List of Insurance Companies in Nigeria

Familiarizing yourself with the list of insurance companies is very important cos you may not know when it will become most needful.

Insurance is very important for your business and your family’s protection against unfortunate circumstances. As much as you may not want these unfortunate events to take place you cannot completely avoid them. For the record, here are ten reasons to buy life insurance amongst other insurance types.

What is Insurance?

Insurance is a policy whereby an individual or entity receives financial protection. It is a policy that allows the individual or entity insured to receive reimbursement against losses from an insurance company.

Insurance provides protection against financial loss. It is an effective form of risk management; it gives a protective advantage against the risk of uncertain loss.

Those who provide insurance are called the insurers, and those receiving the insurance are called the insured.

What is an Insurance Company?

An insurance company is an entity that creates and provides insurance products. They take on risks in return for the payment of premiums. Insurance companies are financial intermediaries that offer instant insurance products and services. These companies provide financial protection from possible misfortune or loss in the future.

Why You Need an Insurance

1. Insurance Keeps Commerce Moving
2. Insurance help support aging parents financially
3. Insurance help manage future goals
4. Insurance Ensures Family and Business Stability
5. Insurance Grants Peace of Mind
6. Insurance reduces the uncertainty of Business Losses
7. Insurance increases business efficiency
8. Insurance helps business continuation
9. Insurance takes care of employee’s welfare
10. Insurance helps you make preparations for your children born and unborn.

List of Insurance Companies in Nigeria

Below is a list of the insurance companies in Nigeria, according to Finanticum:

1. AIICO Insurance Plc.

AIICO insurance is one of the tops on the list of insurance companies in Nigeria, established to cater to and fully satisfy the insurance needs of individuals and entities.

AIICO is a non-banking financial service that provides health, life, motor, travel, health insurance, and other investment needs. In addition, AIICO focuses on several insurance products which include General Insurance, Life assurance, special risks, Health, Asset management, and pension management.

3. Custodian and allied insurance

Custodian and Allied Insurance is an insurance company that aims to cover its customer’s general insurance needs which will ultimately help guarantee customer satisfaction.

Furthermore, they offer a wide range of insurance plans aimed at meeting their customer’s general insurance needs.

4. Cornerstone Insurance Plc.

Cornerstone Insurance is among the list of insurance companies in Nigeria that has been in the fast space in providing insurance services to individuals and is also one of those insurance companies that are dedicated and puts their client needs first in all situations.

It came into existence in 1991 as a private limited liability company. In the year 1997, it fully became a Public Limited Liability.

Cornerstone Insurance is bent on making their client’s needs most important and above other activities in the company

5. AXA Mansard Insurance

AXA Mansard belongs to the AXA Group. They provide financial services for your health, life, motor, travel, health insurance, and investment. They are one of the leading in world asset management and insurance with well over 160,000 employees. With a huge client base of about 107 million clients in over 60 countries.

6. Consolidated Hallmark Insurance

Consolidated Hallmark Insurance (CHI) Plc is one of the leading general business insurance companies on the list of insurance companies in Nigeria that is out to change the perspective of insurance in Nigeria.

Consolidated Hallmark has several insurance offerings tailored to delivering exceptional service to its clients that will reduce anxiety and cater to the needs of its clients

7. FBN Insurance

First Bank of Nigeria Insurance is a general insurance company that is aimed at providing coverage for individuals and corporations.

First Bank of Nigeria Insurance is a subsidiary of the First Bank of Nigeria and is designed in a way to help individuals and organizations enjoy the peace of life that comes from managing everyday risks.

8. African Alliance Insurance Plc.

African Alliance Insurance Plc is not only recognized in the list of insurance companies in Nigeria as the most experienced but also the strongest specialist Life Assurance Office in Nigeria. They are focused on insurance products that effectively meet individual’s needs.

