Top 10 Best Insurance Companies in Nigeria & Why Choose Them

Insurance refers to a mechanism that future proofs an individual or an organization from having to bear the full burden of unforeseen negative events that requires finances to correct. Insurance helps to reduce the cost of fixing damages caused by negative unforeseen events to a reasonable extent. Unforeseen events like theft, fire outbreak, motor vehicle accident, health issues e.t.c are taking care of by insurances companies.
Insurance companies are companies that offer insurance service to an individual or an organization depending on the Policy agreed by both parties.
Best Insurance Companies in Nigeria
A policy is a contract between the insurer(insurance company) and the insured(individual or organization), known as the policyholder, which determines the claims which the insurer is legally required to pay, In exchange for an initial payment, known as the premium, the insurer promises to pay for unforeseen negative events.
As a Nigerian, selecting the right insurance company. This reason isn’t hinged on the fact that there are many insurance companies in Nigeria. The challenge actually lies in the fact that insurance companies in Nigeria are not very popular, it’s very difficult for you to see adverts of advertisement companies in Nigeria, owing to the fact that most Nigerians do not value them.
But it is very clear that you are among the little population of them Nigerians that care about insurance, owing to the fact that you are reading this article.
In this article, I am going to be listing factors to consider when selecting an Insurance company and I am also going to be making a comprehensive list of insurance companies that have over the years shown high credibility in their dealings, making themselves commendable with their different policies package.
This list will cover ten reputable insurance companies
  •  Factors to consider when selecting an Insurance company
In choosing an insurance company, a lot of factors should come to play in mind. A lot of people have gotten burnt in the past as a result of dealing with the wrong insurance company. In order to avoid making mistakes of this nature, it is better to take your time and do some proper investigation before settling for an insurance company.
The Factors to consider are as follows
  • LEGAL ACCREDITATION: The company government accreditation is an important factor to consider when choosing an insurance company. Companies that are legally accredited would stick to rules, regulations, policies, and guidelines better than companies that are not.
  • THE COMPANY’S REPUTATION:  You should take time to find out about the company before committing to them. The internet is one very easy way to find out about any company. Just look out for reviews about the company on the internet, you will be able to find useful information about the company’s track record.
    One basic thing to watch out for is the negative review and the nature of the problem experienced by the client in a deal with an insurance company. If the company has problems with non-compensation of its policyholders, that’s a red flag that you shouldn’t do business with that company.
  • FINANCIAL STRENGTH:  This factor is very important in considering the Insurance company to be insured by. In other to avoid an ugly situation whereby you as an individual or Business owner have to lose his or her policy, proper and detail investigation should be carried out on the financial strength and stability of the insurance company.
    A good way to do this is to get a copy of their current financial statement and look out for their profitability and growth rate over the years. You would also find a lot of resources online and online rating services that would give you a clear insight into the financial strength of an insurance company.
  • COVERAGE: A good Knowledgeable of what a particular insurance company offers coverage on is also an important factor to be taken into consideration when choosing an insurance company.
    Most insurance companies offer general insurance coverage on the property, auto, health, and general liability insurance policies, but the type of insurance your business needs depends on the kind of business you do.
    Finding out if the insurance company offers coverage on things that are peculiar to your business needs is of maximum importance.
  • PRICE FACTOR: Price should be a consideration when choosing an insurance company. Remember the old saying, “You get what you pay for.” There are many reasons why pricing differs between insurance carriers. A lower price may mean you have less coverage. Less coverage means more money out of your pocket when a loss occurs. A lower price may also mean that the insurance carrier has entered a new market for them so it may not have the experience another insurer would. Making sure that the insurance company you choose offers a pricing that complements your financial plan is a very important factor to be considered.

Top Ten Insurance Companies in Nigeria and their Policies.

1. Aiico Insurance Plc

Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines to Life assurance and annuity, General insurance and special risks, Pension management, Health insurance, and Asset management.

Aiico insurance

AIICO insurance Policies

  • corporate saving plan
  • Income investment plan
  • Education investment plan
  • Three payment plan
  • Electronics equipment policy plan
  • Term assurance plan
  • Travel insurance plan
  • Flexible endowment plan

2. LEAD WAY Assurance company.

Founded in 1970, LEADWAY offers insurance services in both Life and Pensions and General business.
LEADWAY also offers allied financial services like Bond, Secured Credit, Miscellaneous financial losses and Fund / Portfolio management.
Reinsurance back up from Swiss Re, Munich Re, Africa Re, and Continental Re.
Simple and bureaucracy-free claim processing from all our branch offices nationwide.
Highly Computerized operation that enhances efficiency.

lead way isurance

LEAD WAY assurance policies

  • Lead way saving plan
  • Family Benefit plan
  • Personal saving plan
  • Educational saving plan
  • Term assurance plan
  • Derrefed annuity plan
  • Money policy plan.


