Posted by Over the years, the insurance industry has witnessed a surge in the number of insurance companies in Nigeria. Thanks to a growing middle class and an increasing awareness of the benefits of insurance.
According to the National Insurance Commission, the body that is in charge of the effective administration, supervision, regulation, and control of insurance companies in Nigeria, the Nigerian insurance industry has grown by an average of 10% per year over the past decade. Isn’t that super encouraging? Well, it is.
In today’s article, we will be discussing the top insurance companies in Nigeria and will also provide you with important information about these firms. So let’s get started.
Table Showing the Top 25 Insurance Companies in Nigeria
Below is a table showing the top insurance companies in Nigeria:
| S/N | Insurance Company | Year Founded |
|---|---|---|
| 1 | AXA Mansard Insurance Plc | 1989 |
| 2 | ||
| 3 | Custodian & Allied Insurance Plc | 1995 |
| 4 | ||
| 5 | Leadway Assurance Company Ltd | 1970 |
| 6 | ||
| 7 | AIICO Insurance Plc | 1963 |
| 8 | ||
| 9 | Industrial and General Insurance Co. Ltd | 1992 |
| 10 | ||
| 11 | WAPIC Insurance Plc | 1958 |
| 12 | ||
| 13 | Great Nigeria Insurance Plc | 1960 |
| 14 | ||
| 15 | Unity Kapital Assurance Plc | 2003 |
| 16 | ||
| 17 | Anchor Insurance Company Ltd | 1989 |
| 18 | ||
| 19 | Royal Exchange Plc | 1921 |
| 20 | ||
| 21 | Standard Alliance Insurance Plc | 1996 |
| 22 | ||
| 23 | Capital Express Assurance Ltd | 1998 |
| 24 | ||
| 25 | Lasaco Assurance Plc | 1980 |
| 26 | ||
| 27 | Law Union & Rock Insurance Plc | 1951 |
| 28 | ||
| 29 | Sunu Assurances Nigeria Plc | 1984 |
| 30 | ||
| 31 | Standard Alliance Life Assurance Ltd | 2010 |
| 32 | ||
| 33 | AIICO Pension Managers Ltd | 2005 |
| 34 | ||
| 35 | FBN Insurance Limited | 2010 |
| 36 | ||
| 37 | Mansard Pensions Ltd | 2006 |
| 38 | ||
| 39 | Bond Insurance Company Ltd | 2004 |
| 40 | ||
| 41 | IGI Insurance Plc | 1991 |
| 42 | ||
| 43 | Regency Alliance Insurance Plc | 2007 |
| 44 | ||
| 45 | Continental Reinsurance Plc | 1985 |
| 46 | ||
| 47 | Cornerstone Insurance Plc | 1991 |
| 48 | ||
| 49 | Continental Insurance Plc | 2003 |
| 50 |
Overview of the Top-Rated Insurance Providers in Nigeria
1. AXA Mansard Insurance Plc
- Year Founded: 1989
This insurance company offers a wide range of insurance products, including life insurance, car insurance, health insurance, and home insurance.
AXA Mansard is known for its innovative products and services and its commitment to customer service.
Pros: AXA Mansard has a strong track record of financial stability. They provide a good number of insurance products, great customer service, and a strong distribution network.
Cons: The cons of AXA Mansard include the fact that this company is relatively new in Nigeria and it may not have the same brand recognition as some of the more established companies.
Additionally, the company may not have the same level of service in all parts of the country due to certain factors.
VISIT2. Custodian & Allied Insurance Plc
- Year Founded: 1995
Custodian and Allied Insurance Plc offers a range of insurance products that include life insurance, health insurance, motor insurance, and marine insurance.
It is considered one of the top insurers in Nigeria for several reasons. First, the company has a strong financial position.
Secondly, the company has a good track record of paying claims promptly and efficiently. And thirdly, it has a wide network of agents and branches across the country.
Pros: It has a strong financial position, a good track record of claim payments, and a wide network of agents.
Cons: The cons of the company include the fact that it does not have as many product offerings as some of its competitors.
In addition, the company’s customer service has been criticized as not being as responsive as it could be.
3. Leadway Assurance Company Ltd
- Year Founded: 1970
This is one of the oldest insurance companies in Nigeria. The company offers a variety of products, which include life insurance, health insurance, motor insurance, and fire insurance.
Pros: Leadway has a very strong customer service department, which is known for being responsive and helpful. The company also has a good track record of paying claims on time.
