Insurance business in Nigeria has begun its development long before it received political independence. Since then, it has traveled a long evolutionary path due to the dynamics of the policy, the peculiarities of formation of the real sector of the economy and state social policy. Today, insurance companies in Nigeria have sufficiently developed in order to protect the property interests of householders and businessmen, although not without the help of foreign reinsurance companies.
There are over a thousand existing insurance companies in Nigeria which makes it harder to rate the best. When it comes to picking the right insurance company to secure a policy from, certain things are to be considered, such as, reliability, integrity, and quick response.
Before you consider purchasing insurance from any insurance company you should make sure the insurance company is well-known to the public, they have a track record of integrity and they also have good testimonial from people who insured with them. The insurance companies listed on this article, over time have been considered among the best in the country, however, further investigations about them should be carried out before signing a deal.
Table of Contents
Top 34 Best Insurance Companies In Nigeria – In No Particular Order
1. Acen Insurance Company
This is a composite insurer: issuing life and non-life policies.
2. Adic Insurance
This company insures personal, Car, Home and Life Insurance in Nigeria.
3. African Alliance Insurance Company Ltd.
African Alliance Insurance Company Ltd. has been known in Nigeria over the years for its good reputation.
4. Aiico Insurance Plc
Aiico has become the largest Life Insurer in Nigeria and a major player in General Insurance business. The company’s success has been the result of its ability to evaluate its potentials, set realistic goals and take necessary actions to achieve them. Strategies may change, objectives and organizational structures of the company can be reviewed from time to time, the end result is to ensure Optimum Performance.
5. A&G Insurance
A&G Insurance is set to combine 20 years experience and safety of an underwriting company with the efficiency and innovation of the next generation risks and financial solutions provider.
6. Consolidated Hallmark Insurance
Consolidated Hallmark Insurance Plc is a high-profile, technology-driven and customer oriented company conceived by its stakeholders to be among the first five risk underwriters in Nigeria within a very short period of time.
7. Continental Reinsurance
Continental was registered in 1985 as a professional reinsurance company under the Companies Act 1968 and obtained license to transact Non-Life Reinsurance business on December 10, 1986. It commenced business in January, 1987. Life Reassurance business was commenced in January 1990, the requisite license having been obtained in September 1989. In 1999, Continental Re was converted to a Public Limited Company (PLC).
8. Cornerstone Insurance PLC
Cornerstone is a dynamic insurance company, offering services in line with modern realities. The Company was at inception registered to undertake some classes of Insurance business.
9. Crusader Insurance Plc
Crusader insurance (Nigeria) Plc is a highly reputable company renowned for its efficient service delivery and prompt claims settlement. It has a national network of branches and full computerization and a crop of experienced and highly competent professional staff back up its operations.
10. Custodian Insurance Plc
Rated among the top 10 in Nigeria, Custodian Insurance company stands out among the competition.
11. Equity Life Insurance Co. Ltd
Formerly called First Nigeria Insurance Company Limited, Equity Life insurance was incorporated on the 10th of November, 1983 and was licensed as Life Specialist Company to transact Life and Pension business. The Company commenced operations on the 2nd of October, 1989 and still keeps its head high in the industry.
12. Goldlink Insurance Co Ltd
Goldlink Insurance Plc was Incorporated with an authorized Share Capital of 5.3 Billion Naira with a fully paid-up of 5.1 Billion Naira. This confirms that they are one of the highly capitalized Insurance Companies in Nigeria.
13. Guaranty Trust Assurance Plc
GTA is committed to the provision of excellent service. As such, they benchmark their activities at every level against global best practices. The company has engaged the services of two (2) of the foremost re-insurance companies on the African continent – Africa Reinsurance Corporation and Munich Re Mauritius.
