Insurance companies in Nigeria – There are 57 registered insurance companies in Nigeria. 14 of them are in the life insurance business while 43 are the non-life insurers. There are also 2 reinsurance companies whose roles are to provide technical security and capacity for the insurance companies.
Other stakeholders of Insurance companies in Nigeria include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance.
The National Insurance Commission (NAICOM) is the Federal Government operator rested with the supervisory and administrative capacity of the protection business in Nigeria. Some way or another, the advancements in the business are for the most part supported by the NAICOM through her yearly rules and mandates to protection administrators.
The fundamental idea of insurance is that the insurer will ensure instalment for an unsure future occasion while another party, the insured or the policyholder, pays a small premium to the insurer in return for that security on that uncertain future occurrence.
In this post we mentioned the 57 registered Insurance companies in Nigeria with brief information on 22 of them including their contact details like address, website, and phone numbers.
How Insurance Works in Nigeria
Insurance companies in Nigeria are available to help you pay for damage to your property or to pay others on your behalf when you injure someone or damage their property. Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. The company collects small amounts of money from its clients and pools that money together to pay for losses.
Insurance is divided into two major categories:
- Property and Casualty insurance (P&C)
- Life and Health insurance.
Property and casualty insurance provides protection to businesses and individuals for losses related to their belongings or assets, both physical and financial. Life and health insurance protects people from financial loss due to premature death, sickness or disease.
Insurance uses probability and the law of large numbers to determine the cost of insurance premiums it charges its clients based on various risk factors. The rate must be sufficient for the company to pay claims in the future, pay its expenses, and make a reasonable profit, but not so much it turns away customers.
The more likely an event will occur for a given client, the more insurance companies will need to collect to pay the anticipated claims.
Insurance companies market their products and services to consumers in different ways. The price companies charge for insurance coverage is subject to government regulation. Insurance companies may not discriminate against applicants or insureds based on a factor that does not directly relate to the chance of a loss occurring.
What is Insurance Company?
A company that offers insurance policies to the public, either by selling directly to an individual or through another source such as an employee’s benefit plan. An insurance company is usually comprised of multiple insurance agents.
An insurance company can specialize in one type of insurance, such as life insurance, health insurance, or auto insurance, or offer multiple types of insurance.
Full List Of Registered Insurance Companies In Nigeria
The full list of 57 registered insurance companies in Nigeria include:
- AIICO Insurance Plc. 004
- NICON Insurance Plc.
- Leadway Assurance Company Limited
- African Alliance Insurance Company Ltd
- Alliance & General Insurance Plc.
- ALLIANZ NIGERIA INSURANCE PLC
- Anchor Insurance Company Ltd
- ARM Life Plc.
- AXA Mansard Insurance plc.
- Capital Express Assurance Limited
- Consolidated Hallmark Insurance Plc.
- Continental Reinsurance Company Plc.
- Cornerstone Insurance Plc.
- Custodian & Allied Insurance Limited
- Custodian Life Assurance Limited
- FBN General Insurance Limited
- FBN Insurance Limited
- Fin Insurance Company Limited
- Great Nigeria Insurance Plc.
- Guinea Insurance Plc.
- Goldlink Insurance Plc.
- International Energy Insurance Plc.
- Industrial & General Insurance Plc.
- JAIZ TAKAFUL INSURANCE PLC
- KBL Insurance Limited
- LASACO Assurance Plc.
- Law Union & Rock Insurance Plc.
- Linkage Assurance Plc.
- Tangerine Life Insurance Ltd
- Mutual Benefits Assurance Plc.
- Mutual Benefits Life Assurance Ltd
- NEM Insurance Plc.
- Niger Insurance plc.
- Nigeria Reinsurance Corporation
- Nigerian Agricultural Insurance Corporation
- NSIA Insurance Ltd
- Old Mutual Nigeria General Insurance Company Limited
- Old Mutual Nigeria Life Assurance Company Limited
- Prestige Assurance Plc.
- Prudential Zenith Life Assurance Company Limited
- Regency Alliance Insurance Plc.
- Royal Exchange Prudential Life
- Royal Exchange Prudential Life
- Unitrust Insurance Nigeria Limited
- Sovereign Trust Insurance Plc.
- STACO Insurance Plc.
- Standard Alliance Insurance Plc.
- Sterling Assurance Nigeria Ltd
- SUNU Assurance Plc.
- UNIC Insurance Plc.
- Zenith General Insurance Company Limited
- GOXI Micro insurance
- NOOR Takaful Plc.
- Cornerstone Takaful Insurance Co. Ltd
- Universal Insurance Plc.
- Veritas Kapital Assurance Plc.