Cons: Leadway’s premiums may be higher than those of other companies.
4. AIICO Insurance Plc
- Year Founded: 1963
Another solid insurance company on the list is AIICO Insurance Plc. The company offers a wide range of products, which include life insurance, health insurance, and property insurance.
It is a very popular insurance firm in Nigeria, and it ranks up there among the best.
Pros: One pro of AIICO is that it has a wide range of products, so you can find the right product to fit your needs.
This company also has competitive pricing, so you can get the coverage you need at a price you can afford.
Cons: Its online presence is limited, and its customer service could be improved.
5. Industrial and General Insurance Co. Ltd
- Year Founded: 1991
This insurance company is headquartered in Lagos, and it offers a wide range of insurance products, including life insurance, health insurance, motor insurance, property insurance, and more.
Pros: One of the biggest pros of I&G is its financial strength. The company is considered to be very strong financially, which means that it is less likely to experience problems paying claims or to go out of business.
Also, I&G has a very good reputation for customer service, and its customers typically report having positive experiences when dealing with the company.
Cons: One con is that I&G’s products and services may not be available in all areas of Nigeria.
6. WAPIC Insurance Plc
- Year Founded: 1958
This is one of the oldest insurance companies in Nigeria. The company offers a variety of insurance products, which include life insurance, health insurance, motor insurance, and many more.
Pros: WAPIC has competitive pricing. This enables you to get the coverage you need without breaking the bank.
Another pro is that the company’s customer service is excellent, and you can easily get in touch with someone if you have any questions or concerns.
Cons: One con is that the company has a limited online presence, so you may not be able to manage your policy or get information online.
Another con is that the company’s claims process can be slow, so it may take some time to get your claim processed.
Finally, some people have rated this company’s customer service as being very difficult to reach, so you may have trouble getting in touch with someone if you need help.
7. Great Nigeria Insurance Plc
- Year Founded: 1960
This company was founded in 1960, and it offers a variety of insurance products that include life insurance, health insurance, and property insurance.
Pros: One pro of Great Nigeria is that it has competitive pricing, so you can get the coverage you need at a price you can afford. Also, the company has a long history in the industry, so you can be confident that they’re experienced and knowledgeable.
Cons: This insurance lacks transparency when it comes to policy details. They are also slow when processing claims.
Some people have also reported that the company’s customer service is not as responsive as it could be.
In addition, Great Nigeria does not have a strong online presence, which can make it difficult to manage your policy or get information online.
8. Unity Kapital Assurance Plc
- Year Founded: 1995
This insurance firm offers a variety of insurance products, including life insurance, health insurance, and property insurance. They are reliable and financially buoyant.
Pros: One pro of Unity Kapital is that it has competitive pricing, so you can get the coverage you need at a price you can afford. Another pro is that the company has excellent customer service, and you can easily get in touch with someone if you need help.
Cons: One con is that the company’s website is not very user-friendly, so you may have trouble finding the information you need.
9. Anchor Insurance Company Ltd
- Year Founded: 1989
This is a great insurance company with a lot to offer. They are very affordable and have competitive coverage plans.
Pros: First, Anchor has competitive pricing and offers a variety of coverage options to meet your needs. The company has a strong financial stability rating, so you can be confident that they’ll be able to pay out your claims.
Lastly, Anchor has a good reputation for customer service, and you can reach them easily if you have any questions or concerns.
Cons: Anchor’s company website can be difficult to navigate and may not have all the information you need.
Also, the company does not have a very strong digital presence, which can make it challenging to manage your policy online.
10. Royal Exchange Plc
- Year Founded: 1921
Ranking up there amongst the oldest insurance companies in Nigeria is Royal Exchange Plc. This insurance firm offers a variety of insurance products, such as life insurance, health insurance, and property insurance.
Pros: They provide a wide range of insurance products and also have competitive pricing. It’s also important to note that they have very good customer service.
Cons: Royal Exchange has a limited online presence and a poor distribution network.
11. Standard Alliance Insurance Plc
- Year Founded: 1996
Let’s talk about Standard Alliance Insurance. The company has competitive pricing, a wide range of products, and a solid financial stability rating.
In addition, Standard Alliance has an excellent reputation for customer service, and they are known for being responsive and helpful.
Pros: They have good and affordable prices that can easily suit your budget.
Cons: The company does not have a strong online presence, and its website can be difficult to navigate.
12. Capital Express Assurance Ltd
- Year Founded: 1998
Capital Express offers a range of products, including life insurance, motor insurance, health insurance, and property insurance.
