Insurance can be defined as the contract of transferring known risk at a price (premium) to the insurer (insurance company), that access to pay compensation to those named in the insurance When the risk/loss occurred.
The role of insurance companies in Nigeria include but not limited to helping in reduction of financial risk; provide provide protection from loss due to unforeseen circumstances; provide safety and security; promote economic growth and serve as financial intermediaries.
The are many types of insurance in Nigeria namely: Life insurance; Auto insurance, Health insurance; Property insurance, Deposit insurance; Mortgage and Agricultural insurance.
Tables Of Contents
- List of 24 Insurance Companies In Nigeria
- Royal Exchange General Insurance
- Leadway Assurance
- NICON Insurance
- Nigeria Agriculture Insurance
- African Alliance Insurance
- Cornerstone Insurance
- Custodian and Allied Insurance
- Mutual Benefits Assurance
- AXA Mansard Insurance
- LASACO Assurance
- Consolidated Hallmark Insurance
- Niger Insurance
- Goldlink Insurance
- Continental Reinsurance
- Industrial and General Insurance
- Capital Express Assurance
- FBN Insurance
- Wapic Insurance
- STACO Insurance
- Universal Insurance
- ADIC Insurance
- Metropolitan Life Assurance
- Anchor Insurance
List Of 24 Insurance Companies In Nigeria
1: AIICO Insurance
Head Office: Plot PC 12, Churchgate Street, Victoria Island, Lagos.
Tel: 0700 AIIContact (0700 2442 6682 28); 01 279 2930
2: Royal Exchange General Assurance
Royal exchange general assurance was founded in 1720 and was one of the two insurance companies in Britain to receive legal status through Royal Charter. Originally established for marine business, it expanded within a year to include fire and life insurance as well, thereby becoming British first composite insurer.
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In 1918, Royal exchange assurance started operations in Nigeria, becoming the first insurance company in Nigeria. The company went public on July 18, 1989 and was duly listed on the Nigerian stock exchange on the following year.
Head Office: New Africa House 31, Marina, Lagos
Tel: +234-1-4606690-9; 07080606100
3: Lead Assurance Company
Leadway assurance company was founded in 1970 by Sir (Dr.) Hassan Olusola Odukale. It was authorized and regulated by the national insurance commission, RIC NO.025
Leadway assurance is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability. Leadway provides commercial and personal property and casualty insurance, travel insurance and life insurance. The company’s business operation started in Kaduna state from their, it spread to other parts of the federation.
Head Office: 121/123 Funso Williams Avenue, Iponri, Suruleere, Lagos; NN 28/29 Constitution Road, Kaduna
Tel: 01-2700 700
4: NICON Insurance
Since it’s incorporation in 1969, NICON Insurance Ltd has risen to become one of Africa’s leading insurers. It’s primary objective is to assist in the development of the insurance industry in Nigeria and specifically to ensure that federal government assets and property are fully protected by way of insurance.
Head Office: Ground Floor NICON Plaza, Plot 242 Muhammadu Buhari Way, Central Business District, Abuja
Tel: +2349087260168; +2348055084597
Email: Click here
5: Nigeria Agriculture Insurance Company (NAIC)
Prior to the establishment of NAIC on 15th November 1987. Nigerian farmers suffered various losses on their investment and had no means of going back to production and because of this, it leads to depletion of farming populace, which was a serious threat to food security. The need for a specialized agricultural insurance company to provide insurance cover to farmers was informed by government concern over the vacuum created due to the unwillingness of conventional insurers to accept agricultural risk, which they considered too risky.
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The Nigerian agriculture insurance corporation is therefore a wholly-owned federal government of Nigeria insurance company set up specifically to provide agricultural insurance cover to Nigerian farmers.
Head Office: Plot 590 Zone A.O. Central Area Garki, Abuja
Tel: +2347035338485; +2348023102420
6: African Alliance Insurance
African Alliance Insurance plc was founded by Chief S.L. Edu (CON), Mr T.A. Braithwaite (CON) and Chief M.E.R. Okorodudu; and was incorporated as an insurance company on 6 May, 1960. AAI insurance, as it is often called by people is widely recognized as the most experienced and strongest specialist life assurance office in Nigeria, serving thousands of customers with personalised insurance products tailored for each stage of their lives.