- Coronation Insurance
1. AIICO Insurance Plc
AIICO Insurance Plc is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country its key focus on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management. Services includes:
-
-
- Income investment plan
- Three payment plan
- Travel insurance
- corporate saving plan
- Education investment plan
- Flexible endowment plan
- Term assurance plan
- Electronics equipment policy plan
-
| Address: | Plot PC 12, Churchgate Street, Victoria Island, Lagos. |
|
| Tel: | 0700 AIIContact (0700 2442 6682 28) | |
| Tel 2: | 01 279 2930 | |
| E-Mail: | aiicontact@aiicoplc.com |
2. Nicon Insurance
Nicon was originally owned by Federal Government of Nigeria. It was established to assist the development of insurance companies in Nigeria and to ensure that the Federal Government’s assets and properties are protected. However, NICON was privatized in December, 2005. Currently, the company has 40 branches and six regional offices. Product includes:
-
-
- Motor Insurance
- Fire Insurance
- Marine Insurance
- Pension
- Special Products Insurance
- General Accident Insurance
- Oil & Gas
- Car Engineering
- Life Insurance
- Re-Insurance
- Aviation Insurance
-
Address: Ground Floor, NICON Plaza, plot 242, Muhammadu Buhari way, central district, Abuja
Tel: 09087260168, 08055084597
Website: www.niconinsurance.com.ng
3. Lead Way Assurance company
LEADWAY offers services in both Life and Pensions and
LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.
They are very active online, across various social media channels and have computerised most of their operations to boost effectiveness. Services includes:
-
-
- Family Benefit plan
- Lead way saving plan
- Term assurance plan
- Money policy plan.
- Educational saving plan
- Personal saving plan
- Deferred annuity plan
-
4. Sterling Assurance Plc
Sterling Assurance Plc was established in 1990 and offers all classes of general coverage. Importantly, their products are backed up by highly profiled reinsurance organisation like General Insurance Corporation of India (GIC), Africa Re, Continental Re, etc. Also, the company’s product includes: Fire and Special Perils, Burglary and House, Motor, Money Insurance and many more.
Address: 284, Ikorodu Road, Anthony, Lagos, Nigeria
Tel: 08150643531-2, 08178000222, 08178000333, 08178000444
Website: www.sterlingassure.com
5. Law Union And Rock
Law Union and Rock pride in their experienced underwriters and automated processes. Another thing that sets them apart is their partnership with re-insurers who give them the assurance they need to underwrite risks.
Address: Law Union House, 14, Hughes Avenue, Yaba, 1000001, Lagos, Nigeria
Tel: 09036000066
Website: www.lawunioninsurance.com
6. FBN Insurance Ltd
A company licensed to transact general insurance business in Nigeria. The company is jointly owned by FBN Holdings Plc and the Sanlam Group. They provide coverage for both individuals and corporates alike.
Head Office: 298, Ikorodu Road, Anthony b/stop, Lagos, Nigeria.
Tel: +234 1 9054810
Website: www.fbngeneralinsurance.com
7. Standard Alliance Insurance Company Limited
Standard Alliance is licensed by the National Insurance Commission (NAICON) to transact general and special risk business. The company got registered as a private limited liability company in July, 1981 under the name Jubilee Insurance Company Ltd. Their product covers, aviation, bonds, goods in transit and machinery breakdown as well.
Address: Plot 1, block 94, Providence Street, Lekki Scheme 1, Lekki-Epe Expressway, Lagos.
Tel: 09055694301, 0700-6678-72623
Website: sainsuranceng.com
8. Custodian and Allied Insurance
Custodian and Allied insurance company provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of their clients. Services includes:
-
-
- Investment plus plan
- Immediate annuity plan
- Tuition protection plan
- Auto insurance plan
- Travel insurance plan
- Capital plan
-
9. Cornerstone Insurance Plc
Cornerstone Insurance company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.
Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs.
It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance. Services includes:
-
-
- Motor insurance plan
- Gadget protection plan
- Investment plan
- Halal Takaful plan
- School fee guarantee plan
- Goods in transit plan
- Home insurance plan
- Life insurance plan
- Annuity plan
- Marine insurance plan
- Travel insurance plan
-
10. AXA Mansard Insurance
AXA Mansard is a member of the AXA Group. AXA Group is a top player in insurance as well as asset management. The group of companies serves 107 million clients in over 60 countries.
The Company provides life insurance as well as on-life insurance solutions to individuals and organisations in the country. Services includes:
-
-
- Student protection plan
- Autoflex plan
- Equity income plan
- Auto classic plan
- Money market plan
- Easy care plan
- Life savings plan
- Instant plan
- Health plan
- Retirement savings plan
- General ( business/ tourism) protection plan
-
11. African Alliance Insurance Plc
African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficiencies and trustworthy in Life Assurance. In addition, they personalise their insurance products tailored for each stage of their clients’ lives. Services includes:
-
-
- Annuity assurance plan
- Group life assurance plan
- Esusu plan
- Direct debit form plan
- Individual assurance plan
- Investment assurance plan
-
12. Goldlink Insurance Plc
This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.