It also offers a variety of financial services, such as investment products and retirement planning. Capital Express has a strong financial stability rating, and it is known for its high level of customer satisfaction.
Pros: Capital Express has a solid financial stability rating, which means that you can be confident that your claims will be paid out if you need to make a claim.
In addition, the company offers a wide range of products and services, so you can find the right coverage for your needs.
Cons: Firstly, Capital Express does not have a very strong online presence, so it can be difficult to find information about the company and its products.
Secondly, some customers have complained about the company’s claims process being slow and complicated.
13. Lasaco Assurance Plc
- Year Founded: 1980
Lasaco is one of the leading insurance companies in Nigeria. The company offers a wide range of products, which range from life insurance to health insurance, travel insurance, and many more.
Pros: Lasaco offers prices that are very competitive, and it also has excellent customer service.
Cons: Some of the cons of Lasaco include its limited distribution network and its lack of online presence.
14. Law Union & Rock Insurance Plc
- Year Founded: 1951
This insurance company offers a wide range of products, including life insurance, health insurance, motor insurance, property insurance, and many more.
It has a strong reputation for customer service and satisfaction, and it is known for its ability to pay claims quickly and efficiently.
Pros: It offers a wide range of products, has reliable customer service, and has the ability to pay claims quickly.
Cons: The cons include the fact that the company may be seen as old-fashioned and that it may not have the same range of products and services as some newer insurance companies.
Additionally, Law Union & Rock may not have the same level of brand recognition as some of its competitors.
15. Sunu Assurances Nigeria Plc
- Year Founded: 1956
Sunu Assurance Nigeria Plc is one of the oldest insurance companies in the country. It offers a wide range of products, including life insurance, health insurance, and motor insurance.
This company is also known for its excellent customer service and competitive prices.
Pros: Sunu is known for its customer-centric approach. This means that the company is always looking for ways to improve its products and services to meet the needs of its customers.
Also, it has a strong financial standing, which means that it can meet its obligations and pay claims in a timely manner.
Cons: Sunu may not have the same brand recognition as some of the larger insurance firms in Nigeria.
16. Standard Alliance Life Assurance Ltd
- Year Founded: 2010
The company offers a wide range of products, including life insurance, health insurance, motor insurance, and more.
They are very reliable and are good players as far as Nigerian insurance is concerned.
Pros: This insurance firm offers a wide range of products, competitive pricing, and good customer service.
Cons: Standard Alliance lacks an online presence and has a limited distribution network.
17. AIICO Pension Managers Ltd
- Year Founded: 2005
AIICO is a pension fund manager that was founded in 2005 and is based in Lagos, Nigeria. The company offers a variety of pension products and services, including retirement savings accounts, group retirement plans, and individual pension plans.
This insurance is also known for its strong financial stability and its customer-focused approach.
Pros: The company has a strong financial stability rating, which means that you can be confident in its ability to meet its obligations. They offer a wide range of products and services, so you can find the right option for your needs.
And lastly, it has a strong commitment to education and financial literacy, which means that it is committed to helping you make informed decisions about your pension.
Cons: This company does not have a very strong online presence, so it can be difficult to find information about its products and services.
18. FBN Insurance Limited
- Year Founded: 2010
FBN Insurance is a subsidiary of First Bank of Nigeria, and it was founded in 2010. The company offers life insurance, general insurance, health insurance, and annuities.
It has a strong financial stability rating, and it is committed to providing innovative and affordable products and services to its customers.
Pros: The company has a strong parent organization, First Bank of Nigeria, which gives it stability and credibility. FBN Insurance offers a variety of products and services to meet the needs of its customers.
They are also committed to innovation and is always looking for new ways to improve its products and services.
They are also committed to innovation and is always looking for new ways to improve its products and services.
Cons: FBN Insurance is a relatively new company, so it may not have the same level of experience as some of its competitors.
Also, it is not as widely available as those of other insurance companies.
19. Mansard Pensions Ltd
- Year Founded: 2006
Another leading insurance firm we have on the list is Mansard Insurance Company. The company offers a wide range of products, including life insurance, health insurance, fire insurance, and more.
Pros: It offers a wide range of products, has competitive pricing, and boasts one of the best customer services.
Cons: This insurance is limited by a lack of online presence and not enough network distribution.
20. Bond Insurance Company Ltd
- Year Founded: 1982
Bond Insurance Company offers a variety of insurance products which includes including life insurance, health insurance, motor insurance, property insurance, and more. This insurance firm is reliable and dependable as well.