Head Office: 54 Awolowo Road, Ikoyi, Lagos
Tel: +2348066309476; +2347032294082
Email: email@example.com or firstname.lastname@example.org
7: Cornerstone Insurance
Cornerstone Insurance plc. 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 are licensed and re-certifield by the national insurance commission (NAICOM) to do both general and life business. Cornerstone Insurance is a leading insurance company in Nigeria that offers Motor Vehicle, Travel Insurance, Aviation, Marine, Engineering all Risk, Asset Protection, Liability to third party, Oil and Gas, Group Life, Credit Life, Mortgage Protection, Wealth Creation Products, Term Assurance and Takaful (Islamic Insurance). The are also the first insurance company in Nigeria to provide customers with an online platform for insurance transaction.
Head Office: 21 Water Corporation Drive, Off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria
Tel: +2348106000800 (sales enquiries and support); 01-2806500 & 0700 Cornerstone (079026763778663) (corporate enquiries, feedback and complaints)
Email: email@example.com (sales enquiries and support); firstname.lastname@example.org (corporate enquiries, feedback and complaints); claimsCare@cornerstone.com.ng (claims lodgement, enquiries and complaints).
8: Custodian and Allied Insurance
Custodian investment plc is an investment company with significant holding in companies and brands including Custodian and Allied Insurance Ltd, Custodian life assurance Ltd, Custodian trustees and crusader Sterling pension limited all rendering best in class services in their respective spheres.
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The company is managed by a board comprising thoroughbred professionals with a proven track records in their various fields of endeavor, who brings broad and deep insights derived from several years of fruitful and eventful years of experience to bear on the direction of the company.
Head Office: 16A Commercial Avenue, Sabo, Yaba, Lagos, Nigeria
9: Mutual Benefits Assurance
Mutual Benefits Assurance plc was incorporated in 1995 and has rose to become the leading financial, wealth protection company in Nigeria. It’s main objective is to give insurance advice or assistance in preparing for retirement with a life; the also render qualitative insurance and risk management services such as life insurance, auto insurance, health insurance, special risks and investment products and services.
Head Office: Aret Adams House, 233 Ikorodu Road, Ilupeju, Lagos, Nigeria
Tel: +2349054644444; +2349054744444
10: AXA Mansard Insurance
AXA Mansard Insurance plc 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). In November 2009, AXA Mansard Insurance plc was listed as an insurance company by the Nigerian stock exchange (NSE). The company offers life and non-life insurance products and services to Individuals and institutions across Nigeria whilst also offering assets/investment management services, health management services and pension fund administration through its three subsidiaries namely: AXA Mansard investment Ltd; AXA Mansard health Ltd and AXA Mansard pension Ltd.
Head Office: Santa Clara, Plot 1412 Ahmadu Bello Way, Victoria Island, Lagos, Nigeria
11: LASACO Assurance
LASACO Assurance plc is a composite insurance and financial services company incorporated on 20 December 1979 under the companies decree of 1968. The company, previously known as Lagos State Assurance Company Ltd obtain license as an insurer on 7 July 1980 and commence business operations on 1st August 1980.
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Having been listed by the Nigerian stock exchange as an insurance company, Lasaco business portfolio includes leadership and significant share of key federal and state government insurance businesses, multinational and private companies underwriting business in major sectors of the economy, from heavy engineering and construction, banking and finance, manufacturing agriculture, tourism, life covers to the high tech capital intensive, special risks area of the Oil and Gas, and aerospace. Lasaco business interests include Real Estate and through its various non-core business investments.
Head Office: Plot 16 Acme Road, Ogba Ikeja, Lagos Nigeria. P.O.Box 3724
Tel: 07000Lasaco (07000527226)
Email: email@example.com or firstname.lastname@example.org
12: Consolidated Hallmark Insurance
Consolidated Hallmark Insurance plc also known as CHI PLC, is among the 24 lists of license insurance companies in Nigeria offering products on all-risk insurance, home insurance, personal accident, burglary insurance, goods-in-transit, travel insurance, aviation, bond insurance, consequential loss, machinery breakdown, marine and money insurance etc.
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Following a merger in 2006, CHI PLC emerged as one of the top ten general business and special risk insurance underwriters in Nigeria. The are the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management System Certification).
Head Office: 266 Ikorodu Road, Obanikoro, Lagos, Nigeria.
Tel: 0700CHINSURANCE (0700244678872623); +23412912543 or +23412912532.
Email: email@example.com or firstname.lastname@example.org
13: Niger Insurance
Niger Insurance Plc is a leading insurance company in Nigeria, founded in August, 1962 as a specialist life company under the name Yorkshire insurance company. The transacts all classes of insurance business and offers a wide range of innovative and customer oriented insurance products in life and non life insurance to its growing clients.
