuition protection, and
    • Annuities. 

Custodian and Allied Insurance Office Addresses

Custodian and Allied Insurance have a couple of branch offices across the country. You can find them;

  • In Benin at 34, Akpakpava Road by Igbesamwan Junction, Benin City.
  • Abuja office is at Prime Plaza, Plot 1012, Adetokunbo Ademola Crescent Opposite Rockview, Wuse 2, Abuja
  • In Ibadan at 9, Onireke Residential Layout Ibadan, and other locations in the country. 

Related: Investment Banks in Nigeria; Complete List of Everything to know.

Leadway Assurance Plc.

Leadway Assurance Plc. is an insurance company in Nigeria, and one of the best. The company was incorporated in 1970, and for the past 5 decades, has earned a stellar reputation for adequately handling insurance claims. Their camel logo signifies their ability as an insurer to take on their clients’ burdens – no matter what they are.

This concept is evident in the company’s operations. The company, no matter the condition, has always fulfilled its contractual agreements. Their exploits over the years have placed them up top on the list of approved insurance companies in Nigeria. 

Leadway Insurance offers personal insurance services such as:

  • Travel insurance
  • Health insurance, 
  • Home Insurance

They also cover business insurance such as:

  • SME Insurance
  • Marine Insurance 
  • Accident Insurance
  • Agro Insurance

Leadway Assurance Plc. is one of the main subsidiaries of Leadway Holding Company, alongside Leadway Capital and Trusts Ltd. The company is also high up on the list of health insurance companies in Nigeria. 

Leadway Assurance Plc. Office Addresses

The Leadway Assurance address for Lagos is 121/123 Funso Williams Avenue, Iponri Surulere, Lagos.

The company also has an Abuja branch located at 4th Floor Leadway House Plot 1061, Cadastral Avenue, CBD Abuja FCT. 

Related: Functions of Central Bank of Nigeria You Didn’t Know

Zenith General Insurance Ltd. 

It is no surprise that this company is on the list of top 10 insurance companies in Nigeria. Zenith Insurance Ltd. is one of the most reliable insurance companies in the country. Just like other insurance companies, Zenith General helps indemnify its clients against future incidents that may lead to loss of life or damage to personal or business property.

This company provides a wide range of insurance products and services covering corporate and personal insurance, as well as reinsurance.

Zenith General is on the elite list of companies in Lagos. 

Zenith General Insurance Ltd. Office Address

You can find the business offices of this company at various locations in the country.

In Lagos, you will find Zenith General Insurance Ltd on the 13/14th floor, Civic Towers, Ozumba Mbadiwe Ave, Eti-Osa, Lagos. 

Anchor Insurance Plc.

The company, Anchor Insurance Plc., is “where insurance works.” The company was registered under the National Insurance Commission in June 1989, became licensed to operate as a non-life insurance firm, and started operations in the same year.

Anchor Insurance Plc corporate head office is located at Victoria Island, Lagos State, but its first operational office in Uyo remains its registered office.

The company is a registered member of the African Insurance Organization (AIO), West African Insurance Association (WAICA), and Nigerian Insurers Association (NIA) – three strong organizations in the Insurance industry.

The company covers a lot of ground when it comes to insurance and offers insurance products and services such as: 

  • Aviation Insurance
  • Micro Insurance 
  • Motor Insurance
  • Engineering Insurance 
  • Property Insurance
  • Marine Insurance
  • Liability/Bonds Insurance and many more. 

Anchor Insurance Plc. Office Addresses

Corporate Office Address: Plot 21, Ahmed Onibudo Street, Victoria Island, Lagos. 

Registered Office Address: 7/13 Aka Road, PMB 1151, Uyo, Akwa Ibom State.

AIICO Travel Insurance

When it comes to travel insurance policies and delivery in Nigeria, there is probably none better than AIICO Insurance. Besides travel insurance, this company offers;

  • Life and health insurance
  • Investment management
  • Industrial and general insurance

The company initially started as an agency base of American Life Insurance Company (ALICO). However, in 1970, it was incorporated, licensed, and registered to operate as a fully owned subsidiary of ALICO.