Pros: Bond Insurance Company is known for its competitive pricing, which means that its products are typically more affordable than those of other insurance companies.
Cons: The company’s products and services may not be as widely available as those of larger insurance companies.
Additionally, some customers have reported having difficulty reaching customer service representatives.
21. IGI Insurance Plc
- Year Founded: 1991
This company offers a wide range of products, including life insurance, health insurance, property insurance, and many more. It provides competitive insurance coverages and can be relied upon.
Pros: This insurance company has a solid financial standing and also offers a variety of products.
Cons: IGI has been criticized for having a delayed claims process, and some of its policies are not as user-friendly as they could be.
22. Regency Alliance Insurance Plc
- Year Founded: 1996
Another insurance company that has its headquarters in Lagos State is Regency Alliance Insurance Plc.
It is a medium-sized insurance company, and it offers a wide range of products like life insurance, health insurance, motor insurance, and many more.
Pros: One of the biggest pros of Regency Alliance Insurance is its competitive pricing. The company’s products are typically priced very competitively, which makes them a good option for those on a budget.
Additionally, Regency Alliance has a good reputation for customer service, and its customers typically report being happy with the level of service they receive.
Cons: One con is that the company’s products and services may not be as widely available as those of larger insurance companies.
23. Continental Reinsurance Plc
- Year Founded: 1985
Continental Reinsurance Plc is a leading reinsurance company in Nigeria, and it has a long and successful history.
This company offers a wide range of reinsurance products, and it has a strong presence in the African insurance market.
Pros: One pro of Continental Reinsurance is its financial strength. The company is considered to be very strong financially, and it has a very good track record of paying claims.
Additionally, Continental Reinsurance is known for its excellent customer service, and it has a reputation for being responsive and helpful.
Cons: One con is that the company’s products and services may not be as widely available as those of some of its competitors.
24. Cornerstone Insurance Plc
- Year Founded: 1991
This is one of the leading insurance companies in Nigeria. The company offers a variety of products, including life insurance, health insurance, and motor insurance.
Pros: of Cornerstone include its wide range of products, its competitive pricing, and its good customer service.
Cons: This insurance lacks adequate online presence.
25. Continental Insurance Plc
Year Founded: 2003.
Continental Insurance does not only operate in Nigeria, it also operates in a number of countries across Africa.
It offers a variety of insurance products, including life insurance, health insurance, and property insurance.
Pros: One of the biggest pros of Continental Insurance is its competitive pricing. The company’s products are typically priced very competitively, which makes them a good option for many people.
Another pro is the company’s financial strength. Continental Insurance has a very good track record of financial stability, and it is considered to be a very safe and reliable company.
Cons: Some people have reported having difficulty reaching customer service representatives. That means that they have poor customer support.
Also, the company’s products and services may not be as flexible or customizable as those of some other insurance companies.
VISITFAQ on the Top Insurance Companies in Nigeria
What types of insurance products and services do these insurance companies offer?
These insurance companies in Nigeria offer a wide range of insurance products and services, such as life insurance, general insurance, health insurance, and many more.
How can I get a quote for insurance coverage from one of these companies?
You can obtain a quote from these insurance companies by visiting their official websites, contacting their customer service, or visiting one of their local branches.
What factors should I consider when choosing a top Nigerian insurance company?
When choosing an insurance provider, you have to consider factors such as the company's reputation, financial stability, coverage options, premium rates, claims processing speed, customer service, and any unique features or benefits that are offered by the insurance company.
What are the benefits of having Nigerian insurance coverage?
There are various benefits you stand to gain when you purchase an insurance policy, such as the protection against financial loss due to an unexpected event, peace of mind knowing that you and your family are secure, it grants you access to quality healthcare through health insurance, provides coverage for your car, home, or even your business through property and casualty insurance, etc.
Are these companies regulated and licensed by the Nigerian regulatory authorities?
Yes, these insurance companies are regulated and licensed by the National Insurance Commission (NAICOM) in Nigeria. It ensures that these companies comply with the relevant laws and regulations to protect policyholders' interests.
Conclusion
Making a decision about choosing the right insurance company in Nigeria is crucial for safeguarding your financial interests and ensuring peace of mind.
Whether you are a business owner or an individual looking for comprehensive coverage, these companies can be trusted to meet your insurance needs.
However, it is advisable that you also conduct personal research before choosing any insurance firm so as to make better-informed decisions.
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