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10 Best Nigerian Insurance Companies (2022)

Insurance might not be too popular in Nigeria but it’s still very important. Here are the best Nigerian insurance companies in 2022. 

1. Lead Way Assurance Company

Leadway Assurance Company, located in Lagos, is one of the most popular insurance companies in the country. The company provides business and personal property and liability insurance, as well as travel insurance and life insurance. Sir Hassan O. Odukale founded Leadway in 1970.

It began operations in 1971 as a direct automobile insurer, which was its initial focus. In time, it diversified into other sectors of general industry, eventually becoming a composite company that underwrote both life and general insurance business. The company now underwrote risks of extremely high scale in heavy industries such as oil and gas.

2. Aiico Insurance PLC

Artificial Intelligence Insurance Company (AIICO) was established in 1963. The company began operations in Nigeria as an Agency office of American Life Insurance Company (ALICO), which was then a subsidiary of American International Group (AIG). In 1970, the company was registered, and licensed in Nigeria as American Life Insurance Company Limited.

As an insurance company, AIICO aims to be the insurer of choice as well as the leading insurance company in Nigeria providing life insurance and retirement services. They also provide risk underwriting services to a large and diverse client base that includes corporations, financial institutions, governments, and individuals throughout the country.

3. Cornerstone Insurance PLC

Cornerstone Insurance Plc was established on July 26, 1991, as a private limited liability company, and later transformed into a public limited liability company, which was listed on the Nigerian Stock Exchange. The organization was founded on the principles of conducting insurance business in a professional, ethical, and customer-focused manner. 

They provide insurance in various areas including automotive, aviation, marine and engineering industries. This includes asset protection, third-party liability, oil and gas, life insurance, credit life, mortgage protection, term insurance, and wealth creation products. Cornerstone Insurance also offers Islamic insurance.

4. Custodian and Allied Insurance

Custodian & Allied Insurance is a Nigerian company with the sole mission to develop, package, and deliver innovative insurance products that are both profitable and efficient. CAIL is committed to operating a highly profitable, efficient, resourceful, and ethical organization that will be around for a long time. 

CAIL’s Board of Directors is composed of individuals who have established track records in their respective fields of endeavor, bringing a combined total of several years of expertise to the table. The company is a registered member of the Nigerian Insurers Association (NIA) and has been approved to provide insurance services in Nigeria.

5. AXA Mansard Insurance Company

AXA Mansard Insurance plc is a subsidiary of the AXA Group, which is the world’s largest insurer and asset manager, with presence in 64 countries. The company is a private limited liability business that was established in 1989 and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). 

Through its three subsidiaries, the company provides life and non-life insurance products and services to individuals and institutions throughout Nigeria. It also provides asset/investment management services, medical insurance solutions, and pension fund administration services to individuals and institutions.

6. Continental Insurance

Continental Reinsurance was established in Nigeria in 1985 as a private reinsurance company. The company began operations as a general re-insurer in January 1987, and in January 1990, it transitioned to a composite reinsurer, delivering both treaty and facultative life and non-life reinsurance.

In order to achieve its overall goal of being a recognized leader in the reinsurance industry in Africa, it changed to a public limited liability company in 2000. With a large number of shareholders, including international investors, the firm was recapitalised to NGN 10 billion in 2007. In addition, the company was listed on the Nigerian Stock Exchange the following year.

7. Industrial and General Insurance PLC (IGI)

Industrial and General Insurance (IGI) is a leading provider of insurance and risk management services in Nigeria with foreign subsidiaries. Ghana, the Gambia, Rwanda, and Uganda are among the countries where it has subsidiaries. IGI also has representative offices in London and Washington, D.C. 

The company’s primary concentration is on insurance services, but it has investments in a variety of other industries through the subsidiary companies. This includes banking, construction, engineering, mining, real estate, telecommunications, and waste management.

8. Lasaco Assurance PLC

Lasaco Assurance Plc is a Nigerian composite insurance and financial services company with permission to insure business in a number of key areas of the country’s economy. Heavy engineering, construction, banking and finance, manufacturing, agriculture, and tourism are all industries where the company offers insurance. 

Among the company’s diverse commercial holdings are leadership positions and large stakes in key federal and state government insurance firms, as well as global and private corporations. In addition, high-tech, capital-intensive, and special-risk industries such as oil and gas and aerospace are covered by the company’s life insurance policies.

9. African Alliance Insurance PLC

African Alliance Insurance Company Plc provides a range of insurance, savings, and investment services to its customers. With over 60 years of experience in the insurance industry, the company is widely considered as one of the most experienced and strongest Specialist Life Assurance Offices in Nigeria. 

In addition, the company provides annuity and group life products, as well as savings and investment plans and mutual funds. African Alliance Insurance has a total of 18 branch offices across the country.

10. Goldlink Insurance PLC

Goldlink Insurance Plc was established in 1992 with headquarters in the city of Lagos. It is a life and general insurance firm that provides insurance products and services to both the corporate and individual segments of the market.

Its product offering includes insurance for oil and gas construction and operational operations, insurance for cargo, hull, and marine machinery, liability insurance, aviation insurance, as well as a comprehensive range of general insurance and life insurance products. Engineering insurance products are also available. 

Bottom Line

There you have the 10 best Nigerian insurance companies.