List of Insurance companies in Nigeria 2023/2024- Insurance companies in Nigeria bring you peace of mind and also provide financial protection for unexpected accidents and other vulnerable risks in life. Some reasons for insurance include the protection of your house, cars, and other valuable assets against disaster.
The roles of insurance companies
The insurance companies are to help their customers manage risk. Purchasing insurance with an insurance company is the same as transferring part of your financial risk to the insurance company. When you are not insured, you will have to bear the financial risk alone.
After purchasing the insurance, you will become the beneficiary. You pay the insurance company an amount called “premium” as a price for asking the company to take up your risk. If you encounter an accident that falls within the scope of the contract, you are entitled to file a compensation claim.
Types of insurance
Insurance can be divided into two main categories, life insurance, and general insurance. In the case of a life insurance contract, the insurance company will make a huge sum payment to the beneficiary after the death of the insured. Life insurance can also be seen as savings.
The second type of insurance is general insurance. General insurance gives protection for losses such as asset damage caused by an accident.
Incorporating insurance arrangements into your financial plan is important for the protection of yourself, your family, and your personal assets.it also helps in the prevention of various risks. Read about the
List of Insurance companies 2022
Cornerstone Insurance plc
Cornerstone Insurance plc is a Public Limited Liability Company, was incorporated on 26th July 1991, as a Private Limited Liability Company. In 1997, it was among the Nigerian stock exchange. The classes of Insurance business they undertake include the following:
- Motor Vehicle
- Engineering Risks
- Asset Protection
- Liability to Third Party
- Oil & Gas
- Group Life
- Credit Life
- Mortgage Protection
- Term Assurance
- Wealth Creation Products, and Takaful (Islamic Insurance).
Cornerstone Insurance Plc. is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. it was adjudged the ‘Best use of Technology, Insurance Company, 2016 in Nigerian Technology Awards.
AIICO Insurance plc
The “American International Insurance Company” known as AIICO, was founded in 1963, as a subsidiary of American International Group (“AIG”). It was established to offer Life and general insurance services. AIICO leads the market in Retail Life insurance and retirement services and is a market leader in Non-Life insurance in Nigeria. AIICO’s key business lines are; Life assurance and annuity, General insurance and special risks, Health insurance and, Asset management.
AIICO offers the following insurance plan:
- Auto Insurance
- Home Insurance
- Oil And Gas Plan
- Travel Plan
- Agric. Insurance
This company initially started as a private reinsurance company, and was incorporated in Nigeria in 1985. Continental Reinsurance is a composite reinsurer, offering both treaty and facultative life and non-life reinsurance. They offer the following plans:
- Insurance plan
- Pet Insurance plan
- Auto Insurance plan
- Home Insurance plan
- Business Insurance plan
Lasaco Assurance Plc
formerly known as Lagos State Assurance Company Limited was incorporated on the 20th of December 1979 and became operational on the 1st of August 1980. Lasaco Assurance offers the following plans:
- Marine insurance plan
- Bond insurance plan
- Money insurance
- Aviation insurance plan
- Personal accident plan
- Motor insurance plan
- Fire and Special insurance plan
- Householder’s Insurance plan
- Professional indemnity insurance
AXA Mansard Insurance
offers both Life and Non-Life insurance products and services. AXA Mansard Insurance is a member of the AXA Group. the worldwide known insurance, and asset management Group operates in 64 countries. the Central and South America, the Middle East, and Africa. They offer the following:
- Pension fund administration
- Health management services
- Asset/investment management services
Custodian and Allied Insurance
this company also known as (CAIL), is a Nigerian insurance company. The purpose of this company is to develop, package and deliver innovative insurance products. it helps grant customer needs, operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
They offer the following plans:
- Capital plan
- Auto insurance plan
- Investment plus plan
- Immediate annuity plan
- Tuition protection plan
- Travel insurance plan
Goldlink Insurance plc
this insurance company was incorporated on 15th April 1992 as a Private Limited Liability Company and was granted a license to operate as a full insurance company on 8th September 1993.
they offers both Life and General Businesses Insurance, including Fire and Special Perils Insurance, Motor Insurance, Life & Pension Insurance, Travel Insurance, Oil & Gas Insurance, and more
Industrial and General Insurance plc
this company was incorporated initially as a private limited liability company on 31 October 1991. It was then registered again as a public limited liability company in 2007. They meet the insurance needs of clients through precise processes and unique response times in diverse sectors,this includes:
- oil and energy,
- marine and aviation
- government establishments.
African Alliance Insurance plc
African Alliance Insurance plc, formerly African Alliance Insurance Limited, was incorporated on May 6, 1960, with an alliance with Munich Reinsurance Company. They offer a creative combination of Protection, Savings, and Investments Products. They offer the following plans:
- Investment assurance plan
- Individual assurance plan
- Direct debit form plan
- Annuity assurance plan
- Group life assurance plan
- Esusu plan
Leadway Assurance company limited
Leadway Assurance company limited, founded in 1970, is a foremost insurance service companies, with a reputation for service delivery and customer reliability. the company offers General business insurance and Life and Pensions Insurance. They also offer Secured Credit, Bond, Miscellaneous financial losses, and Portfolio management.
They offer the following Insurance plans:
- Lead way saving plan
- Educational saving plan
- Money policy plan.
- Term assurance plan
- Personal saving plan
- Family Benefit plan
- Deferred annuity plan