Top 10 Insurance Companies in Nigeria and Their Offerings

Top 10 Insurance Companies in Nigeria and Their Offerings

Insurance companies in Nigeria

Getting insurance is a great choice if you’re looking for ways to mitigate risk. In Nigeria, there’s no shortage of trustworthy insurance companies offering various packages to cater to your needs. But with so many options available, it can be challenging to determine which ones are the most credible.  

That’s where this blog post comes in handy, serving as your reliable guide to navigating the insurance landscape in Nigeria. By the end of this article, you’ll have a clear understanding of the reputable insurance providers in the country, empowering you to make informed decisions to safeguard your future. 

10 Best Insurance Companies in Nigeria  

All aspects of life do possess a limited duration. However, methods for extending livelihood have emerged, and insurance happens to be one of them. Now, let’s explore the 10 leading insurance companies operating in Nigeria. 

1) AIICO Insurance PLC  

In 1963, the American International Insurance Company, known as AIICO, was established as a subsidiary of the prestigious American International Group (AIG). From its inception, AIICO has been committed to providing a wide range of insurance services, encompassing both life and general insurance.  

The brand’s core business lines revolve around four key areas, each offering valuable protection and peace of mind to its esteemed clientele. Firstly, their expertise lies in life assurance and annuity, where they craft tailored solutions to safeguard the financial well-being of individuals and families. Secondly, their prowess extends to general insurance and special risks, catering to diverse needs such as property, motor, marine, and more. 

AIICO further extends its influence in the realm of health insurance, ensuring that individuals have access to quality healthcare without compromising on financial stability. Lastly, AIICO’s commitment to comprehensive financial solutions is evident through its asset management services, where they diligently manage investments and portfolios to maximize returns. 


  • Annuity Plan 
  • Auto Insurance Plan 
  • Investment Plan 
  • Life Plan 
  • Home Insurance Plan 
  • Travel Insurance Plan 
  • Marine Insurance 
  • Manufacturing Insurance 
  • Oil and Gas 
  • Agric. Insurance 

2) Leadway Assurance  

In the dynamic landscape of Nigeria’s insurance industry, Leadway Assurance Company Limited (commonly referred to as ‘LEADWAY’) stands tall as one of the nation’s leading insurance service providers.  

LEADWAY offers a comprehensive range of insurance services, catering to general business needs and life and pension coverage. Whether it’s safeguarding property, managing liability, or mitigating financial losses, LEADWAY ensures its clients have the necessary protection 

With a deep understanding of the importance of long-term financial security, they offer a range of policies and plans that enable individuals to plan for their future and protect their loved ones financially. 

Moreover, LEADWAY extends its expertise beyond traditional insurance services to secured credit, bond offerings, miscellaneous financial losses, and portfolio management.  


  • General assurance  
  • Savings & investment insurance  
  • Health insurance  
  • Travel Insurance  
  • Property insurance  
  • Marine insurance  
  • SME insurance  
  • Accident policies  
  • Comprehensive insurance  
  • Third-party insurance  

3) AXA Manxard Insurance  

Delving into the realm of insurance, AXA Mansard Insurance emerges as a prominent player offering a wide array of life and non-life insurance products and services.  

As a proud member of the globally recognized AXA Group, AXA Mansard Insurance benefits from the extensive expertise and reach of a company operating in 64 countries across Central and South America, the Middle East, and Africa. 

When it comes to its offerings, AXA Mansard Insurance leaves no stone unturned in meeting the diverse needs of its valued customers. 


  • Life Insurance  
  • Motor Insurance  
  • Travel Insurance  
  • SMEs 
  • Personal Accident 
  • Fire & Engineering 
  • Aviation & Energy 

4) African Alliance Insurance PLC  

Founded on May 6, 1960, African Alliance Insurance plc (previously known as African Alliance Insurance Limited) carries a rich legacy in the Nigerian insurance industry. With the steadfast support of Munich Reinsurance Company, they have established themselves as a trusted provider of insurance solutions. African Alliance Insurance plc takes pride in offering a diverse range of products that creatively combine protection, savings, and investment opportunities. 