AIICO is without a doubt, one of the top guns in life assurance, retirement services, and non-life insurance. The company is the second-largest insurance company in Nigeria (by gross premiums). They are also second to none when it comes to group life insurance in Nigeria. 

AIICO Travel Insurance Office Address

AIICO’s head office address is Plot PC 12, Churchgate Street, Victoria Island, Lagos. 

Unitrust Insurance Company Limited

Just like the name suggests, this is a company one can trust for the proper delivery of universal insurance products and services. The company was established and licensed by the National Insurance Commission (NAICOM) in 1981 and it began operations as an insurer in Nigeria in the same year.

Unitrust Insurance provides a variety of top-notch insurance products and services such as;

  • Travel insurance
  • Motor insurance
  • Marine insurance
  • Public liability insurance
  • Private liability insurance and many more. 

The company has a solid management team and experts that stay highly motivated to raise the bar for insurance in Nigeria and globally as well. Unitrust deserves to be on the list of top insurance companies in Nigeria. 

Unitrust Insurance Company Limited Office Address

The head office of Unitrust is located at 105B, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria.

Sterling Assurance Nigeria Limited

Sterling Insurance Ltd. is one of the best insurance companies in Nigeria. There is fierce competition in the Nigerian Insurance industry, but this company is definitely at the top of the food chain.

Sterling Assurance Limited was incorporated in 1990, and for over 20 decades has provided nothing but sterling insurance products and services. You can find insurance deals over fire and special perils, burglary, accidents, and other general insurance packages.

Sterling Assurance Nigeria Limited Office Addresses

Sterling Assurance has various branches across the country;

  • Lagos Office: New African House, 31 Marina (3rd floor) P.O.Box 8412, Lagos. 
  • Port-Harcourt Office: 2 Ikwere Road, Port Harcourt, Rivers State.
  • Kaduna Branch: Unity Bank Regional Office Building 1, Intercity Road, Mogadishu Layout, Off Ahmadu Bello Way, Kaduna.
  • Abuja Branch: Suite C1 Shelter Aid Plaza, Plot 2371 Mabolo Street, Beside First Bank Plc., Wuze Zone 2, Abuja.

KBL Insurance

KBL Insurance is a relatively new insurance company showing a great potential of becoming one of the best in the insurance business. The company was incorporated in 1994, the same year in which it began operations as a licensed insurer in the country.

Since its inception, the company has made great strides in operating at a top level when it comes to insurance. Their insurance prowess covers:

  • Motor insurance
  • Professional indemnity 
  • Fire insurance
  • Marine insurance
  • Home insurance (Home Xtra) and many more. 

KBL Insurance Office Address

You can find KBL Insurance head office at Block 138, Plot 5 Gabriel Olusanya Str. by Elf Bus-Stop, Lekki, Lagos.

Custodian Life Assurance

Top of the list of merged insurance companies in Nigeria is Custodian Life Assurance (CLA) Limited. CLA is on the elite list of multinational companies in Nigeria.

Custodian Life Assurance is a specialist insurance company licensed to operate and engage in all forms of life insurance in Nigeria.

The company started as a foreign office of Crusader Insurance Company Ltd, Reigate UK in 1956. It became a public company in 1989 and was listed on the Nigeria Stock Exchange in 1990.

They took the merger of the parent company, Crusader Nigeria Plc. with Custodian and Allied Insurance to form what is known as Custodian Life Assurance Limited.

The company is also top on the list of life insurance companies in Nigeria.

Custodian Life Assurance Office Addresses

Custodian Life Assurance Limited office addresses in Nigeria are; 

  • Abuja Address: Prime Plaza Plot 1012, Adetokunbo Ademola Crescent, Opposite Rockview, Wuse 2, Abuja.
  • Ibadan Address: 9, Onireke Residential Layout, Ibadan
  • Abeokuta Address: 34/36 Totoro Road, Totoro, Abeokuta, Ogun State.