Goldlink Insurance Plc is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance. Services includes:
-
-
- Group Life Insurance plan
- School Safety plan
- Compulsory Insurance plan
- Oil & Gas plan
- Engineering Insurance
- General Accident plan
- Individual Life Insurance plan
- Reinsurance plan
- Liability Policies plan
- Marine & Aviation plan
- Motor Insurance plan
-
13. Continental Insurance
Continental Insurance is the private sector leader of the pan-African insurance industry. The Company provides life and non-life insurance solutions to its clients across the continent. Services includes:
-
-
- Business Insurance plan
- Insurance plan
- Auto Insurance plan
- Home Insurance plan
- Pet Insurance plan
-
14. Zenith General Insurance Company Limited
Zenith is another leading insurance institution in Nigeria. Their product ranges from corporate to personal and travel insurance. Zenith is committed to giving peace of mind and creating values to people in a world of uncertainties.
Address: 13/14th floor, Civic Towers, Ozumba Mbadiwe Avenue, Eti-Osa, Lagos.
Tel: (+234) 0127811771, (+234) 012783421, (+234) 01 2783411
Website: www.zenithinsurance.com.ng
15. Lasaco Assurance Plc
Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company, was called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1 1980. Services includes:
-
-
- Motor insurance plan
- Aviation insurance plan
- Marine insurance plan
- Professional indemnity insurance
- Fire and Special insurance plan
- Personal accident plan
- Bond insurance plan
- Money insurance
- Householder’s Insurance plan
-
16. Lasaco Assurance Plc
Lasaco was incorporated on 20th December, 1979 but was granted license on 7th July, 1980. The company transacts life and non life insurance.
Address: Plot 16, Acme Road, Ogba, Ikeja, Lagos, Nigeria. P.O. Box 3724
Tel: 07000527226
Website: www.lasacoassurance.com
17. Royal Exchange Plc
Royal Exchange began operations in Nigeria in 1918 and was represented by Barclays Bank DCO. Thereafter, in 1921, Royal Exchange converted to a full branch of its then parent company, Royal Exchange Assurance, London. Their products include Royal money guard, Royal Burglary protection, Royal fire protection, Royal transit plan and many more.
Address: New Africa House, 31 Marina, Lagos.
Tel: +234-1-4606690-9
Website: www.royalexchangeplc.com
18. Guinea Insurance Plc
The company is also a well sought after company in Nigeria. They began operation on December 3rd, 1958. Their product covers general accident, engineering and special risk.
Address: 33, Ikorodu Road, Jibowu, Lagos.
Tel: 01-4622050-2, 018446470, 07098212408
Website: www.guineainsurance.com
19. Anchor Insurance Plc
Anchor is a non-life insurance outfit registered and licensed in October, 1989, but started full operation in November, 1989. Currently, Anchor has expanded to 19 branch offices across the country.
Registered Office: 7/13, Aka Road, Uyo, Akwa Ibom State
Tel: 08067107569
Website: www.anchorinsuranceng.com
20. Wapic Insurance Plc
Wapic provides general and life insurance policies at competitive rates for both individual and corporate clients. They started in 1958 and got licensed to carry out different classes of insurance including fire and special perils.
Address: 119 Awolowo Road, Ikoyi, Lagos, Nigeria.
Tel: 012774500, 0700342592742
Website: www.wapic.com
21. Great Nigeria Insurance Plc
GNI has over 55years experience in underwriting, financial advisory and real estate investments. Also, GNI Plc employs state of the art information technology in its operation. Product offers include: group life assurance, fire and special peril, workmen compensation and many others.
Regional Office: 8, Omo Osagie Street, off Awolowo Road, Ikoyi, Lagos.
Tel: +234 8142478829, +234 8052601713, +234 8023229210
Website: www.greatnigeriaplc.com
14. Industrial and General Insurance Plc
The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.
Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs. Services includes:
-
-
- Group Life Products plan
- Mobile Phone Insurance Plan
- Aviation Insurance plan
- Engineering Insurance plan
- General Business Insurance plan
- Health Insurance Plan
- Marine Insurance plan
- Oil & Energy
-
Developments of Insurance Companies In Nigeria
The following are some of the major investments and developments in the Insurance Companies In Nigeria:
- NAICOM released the blueprint/guidelines 2016 for the implementation of the Risk-Based Supervision (RBS) model for the insurance industry.
- Insurance companies are expected to increase their capitalization from ₦5 billion to ₦15 billion, while those interested in the same tier but operating life business are required to recapitalize from ₦2 billion to ₦6 billion.
- Composite insurers are required to recapitalize to ₦7.5 billion, non-life operators to ₦4.5 billion, while life operators under the Tier 2 category are to increase capitalization to ₦3 billion.
- To this end, non-life insurance firms in tier 3 are to maintain ₦3 billion; life insurance operators, ₦2 billion; and composite insurers, ₦5 billion.