AAI was established in 1960, and since then has built a solid reputation in the insurance industry. Their policies include Annuity assurance, investment insurance plans, Group life Assurance, etc.

9. Lasaco Assurance Plc.

Lasaco is a financial service and composite insurance incorporated in December 1979, with a vision to be a market leader in Financial Services in Nigeria and create and sustain an exceptional brand and provide long-term value.

Lasaco is an acronym for Lagos state Assurance Company Limited and majors in General Insurance, Life Insurance, and online payment.

10. Anchor Insurance

Anchor Insurance is among the list insurance companies in Nigeria with notable strides. Anchor insurance was registered and licensed in October 1989 as a General Business (Non-life) Insurance outfit and in November of that same year, it started operations.

One of the popular traits with int Anchor Insurance is that they see their customers as the reason for their existence in business.

11. Goldlink Insurance

Goldlink’s insurance was on September 1993 they became a fully functional insurance company. Although initially incorporated as a private limited liability company in 1992. Goldlink focuses mainly on General Business, Life, Travel, and Motor Insurance.

12. Leadway Assurance Company

Leadway Assurance Company is a Nigerian insurance corporation that provides commercial and personal property and casualty insurance, travel insurance, and life insurance.

It is one of Nigeria’s largest insurance companies that offers additional allied financial services. which includes portfolio management, credit bond, and miscellaneous and financial losses.

Leadway Assurance came into existence in the year 1970, and ever since then have remained top on the list of insurance companies in Nigeria

13. Continental Reinsurance

Continental Insurance has been around for a long while, initially started as a private insurance company in the year 1985. But in 1990 became a fully functional insurance company with non-life and life insurance offers.

Aiming at becoming one of the most recognized insurers in Africa, they have a well-diversified business mix and customer base.

14. NEM Insurance

NEM insurance majors are basically in general insurance and special risks. They have been around for a while, NEM INSURANCE PLC started the insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.

NEM Insurance has contributed significantly to the growth of the Insurance Industry in Nigeria. In 2007, they merged with Vigilant Insurance Company to transact all forms of general insurance

15. Royal Exchange Plc.

The Royal Exchange is one of the leaders in the list of insurance companies in Nigeria and the financial market at large.

Royal Exchange Plc. is Nigeria’s foremost financial services group that offers general, Life insurance, health insurance, finance, and banking.

16. Mutual Benefits Assurance Plc.

Mutual Assurance over the years has strengthened to be one brand you can trust in Nigeria. Mutual Benefits Assurance Plc over the years has been trustworthy. They provide insurance products and services which include motor, travel, fire, aviation, mutual term insurance, and more, as well as investment-linked schemes, endowment plans, and protection policies.

17. Nicon Insurance

NICON is on the top list of insurance companies in Nigeria Africa’s leading insurance company with its headquarters located at Plot 242 Nicon Plaza, Muhammed Buhari Way Abuja Nigeria.

Nicon Insurance was formally owned by the Nigerian government, to assist the country’s insurance industry but became privatized in 2005.

They have branches all around the country with several policies tailored to meet their customer’s insurance needs.

18. Coronation Insurance Plc.

Coronation Insurance has been in existence since 1958, they are one of the top companies in the West Africa Insurance industry, and also tops the list of insurance companies in Nigeria

Coronation Insurance offers a wide range of insurance for your car, home, business, life, and special risk businesses.

19. Guinea Insurance Plc.

Over the years, Guinea Insurance has in several ways exceed expectations. They always manage to stay ahead of other insurance companies in the provision of effective risk management solutions.

Guinea insurance has a strong capital base and one of the big players in the provision of quality financial risk solutions in general Insurance and special risks with functional modern technology operations.

20. Staco Insurance Plc.

Staco Insurance Plc is a general insurance company, incorporated in Nigeria in October 1991 and started operating as an insurance company in 1994.

The company offers general insurance products, also licensed to transact all types of insurance products which include General Insurance and Special Risks.