Niger Insurance Plc is fully computerized with the most advanced software technology. The computer network is capable of expansion and upgrading to meet with present and future increases in the volume of business.
Head Office: 48/50 Odunlami Street, Lagos Island
Tel: +2348133244981; +2348136053520
14: Goldlink Insurance
Goldlink Insurance plc was incorporated on 15th April 1992 as a private limited liability company and granted license to operate as a fully fledged insurance company on 8th September 1993. In May, 2007, Goldlink Insurance plc was converted to a public liability company and was listed as an insurance company by the Nigerian stock exchange on 12th Febuary, 2008 with the aim of being the no.1 insurance provider of choice in Africa. The offers Insurance policy such as Group Life insurance, General Accident, Marine and Aviation, Motor Insurance, Oil and Gas, Compulsory Insurance, Engineering Policy, Individual Life Insurance, Liability Policy, School Safety etc.
Head Office: 6 Emmanuel Street, Maryland, P.O.Box 5987, Marina Lagos, Nigeria
Tel: 0700GOLDLINK (070046535465; 0811792300-5
Email: email@example.com and firstname.lastname@example.org
15: Continental Reinsurance
Continental Reinsurance was incorporated in Nigeria in 1985 as a private Reinsurance company. From January 1987, the started operating as a general reinsurer and in January 1990, the became a composite reinsurer, offering both treaty and facultative life and non life Reinsurance with a well diversified business mix and customer base.
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The converted to a public limited liability company in 2000 with the aim of becoming the recognized leading Reinsurance company in Africa. In May, 2007, the were listed on the Nigerian stock exchange.
Head Office: St. Nicholas House (8th Floor), 6 Catholic Mission Street, Lagos Island
16: Industrial and General Insurance
Industrial and General Insurance (IGI) plc was founded by Mr. Remi Olowude, a distinguished insurance professional reputed for revolutionizing the insurance industry in Nigeria. IGI plc commenced business in January 1992 as a composite insurer to transact the business of life and General insurance, including pensions and special risks. The quickly established a reputation for exceptional competence and became the preferred insurer for individuals and corporate clients seeking premium insurance and related financial services.
From inception, IGI demonstrated exceptional skills and expertise in the underwriting of specialised risk in oil and energy, marine, aviation, engineering and industrial risks management.
Head Office: 2 Agoro Odiyan Street Off Adesola Odeku, Victoria Island, Lagos Nigeria.
Tel: (01) 2918853; (01) 2918854
17: Capital Express Assurance
Capital Express Assurance plc is one of the 24 list of license insurance companies in Nigeria listed by the Nigerian stock exchange as an insurance company. The are known to be one of the fastest growing life assurance companies in Nigeria. With a formidable reinsurance treaty in place with African reinsurance corporation, capital express assurance plc unique strength reside in the area of excellence design and effective management of tailor-made financial services.
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They manage robust life portfolio for individuals and organizations in different sectors including Government agencies and parastatals, Multi-nationals, military and para-military, clubs and associations, manufacturing, finance and regulatory bodies, educational institutions, hospital industry, aviation and other corporate organizations in Nigeria. Capital express assurance is focused on empowering you with vital information that helps you achieve a healthier, smarter and more successful lifestyle.
Head Office: 13 Bishop Kale Close, Off Kasumu Ekemode Street, Off Saka Tinubu Street, Victoria Island, Lagos State, Nigeria
Tel: 0700Capital express (070022739277873)
18: FBN Insurance
FBN Insurance is a limited liability company license to transact life insurance businesses in Nigeria. The company is jointly owned by FBN Holding Plc (65%) and the Sanlam institutions in South Africa (35%) and it officially commenced operations on the 1st of September 2010. FBN Insurance was named the fastest growing insurance company in Nigeria by the national association of insurance and pension correspondents (NAIPCO) in 2007, and also named as the most profitable life insurance company in Nigeria in 2019, and also the 3rd ranked life insurance company based on their Gross premium in the same year.
Their main objective is to help their customers to enjoy the peace of mind that comes from managing the risks of everyday life and also to help people, businesses and communities to get back on their feet when the unexpectded happens. With FBNInsurance, you can also save for a comfortable future and protect what matters to you.
Head Office: 165 First East Circular Road, Benin City, Edo State.
Tel: 0700 FIRSTCONTACT (0700347782668228)
19: Wapic Insurance
Wapic Insurance Plc is a leading West African full line insurance company founded in 1958. The offers a diverse range of products and services covering life, general and special risk businesses. Wapic Insurance Plc is licensed to underwrite all classes of insurance such as fire and special perils, goods-in-transit, all risk insurance.
