Top 8 Insurance Companies in Nigeria and Addresses (2024)

Are you looking for the new list of top insurance companies in Nigeria that pay high on car, life, property, business, health, travel?

If YES, then this is the only article you need to read today.

The insurance industry in Nigeria has grown rapidly and massively in recent times with the emergence of reliable companies.

Therefore, the number of citizens enlightened about insurance has grown over the years.

Although we are only experiencing this now, insurance has existed in Nigeria since the 1960s.

Citizens have always sought ways to protect themselves against fire outbreaks, terminal illness, or death, and later incorporated their businesses and other valuables, too.

According to the National Insurance Commission (NAICOM), there are about 63 insurance companies operating today in Nigeria.

This means a lot of options to choose from.

Getting started…

What is Insurance?

Insurance coverage can be defined as a contract in the form of a financial protection policy.

This policy covers the monetary risks of an individual because of unpredictable contingencies.

The insured is the policyholder, whereas the insurer is the insurance-providing company.

The insurers provide financial coverage or reimbursement most times to the policyholder.

The policyholder pays a known fee—an insurance premium—to a professional insurer for the assumption of the risk of an enormous loss, and a promise to pay in the event of such a loss.

The insurer assures it shall cover the policyholder’s losses subject to certain terms and conditions.

Premium payment decides the assured sum for insurance coverage or policy limit.

Features of Insurance Coverage

  • Insurance coverage can be provided for medical expenses, vehicle damage, property loss/damage, depending on the insurance type.
  • Insurance coverage does not mitigate the magnitude of loss one may face. It only assures that the loss is shared and distributed among multiple people.
  • Premium, policy limit, and deductible are the key components of an insurance coverage policy.
  • Clients of an insurance company pool in their risks. Hence, they pay the premiums together. So, when one or a few incur a financial loss, the claimed money is given out of this accumulated fund. This makes each client bear a nominal fee.

Benefits of Insurance Coverage

  • Insurance coverage provides monetary reimbursement during financial crises and also helps in checking the mental stress arising out of it.
  • Insurance coverage provides a feeling of assurance to the policyholders.
  • Insurance policy safeguards against unforeseen events and consequential loss.
  • Insurance policies help inculcate saving habits among individuals.
  • Insurance policies not only equivalently spreads the risks but also promote trade and commerce by utilizing the fund.

There are different insurance policies in Nigeria which you can subscribe to depending on your specific needs.

Types of Insurance in Nigeria

Here are the main insurance policies in Nigeria:

1. Personal Insurance

The personal insurance includes insurance for human life which may suffer a loss because of death, accident, and disease.

Therefore, personal insurance is further sub-classified into life insurance, personal accident insurance, and health insurance.

Personal insurance differs from other insurance in the sense that, here, the subject of insurance is the life of a human being.

The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period.

At present, personal insurance enjoys maximum scope because life is the most important property of an individual.

Every person requires insurance.

This insurance protects the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.

Under personal insurance, a payment is made at the accident.

The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period.

2. Property Insurance

Under the property insurance property of person/persons is insured against a certain specified risk.

The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.

3. Fire Insurance

Fire insurance covers the risk of fire.

In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.

With the help of fire insurance, the losses arising due to fire are compensated, and the society is not losing much.

The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.

The fire insurance does not protect only losses, but it provides certain consequential losses.

Also, war risk, turmoil, riots, etc. can be insured under this insurance, too.

4. Marine Insurance

Marine insurance provides protection against the loss of marine perils.

The marine perils are; collision with a rock or ship, attacks by enemies, fire, and captured by pirates.

These perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.

So, marine insurance insures ship, cargo and freight.

5. Liability Insurance

The general insurance also includes liability insurance whereby the insured is liable to pay for the damage of property or to compensate for losing persona; injury or death.

This insurance is seen as fidelity insurance, automobile insurance, and machine insurance, etc.

6. Social Insurance

The social insurance is to protect the weaker sections of the society who cannot pay the premium for adequate insurance.

Pension plans, disability benefits, unemployment benefits, sickness insurance, and industrial insurance are the various forms of social insurance.

7. Guarantee Insurance

The guarantee insurance covers the loss arising because of dishonesty, disappearance, and disloyalty of the employees or the second party.

The party must be a party to the contract.

His failure causes loss to the first party.

For example, in export insurance, the insurer will compensate for the loss at the failure of the importers to pay the amount of debt.

Top 8 Insurance Companies in Nigeria

These are the registered insurance companies that presently provide the best financial coverage to Nigerians.