Other Notable Insurance Companies in Nigeria include:

  • Goldlink Insurance Plc.
  • African Alliance Plc. 
  • Continental Insurance Plc.
  • Guinea Insurance Plc.
  • Industrial & General Insurance Plc.
  • Law Union & Rock Insurance Plc.
  • Crusader Insurance Plc.
  • Standard Insurance Plc.
  • Guaranty Trust Assurance Plc.
  • Yankari Insurance
  • Oceanic Insurance Co. Ltd
  • Continental Reinsurance Co. Plc.
  • NEM Insurance Plc.
  • African Alliance Insurance Co. Ltd
  • Regency Alliance Insurance Plc.
  • Sovereign Trust Insurance Plc.
  • Lasaco Assurance Plc.
  • AXA Mansard Insurance
  • Cornerstone Insurance Plc. 

Frequently Asked Questions about Insurance in Nigeria

What is Insurance?

The basic concept of Insurance is that the customer (insured) will make scheduled payments (premium) to an insurance company (insurer) in preparation for a possible future occurrence (usually bad).

If this particular event occurs and it fulfills the terms of the agreement, the insurer is by contract, mandated to provide compensation for the loss, damage, or specified event. 

How Many Insurance Companies are in Nigeria?


There are 57 insurance companies in Nigeria. 14 of which deal with life insurance, with the remaining 43 dealing with non-life insurance.

All these insurance companies are duly registered under the National Insurance Commission (NAICOM)

Related: Full List of Commercial Banks in Nigeria 2021 & Their Worth

What are the names of Insurance Companies in Nigeria?

Many insurance companies are operating in Nigeria.

Here are the names of some of them:

  1. AIICO Insurance Ltd. 
  2. Standard Insurance Plc.
  3. NEM Insurance Plc.
  4. Guaranty Trust Assurance Plc.
  5. Regency Alliance Insurance Plc.
  6. Lasaco Assurance Plc.
  7. Yankari Insurance
  8. Oceanic Insurance Co. Ltd
  9. Allianz Nigeria Insurance Plc. 
  10. Continental Reinsurance Co. Plc.
  11. African Alliance Insurance Co. Ltd
  12. Sovereign Trust Insurance Plc.
  13. Alliance and General Insurance Plc. (A&G Insurance)
  14. KBL Insurance Plc. 
  15. Sterling Assurance Plc. 

What are the 7 Types of Insurance?

Different Types of Insurance According to Forbes Financial Council

According to Forbes Financial Council, these are the 7 must-need insurance for everyone:

1. Health Insurance

Health Insurance is the type of insurance that covers full or partial costs of incurred medical costs due to an illness, accident, and whatnot.

It often covers surgical expenses, drug prescriptions, consultation fees, and other health-related costs.

The financial and mental trauma that comes with costs incurred from unfortunate health conditions could be avoided with a good health insurance scheme.

2. Life Insurance

Life insurance is an insurance scheme that pays an amount to the stated beneficiaries upon the death of the insured.

This is subject to the time frame stipulated in the contract agreement.

For example, if Mr. B purchases a 20 million naira, 30-year term policy, and dies within that time frame (30 years), his heirs or stipulated beneficiaries will receive 20 million Naira tax-free.

Life insurance can be quite complex, as there are several types.

Here are some of the types of life insurance:

Term Life Insurance

This type of insurance is probably the simplest type of life insurance there is.

In simple terms, term life insurance is viable for a specific period – 10, 15, or 20 years – just like in the example above, after which it expires.

It can, however, be renewed, but at a higher price. 

Medically Underwritten Term Life Insurance

Life insurance takes another form with this type.

Here, the insurer uses medical history to determine whether to provide coverage for the insurance applicant, at what cost, and whether the contract agreement will include underlying health conditions.