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Wapic Insurance operates two business lines; Wapic life assurance limited which operates in Nigeria, and a regional footprint in Ghana, Wapic Insurance (Ghana) limited. In order to increase the company’s ongoing repositioning and restructuring initiatives, wapic merged with intercontinental properties Ltd; a development, which has significantly enhanced Wapics underwriting capacity placed it amongst the top 5 Insurance companies in Nigeria.
Head Office: 119 Awolowo Road, Ikoyi P.O.Box 55508, Falomo-Ikoyi
20: STACO Insurance
STACO Insurance Plc emerged in July 1994 as a result of discreet acquisition and restructuring carried out on Alpha Insurance Plc. It was incorporated in Nigeria on 10th October 1991 and subsequently license to transact all classes of insurance business on 1st October 1994. The company under the new name commenced general insurance business and special risks with registration no. RIC 038.
STACO Insurance Plc is owned and managed by Nigerians who have distinguished themselves in their various business endeavours and manned by seasoned professionals who have proven integrity in the Nigerian insurance industry.
Head Office: 209, Herbert Macaulay Way, Yaba, Lagos, Nigeria
Tel: +2348150970457; +2348064103680
21: Universal Insurance
The Universal Insurance company limited (UNISURE) now Universal Insurance Plc, was estby the then Eastern Nigeria government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria development corporation (ENDC) and Pearl Assurance company limited of London whereby ENDC acted as agents to the insurance company.
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The aftermath of the Nigerian civil war was that the eastern Nigeria became defunct, thus after series of changes, the east central state was split into 5 states (Anambra, IMO, Abia, Enugu and Ebonyi state). These 5 states apart from many individuals have shares in the company.
The Universal Insurance plc is one of the nation’s largest personal lines insurer. The deals with all types of insurance, Auto, Property, Commercial etc. The are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risk they face.
Head Office: 8 Gbagada Expressway, Anthony, Lagos Nigeria
Tel: +234(1)2934645; +2348037589255
22: Adic Insurance
Adic Insurance Ltd is a composite insurance company with license to underwrite all classes and volumes of general insurance and life businesses. Founded in 1989 by professor J.O Irukwu. The company which was previously registered as African Development Insurance Company changed its name to ADIC Insurance Ltd in October 2006, after Diamond bank, a leading Nigerian financial services provider acquired 96% equity stake in August 2006.
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The company has achieved constantly growing performance through the adoption of Total Quality Management, Skilled and highly motivated human resources and the use of modern technologies. Adic Insurance has consistently produced customized package policies that provide their clients with high quality services they deserve. On 8th July 2011, NSIA Participations S.A. Holdings acquired 96.15% equity stake of ADIC, making it the first bank-owned insurance company to comply with the CBN directives.
Head Office: 3 Elsie Femi Pearse Street, Victoria Island, Lagos, Nigeria
Tel: 01-2805378-9; 2714977 or 01-2798258
23: Metropolitan Life Insurance
Metropolitan Life Insurance Nigeria Ltd is an insurance company that emerged following the successful recapitalization and change of name of erstwhile HEIRS Life Assurance Company Ltd. The company started out as a joint venture between united Bank for Africa (UBA) and Momentum Metropolitan Holding Limited of South Africa, a Johannesburg stock exchange listed company that has been doing business in South Africa for more than a century. Metropolitan Life insurance company offers group life and credit life products to their clients.
Head Office: 205b Ikorodu Road, Obanikoro Lagos Nigeria
24: Anchor Insurance
Anchor Insurance company limited was registered and licensed by the national insurance commission (NAICOM) in October 1989 as a general business (non-life) Insurance outfit and started business in November of the same year. The company commence operations at its registered office in uyo, Akwa Ibom State and later, for business reasons, joined it’s fellow underwriting outfits in Lagos. While it has its Victoria Island Office in Lagos as it’s cooperate head office, it’s office in Uyo still remains it’s registered office. The offers general and special risks Insurance services such as Agriculture Insurance, Anchor loEIS, Micro Insue, Motor Insurance, Bonds and suretyship, Burglary and House, Fire Insurance, Hull and Cargo etc.
Head Office: 7/13 Aka Road, Uyo Cultural Village Complex, Akwa Ibom State. Obasanjo Presidential library
These 24 lists of license insurance companies in Nigeria are among the total number of 47 Insurance companies being listed out by the Nigerian stock exchange.