8. Coronation Insurance Plc.

Coronation Insurance Company in Nigeria

Coronation Insurance Plc. are a leading Nigerian insurance group offering a diverse range of products and services covering life, general and special risk businesses, licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance, etc.

This company offer superior customer service, innovative product solutions, excellent financial advice to help grow your business and achieve your goals.

Product and Services

  • Technology
  • Asset Management
  • Registrars and Data Management Services
  • Insurance
  • Investment Banking
  • Securities Trading and Brokerage Services


  • 9-12 Amodu Ojikutu Street, off Saka Tinubu Street, Victoria Island, Lagos, Nigeria
  • +23412774500, +2347099821284

7. Consolidated Hallmark Insurance Plc.

Consolidated Hallmark Insurance Plc.

Consolidated Hallmark Insurance (CHI) Plc is a leading general business insurance company determined to change the way Nigerians see insurance.

The company’s primary aim is to deliver exceptional service to customers.

You are covered from motor insurance to gadget insurance, home insurance to business insurance and everything in between.


  • Motor 3rd Party
  • Travel Insurance
  • Marine Insurance
  • Oil and Gas
  • Motor Comprehensive
  • Machinery Breakdown
  • Contractors-All-Risk
  • Motor 3rd Party Fire and Theft
  • Money Insurance
  • Plant-All-Risk
  • Home Insurance
  • All Risks Insurance
  • Bonds Insurance
  • Burglary Insurance
  • Consequential Loss
  • Personal Accident
  • Fire and Special Perils
  • Professional Indemnity
  • Aviation
  • Combined Fire and Burglary
  • Goods-In-Transit


  • 266, Ikorodu Road, Obanikoro, Lagos.
  • +234 1 2912543, +234 1 2912532

6. Cornerstone Insurance Plc.

Cornerstone Insurance Plc.

Cornerstone Insurance Plc. was incorporated on 26th July, 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997.

The organization was established to conduct insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.

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 currently undertaken include:

  • Motor Vehicle
  • Aviation
  • Marine
  • Engineering All Risks
  • Asset Protection
  • Liability to Third Party
  • Oil and Gas
  • Group Life
  • Credit Life
  • Mortgage Protection
  • Term Assurance
  • Wealth Creation Products
  • Takaful (Islamic Insurance)

Cornerstone remains committed to both their core values of integrity, empathy, professionalism, innovation, and team spirit and continued mission of delivering value beyond expectations through needs-based products and quality service

Cornerstone Insurance Plc. Is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions.

Services provided are technology driven by innovative insurance applications.

These services are accessible with ease through the internet and/or mobile technology.

Head Office

  • 21, Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria


  • (Sales Enquiries and Support)
  • (Corporate Enquiries, Feedbacks and Complaints)
  • (Claims Lodgment, Enquiries and Complaints)

Telephone Numbers:

  • 07086216957 (Sales Enquiries and Support)
  • 01-2806500 and 0700 267 63778663 (Corporate Enquiries, Feedbacks and Complaints)

5. Custodian and Allied Insurance

Custodian Investment Plc.

Custodian Investment Plc. is a leading Nigerian Investment Group with operations in the other financial services sector of the economy.

Custodian Investment Plc. is managed by a Board comprising thoroughbred professionals with proven track records in their various fields of endeavour, who bring deep insights derived from several years of fruitful and eventful years of experience to bear on the direction of the company.

Currently, with group-wide assets under management (AUM) over $1.1 billion, the company remains committed to continuous improvement of its businesses, structures, systems and processes in order to keep ahead of the challenges of new growth, improving business prospects, transparency, and governance.

General Insurance

  • Auto Insurance
  • Travel Insurance
  • Home Shield
  • Fire Insurance

Life Insurance

  • Savings and Investment
  • Endowment Plan
  • Protection Plan
  • Annuity


  • 16A, Commercial Avenue, Sabo, Yaba, Lagos
  • (+234)12774000-9

4. NEM Insurance Plc.

NEM Insurance Plc.

NEM Insurance Plc. started the insurance business in Nigeria in 1948 through the agency of Edward Turner and Co.

The company, which has contributed immensely towards the growth of the insurance industry in Nigeria, has expanded its operations into the West African subregion.

The company’s mission is to build a customer satisfying insurance institution that is passionate about adding value to the interests of all stakeholders.