It is a custom life assurance model. 

Simplified Issue Term Life Insurance

Simplified issue term life insurance is an insurance scheme that often only requires applicants to answer a short questionnaire.

This form of life insurance is perfect for individuals that do not want to subject themselves to medical tests, or those that want to sign a health insurance scheme right away.

It is quite expensive than other types of life insurance because the insurer knows less about the applicant, and generally, the more the insurer knows about the applicant, the less the insurance may cost. 

The other types of life insurance include:
  • Return of premium term life insurance
  • Whole life insurance
  • Universal life insurance
  • Variable universal life insurance

3. Disability Insurance

This type of insurance exists to replace a source of income if an individual is rendered disabled, and rendered unable to work.

Many corporations provide disability insurance for their employees, but smaller enterprises do not.

There are many clauses and degrees that surround the use of this insurance scheme, and they should be thoroughly discussed before any agreement is made. 

4. Long-Term-Care Insurance

Long-term care insurance covers the costs that may be incurred when the insured goes through short-term or long-term nursing care.

The need for this insurance may arise during illness or aging.

It ensures that simple daily tasks such as dressing, bathing, cooking, and whatnot are taken care of on behalf of the insured. 

5. Liability Insurance

Liability insurance protects the insured from all costs that emanate from injuries to people or damage to property.

For example, if someone slips and falls on your driveway, and it is your fault they fell, you may be required to take care of their medical expenses.

In this case, liability insurance covers all the related costs.

However, liability does not cover hit and runs, intentional damage or injury infliction, and criminal prosecution. 

6. Home Owners/Renters Insurance

Your home is probably your greatest asset, so this is super important.

Damage caused by various factors may cause home destruction.

Other home accessories or content may also get destroyed by these factors.

Instead of the insured taking on the costs of getting these items replaced, repaired, or renovated, the homeowner’s insurance policy will take care of it.

It may also cover the cost of temporary accommodation while the affected home is under repair. 

Renters also need this insurance to cover the costs of damage to properties and items. 

7. Automobile Insurance

The statistics for road accidents in Nigeria and different regions globally are staggering.

Even the best drivers may find themselves in a pickle on the road, which may result in total or partial damage to their cars and the cars of others.

Automobile insurance exists to cover the expenses for car repair or purchase (if it gets destroyed).

It may also cover the expenses of the other party/parties involved if you are at fault.

Automobile insurance is one of the most important types of insurance, and everyone should have one. 

Which Insurance Company is the Best in Nigeria?

Which Insurance Company is the Best in Nigeria?

AIICO Insurance Plc. 

This insurance organization is widely regarded as the best Insurance company in Nigeria. 

Insurance products and services offered by AIICO Insurance Plc. are:

  1. Term Assurance
  2. Group Life Insurance Plan 
  3. Annuity Plan
  4. Agriculture Insurance
  5. Boiler Insurance
  6. Burglary Insurance
  7. Home Insurance
  8. Goods-in-transit Insurance
  9. Marine Cargo Insurance
  10. Occupiers Liability Insurance
  11. Personal Accident Insurance
  12. Travel Insurance
  13. Plant-All-Risk Insurance
  14. Machinery Breakdown Insurance
  15. Fire outbreak and special perils Insurance

Who Regulates Insurance in Nigeria?

National Insurance Commission (NAICOM). 

NAICOM was established in 1997 by the National Insurance Commission Act 1997 to take a regulatory, administrative, and supervisory role overall insurance business in Nigeria. 

How does Insurance Work in Nigeria?

Insurance works in Nigeria just as it works anywhere in the world.

The client (insured) pays a specified amount of money (premium) to an insurance company (insurer) in preparation for a possible future event.

Upon the occurrence of any event, as stated in the contract agreement, the insurer will pay out a certain amount to the insured or any stated beneficiaries of the agreement. 

This is the basic concept of insurance, and it’s universal. 