When it comes to protecting what matters most, African Alliance Insurance plc has you covered with their comprehensive suite of protection plans. Whether it’s safeguarding your family’s financial future or providing coverage for a group, their term assurance and group life insurance options provide a solid safety net. 


  • Annuity Plans 
  • Children Education Plan 
  • Mortgage Protection Plan 

5) Cornerstone Insurance  

Imagine a pioneering insurance company that has been at the forefront of innovation since its inception. Introducing Cornerstone Insurance, a dynamic Public Limited Liability Company that originally took shape on July 26, 1991, as a Private Limited Liability Company.  

Demonstrating its commitment to growth and transparency, Cornerstone Insurance swiftly made its mark by being listed on the Nigerian stock exchange in 1997. Cornerstone Insurance specializes in a wide range of insurance services, catering to diverse needs across multiple sectors.  


  • Home Insurance  
  • Marine insurance  
  • Travel Insurance ‘ 
  • Motor Insurance  

6) Lasaco Assurance  

Lasaco Assurance Plc, formerly known as Lagos State Assurance Company Limited, has been a trusted insurance provider since its incorporation on December 20, 1979. The company commenced its operations on August 1, 1980, and has since gained recognition for its reliable services.  


  • Marine insurance plan 
  • Bond insurance plan 
  • Money insurance 
  • Professional indemnity insurance 
  • Fire and Special insurance plan 
  • Personal accident plan 
  • Householder’s Insurance plan 
  • Motor insurance plan 
  • Aviation insurance plan 

7) Sovereign trust insurance  

Sovereign Trust Insurance Plc is a prominent insurance company operating in Nigeria. It was incorporated in 1995 and has since grown to become one of the leading players in the Nigerian insurance industry.  

Sovereign Trust Insurance offers a wide range of insurance products and services to cater to the diverse needs of individuals and businesses. As a customer-centric insurance provider, the company aims to deliver excellent service and tailor-made solutions to its clients.  


  • Life Insurance 
  • Motor Vehicle Insurance 
  • Fire and Allied Perils Insurance 
  • Burglary Insurance 
  • Marine Insurance 
  • Travel Insurance 
  • Property Insurance 
  • Liability Insurance 
  • Engineering Insurance 
  • Oil and Gas Insurance 

8) Guinea Trust Insurance  

Situated at 174 Aba Expressway in Port Harcourt, Rivers State, Nigeria, Guinea Insurance Plc stands as a reputable insurance provider committed to delivering services that adhere to global standards.  

This brand prioritizes the well-being and security of its clients, offering insurance policies designed to safeguard against potential risks and losses. Their offerings go beyond fire and general accidents, encompassing diverse coverages to meet the unique needs of individuals, businesses, and assets. 

By strongly emphasizing professionalism and customer satisfaction, Guinea Insurance Plc strives to build lasting relationships with its clients.  


  • All Risk Insurance 
  • Workmen’s Compensation Insurance 
  • Motor Insurance 
  • Public Liability Insurance 
  • Bonds Insurance 
  • Oil & Energy Insurance 
  • Aviation Insurance 
  • House Owners/ Householders 
  • Insurance 
  • Money Insurance 

10) Continental Reinsurance  

Over the years, Continental Reinsurance has evolved into a leading composite reinsurer, providing a comprehensive range of treaty and facultative life and non-life reinsurance solutions.  

The brand’s expertise extends to life and non-life reinsurance, ensuring their clients receive comprehensive coverage across various domains.  

Continental Reinsurance is a composite reinsurer leveraging its deep industry knowledge, extensive experience, and robust risk management practices to provide tailored solutions.  


  • Home Insurance plan 
  • Pet Insurance plan 
  • Insurance plan 
  • Auto Insurance plan 
  • Business Insurance plan 

Rounding up  

After thorough evaluation and analysis, we have identified the 10 best insurance companies in Nigeria. These companies have consistently demonstrated their commitment to customer satisfaction, financial stability, and innovative product offerings.  

By providing comprehensive insurance solutions and prompt claims settlement, these industry leaders have earned the trust and recognition of their policyholders. Whether you’re looking for life, health, motor, or general insurance coverage, these top-rated companies have proven their expertise and reliability.  

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