14. Industrial And General Insurance Plc (IGI)
When you are inspired to conquer new frontiers in life and in business, you need the solid backup of a dependable, forward-thinking and world-class insurance partner that will never let you down. That must be Industrial And General Insurance Company Plc. (IGI)
15. International Energy Insurance Plc
International Energy Insurance Company Limited emerged in June 2003, when a group of investors and management acquired 70% of Global Assurance Co Ltd. The company at the time was 34 years old and was under the technical management of the National Insurance Commission (NAICOM).
16. LASACO Assurance Plc
LASACO Assurance Plc (LASACO) was incorporated on 20th December 1979 under the Companies Decree of 1968 and was granted License to carry out the business of insurance and other related business on 7th July 1980.
17. Law Union And Rock Insurance Plc
Law Union & Rock insurnace plc is one of the first generation Insurers to open shop in Nigeria almost five decades ago. They began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for a U.K leading Insurance Company the First Nigerian to have such authority.
18. Leadway Assurance Company Limited
Leadway Assurance Company Limited was founded in 1970. It has a history of being a company with close attention to relationships, having started operations as a direct motor insurance company.
19. Linkage Assurance Plc
The company is registered and licensed by NAICOM under the provisions of the Insurance Act 2003 to carry out General insurance businesses. Presently, the authorized share capital of the Company is over N4 billion and all our branches and business processes are fully computerised .
20. Mutual Benefit Assurance Plc
The management of Mutual Benefits Assurance Plc, one of the 48 recertified underwriting groups in the country, has taken stock of its activities in the recent past reaffirming that it has expand its operations even beyond the Nigeria business environment. The company has four subsidiaries in the country in addition to an insurance firm in Liberia
21. NEM Insurance Plc
NEM started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatisation by the Federal Government of Nigeria.
22. Niger Insurance Plc
Niger Insurance Plc was established in 1962 as a Specialist Life Company under the name Yorkshire Insurance Company. The public quoted Composite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N2, 868,307,000
One of the best insurance companies in the country.
24. Nigeria Deposit Insurance Corporation (NDIC)
Nigeria Deposit Insurance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN), to examine the operations of the banking system in Nigeria.
25. Oasis Insurance Plc
Oasis is an authorized composite insurance company that underwrites all classes of Life and Non-Life insurance businesses. With an authorized capital of N3billion and paid up share capital of N545 million.
26. Oceanic Insurance Limited
In 2005, Corporate Ideals Insurers (CII) was bought over by Oceanic Bank International Plc; the company (CII) is currently being restructured and repositioned inline with the new recapitalization requirements.
27. Prestige Insurance Brokers Ltd.
Established in 1988, Prestige Insurance Brokers Ltd was duly registered as Insurance Brokers by the National Insurance Commission (NAICOM) to transact all classes of insurance business.
28. Royal Exchange Assurance (Nigeria) Plc
Royal Exchange aimed at exceeding stakeholders expectations by responsibly and efficiently mobilizing and
29. Standard Trust Assurance Plc (STACO)
Standard Alliance Insurance PLC, a high-profile technology and customer oriented company.
30. Sovereign Trust Insurance
Sovereign Trust Insurance Company Plc commenced business in 1995 following the acquisition and recapitalization of the former Grand Union Assurances Limited with an authorized share capital of NGN30 Million and a fully paid up capital of NGN20 Million.
31. TransGlobal Insurance Brokers
The company has been recognized by many that want to be part of their success story all within a very short period of its incorporation.
32. UNIC Insurance
Since its incorporation in 1965, Unic Insurance plc. has built a reputation as a strong underwriting house providing its numerous policyholders the security of its Financial Reserves, Underwriting Expertise and First-Class Reinsurance Treaties. Forty years after, UNIC continues to deliver quality service consistent with the UNIC brand name to its market.
33. Unitrust Insurance Company Limited
Unitrust Insurance Company Limited continues to operate in Nigeria as one of its most reliable insurance companies.
34. Zenith Assurance Company
Zenith Life Assurance Company is a subsidiary of the Zenith Bank Group and is fully capitalized to the tune of N2billion in line with the recapitalization requirements of NAICOM. Zenith Life core values and qualities focus on product innovation and excellent customer services.