Custodian & Allied Insurance is a wholly owned Nigerian Company. CAIL’s sole purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
The Insurance Policy offers the business owner the choice of selecting some or all of the insurance plans that meets the need of their business.


CUSTODIAN AND ALLIED insurance policies

  • Investment plus plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan

4.  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.
CORNERSTONE insurance plc.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses insurance.

CORNERSTONE insurance policies

  • Motor insurance plan
  • Travel insurance plan
  • Halal takeful plan
  • School fee guarantee plan
  • Investment plan
  • Home insurance plan
  • Life insurance plan
  • Annuity plan
  • Goods in transit plan
  • Marine insurance plan
  • Gadget protection plan

5. AXA MANSAERD insurance company.

AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries. The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.
AXA MANSAERD insurance company
AXA Mansard 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). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services, health management services and pension fund administration through its three subsidiaries AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited.
  •  AXA MANSARD insurance policies
  • Autoflex plan
  • Easy care plan
  • Auto classic plan
  • Money market plan
  • Equity income plan
  • Life savings plan
  • General ( business/ tourism) protection plan
  • Student protection plan
  • Instant plan
  • Health plan
  • Retirement savings plan

6. African Alliance Insurance Plc

African Alliance Insurance plc., Was officially incorporated on May 6, 1960 by the founders Chief S.L. Edu (CON), Mr T. A. Braithwaite (CON) and Chief M.E.R. Okorodudu, backed by world class reinsurers and co-shareholders, Munich Reinsurance Company. Alliance Insurance Plc is widely recognised for their efficiency and trustworthiness in Life Assurance, serving thousands of customers with personalised insurance products tailored for each stage of their lives.
African Alliance Insurance Plc
Today, African Alliance Insurance Plc drives innovation in the 21st century and uniquely positions itself to offer premium value to all its stakeholders, from its esteemed customers to its employees, partners and shareholders.

African Alliance insurance policies

  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan
  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan

7. Goldlink  Insurance plc

Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993. Goldlink was incorporated with an authorised share capital of N10million with fully paid-up capital of N10million. In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008.
Goldlink  Insurance plc
The company is owned by Nigerians and is licensed to underwrite both Life and General Businesses which include Fire and Special Perils, Motor Insurance, Life & Pension, Oil & Gas, Travel Insurance and many others, with suitable policies to meet the needs of it’s customers.

Goldlink Insurance policies

  • Compulsory Insurance plan
  • Engineering Policies plan
  • General Accident plan
  • Group Life Insurance plan
  • Individual Life Insurance plan
  • Liability Policies plan
  • Marine & Aviation plan
  • Motor Insurance plan
  • Oil & Gas plan
  • Re-Insurance plan
  • School Safety plan

8. Continental Insurance

Continental insuranace was Incorporated in Nigeria in 1985, Continental insurance started business initially as a private insurance company. From January 1987, the company began operating as a general insurer and in January 1990, they became a composite insurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base.
Continental Insurance
Continental insurance is the private sector champion of the pan-African insurance industry. The insurance company engage in the life and non-life insurance business across the continent, offering it customers with different policies met their demand.

Continental Policies

  • Insurance plan
  • Auto Insurance plan
  • Pet Insurance plan
  • Home Insurance plan
  • Business Insurance plan

9. Industrial and General Insurance Plc

Industrial And General Insurance Plc (IGI) was first incorporated as a private limited liability company on 31 October 1991 and later re-registered as a public limited liability company in 2007. It commenced business in January 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks. Backed by a strong capital base, first-class professionals and deployment of modern technology, the company quickly established a reputation for exceptional competence.
The Company focuses on understanding each individual client’s peculiar needs to assess the risks which the client is exposed to, in order to proffer tailor made insurance solutions.

Industrial And General  Individual Life Policies

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

10. Lasaco  Assurance Plc

Lasaco Assurance Plc is a composite insurance and financial services company incorporated on 20th of December 1979 under the Companies Decree of 1968. The Company, then known as Lagos State Assurance Company Limited obtained License as an Insurer on 7th July 1980 and commenced business operations on 1st of August 1980.
Lasaco  Assurance Plc
With the vast opportunities presented by increased capitalization for business expansion and growth, LASACO became a Public Liability Company in 1991 when its Shares were admitted for the first time to the Nigerian Stock Exchange (NSE) through listing by Introduction.

Lasaco Insurance policies

  • Motor insurance plan
  • Aviation insurance plan
  • Marine insurance plan
  • Professional indemnity plan
  • Fire and Special insurance plan
  • Personal accident plan
  • Householder’s Insurance plan
  • Bond insurance plan
  • Money insurance
Hope you do find this list of the best and top Insurance Companies in Nigeria useful. If you have had any dealings with any from this list, feel free to share your experience with them in the comments below as we would all love to read them.