What are the Two Types of Insurance Companies?

Based on ownership and structure, there are two basic types of insurance companies – stock or mutual. 

Stock Insurance Company

stock insurance company describes a corporation owned by shareholders, and it aims to make them some profits.

Policyholders are not entitled to a share of the profits and losses of the company.

Operation as a stock company requires the corporation to a minimum of capital and surplus on hand before receiving approval from state regulators. 

Mutual Insurance Company

mutual insurance company on the other hand is exclusively owned by the policyholders.

These policyholders are known as contractual editors and they have the right to vote on the board of directors. 

How do Insurance Companies make their money?

Insurance companies generate revenue through two major ways – Underwriting and Investment.

Underwriting Revenue 

Underwriting revenue refers to funds generated from premium payments minus the money paid out in response to a claim or triggering of the contract agreement.

For example, a company earned 15 million Naira from premium payments by its customers in a year. If that particular company pays out 10 million Naira in response to a claim, then the insurance company would’ve made a profit of 5 million Naira. 

Investment Revenue

Investment revenue is generated using the premium payments by clients.

When insurance companies receive payments from clients, they invest the funds in financial markets like the stock and foreign exchange.

More often than not, they make profits on these investments, but even when they take huge losses, they simply increase the price of their premiums.

Most insurance companies are the best investment companies in Nigeria!

Other ways through which insurance companies make money are:

  • Coverage lapses
  • Cash value cancellations

How Do I Start an Insurance Company in Nigeria?

Starting an insurance company in Nigeria is nothing compared to opening a boutique or a mall.

Insurance companies are highly regulated, and as such must follow stringent protocols for their establishment and running.

This is the same with starting a fintech company in Nigeria.

Steps to starting an insurance company in Nigeria

Here are some necessary steps to starting an insurance company in Nigeria:

  1. Registration of company name with the Corporate Affairs Commission (CAC). The company must be registered as a public liability company (PLC) or limited liability company (LLC). 
  2. Registration with the Nigerian Insurance Commission (NAICOM). NAICOM is the insurance regulatory body in Nigeria, therefore, registration under it is required before any insurance company can take off. 
  3. Get insured with a re-insurance company: A re-insurance company is an insurance company for insurance companies. They perform the same functions normal insurance companies perform, but in their case, they target insurance companies. It is important for all insurance companies to be re-insured, to protect themselves, and their clients. 
  4. Acquire all necessary permits and licenses: A driver without proper car permits and driving licenses is an illegal one. To avoid running a fraudulent insurance company and attracting the fierce wrath of the EFCC, it is pertinent to acquire all the necessary documentation possible. 
  5. Determine the type of insurance products and services you want to offer; Insurance risks, just like the problems in the world, are almost immeasurable. So, you must determine the type of insurance risks the company will specialize in and find out the dynamics surrounding taking on such risks. Recruit professionals and experts in the field to help draft policies and frameworks for the management of insurance risks. 
  6. Acquire capital to kick start the company and for early claims; Initial capital is required to start any business in the world. For insurance companies, capital is required to set up a standard office, hire and pay employees, print various documents, purchase office equipment, and so on. New insurance companies may also need capital to pay early claims on insurance agreements. 

How Much do Insurance Companies Pay in Nigeria?

How Much do Insurance Companies Pay in Nigeria?

According to salary explorer, the average monthly salary range at insurance companies is from 126,000 Naira to 655,000 Naira.

The median monthly salary is 353,000 naira, meaning 50% of employees of insurance companies earn less than 353,000 Naira per month, while the other 50% earn above 353,000 Naira monthly. 

Conclusion on Insurance Companies in Nigeria

In Nigeria today, anything can happen to your business, personal life, or belongings. Rather than wait for these things to happen before taking action, get ahead of the situation by purchasing an insurance policy from the top insurance companies in Nigeria.

A good policy may end up saving you from bankruptcy and taking care of your expenses when things go south.

Reach out to an insurance company today!

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