Corporate Products

  • Motor Insurance (Corporate)
  • Marine Insurance
  • Aviation Insurance
  • Oil and Gas
  • Engineering Insurance
  • Computer and Electronics Policy
  • Fidelity Guarantee
  • Group Personal Accident

Personal Products

  • Goods In Transit
  • Fire and Special Perils Insurance
  • Travel Insurance
  • Motor Insurance
  • Home Protection
  • Professional Indemnity
  • Enhanced Motor Third Party

SME Products

  • Burglary Insurance
  • Product Liability
  • Fidelity Guarantee
  • Motor Insurance
  • Cash In Transit
  • Group Personal Accident
  • Agricultural Insurance


  • 199, Ikorodu Road, Obanikoro, Lagos
  • Nem@Nem-Insurance.Com
  • 234-1-4489560, 234-1-4489570

3. Leadway Assurance Company

Leadway Assurance Company in Nigeria

Leadway Assurance Company Limited is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.

For over 45 years, Leadway has honored its underwriting commitments and has earned its reputation of excellence in claims handling.

The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute.

The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain competitive advantage.

All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.

Personal Insurance

  • General Insurance
  • Health and Life
  • Savings and Investments
  • Annuities and Pension
  • Travel Insurance
  • Property Insurance

Business Insurance

  • Marine Insurance
  • Accident Policies
  • SME Insurance
  • Property Insurance

Auto Insurance

  • Comprehensive
  • Third Party (Scratch Card)
  • Third Party
  • Third Party (Auto Base)


  • (+234) 01-2700700

2. AXA Mansard Insurance

AXA Mansard Insurance Company

AXA Mansard Insurance Plc. was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

Products range from life to property and casualty for individuals, commercial solutions for SMEs and corporate organizations.

AXA Mansard Insurance Plc. is rated B+ by A.M. Best (2016) for Financial Strength.

The company is also certified ISO 9001:2008, compliant by the Standard Organization of Nigeria (SON) for quality management systems.

AXA Mansard Insurance has a 24hour dedicated customer interface team which handles the resolution of customer enquiries and complaints.


  • Investment
  • Travel Insurance
  • Life Insurance
  • Health Insurance
  • Motor Insurance
  • Partnerships

Head Office

  • Plot 1412, Ahmadu Bello Way, Victoria Island, Lagos, Nigeria

Phone Number

  • *987# (USSD Code)



1. AIICO Insurance Plc.

AIICO Insurance Company in Nigeria

Established in 1963, AIICO Insurance Plc. is a financial services group with market-leading positions in its key business lines: Insurance, Health Maintenance and Asset Management.

As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.

AIICO is the market leader in retail life insurance, retirement services and non-life insurance in Nigeria.

Their leading insurance asset management and health management businesses complement the core insurance franchise.

AIICO also owns valuable financial and strategic assets, including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited, and AIICO Capital Limited.


  • Annuity Plan
  • Auto Insurance Plan
  • Endowment Plan
  • Investment Plan
  • Life Plan
  • Personal Accident Plan
  • Home Insurance Plan
  • Travel Insurance Plan
  • Pure Risk Plan


  • Marine Insurance
  • Manufacturing Insurance
  • Oil and Gas
  • Agric. Insurance
  • General Business Plan


  • Plot PC 12, Churchgate Street, Victoria Island, Lagos
  • 01 279 2930, 0700 2442 6682 28

8 Best Insurance Companies in Nigeria

List of top insurance companies in Nigeria to join today.

  • AIICO Insurance Plc.
  • AXA Mansard Insurance
  • Leadway Assurance Company
  • NEM Insurance Plc.
  • Custodian and Allied Insurance
  • Cornerstone Insurance Plc.
  • Consolidated Hallmark Insurance Plc.
  • Coronation Insurance Plc.

Best Insurance Company in Nigeria?

The best insurance company in Nigeria to join and secure yourself against potential risks is AIICO Insurance Plc.

AXA Mansard Insurance is the closest competition.

Insurance is a sure way to enjoy financial security, no matter what life throws at you, your loved ones, or cherished possessions.

Choosing the right insurance company in Nigeria can be difficult because of the various competing options available in the market. That’s why this post was written for you.

Some of these insurance companies require you to meet certain criteria before your application can be approved, while some don’t.

So, it’s impossible to tell you categorically which among them will accept you immediately.

I spent several hours researching each company on this list, so you can trust the integrity of the content.

Hope you enjoyed this article?

If you know any insurance company that is equally a good option or shouldn’t be on this list, please let us know in the comment section.

Tell us the company and why it is excellent or bad for Nigerians.

READ ⇒ 5 Affordable HMO in Nigeria to Subscribe for Health Insurance Today ▷ 99% Reliable

Show More

Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button