Are you searching for the top best insurance companies in Nigeria this 2022? This blog post is recommended for you. Here, we have listed and explained best insurance companies in Nigeria and their more important information.
Nigerian insurance companies can be important for the stability of financial systems mainly because they are large investors in financial markets, because there are growing links between insurers and banks and because insurers are safeguarding the financial stability of households and firms by insuring their risks.
These insurance companies below also qualify as a financial intermediary because they takes the money from businesses or individuals to secure them against various risks. Insurance premiums are pooled together to pay for claims as necessary
#1. Leadway Assurance Company
Leadway Assurance Company is a Nigerian insurance company which headquartered in Lagos. The company was founded in 2013 by Sir Hassan O. Odukale who is also the founder of Leadway Holdings Limited (LHL). LHL includes Leadway Bank, which provides banking services; Leadway Securities; as well as other business interests including agricultural equipment manufacturing and retailing.
Leadway Assurance Company is specialized in Insurance, Property Casualty: Commercial & Consumer, Life & Retirement. Being the #1 insurance company in Nigeria, Leadway has presently got over 24 Branch Offices in Nigeria. It has offices in Kaduna serving as the Registered Office and Lagos, the Corporate Office.
#2. AIG Insurance Nigeria
AIG Insurance Nigeria is the largest insurance company in Nigeria, and it’s a subsidiary of American International Group (AIG). AIG Insurance Nigeria was originally founded in 1969 as the Standard Chartered Bank Life Assurance Company Limited.
In 1970, this company changed its name to Standard Chartered Bank Life Assurance Company Limited and became fully incorporated into AIG System Resources Incorporated on January 1st, 2011 when it acquired all shares from GloLife Insurance Corporation Ltd., which itself had been incorporated into Standard Chartered Bank Group Plc on July 1st, 2010.
The current CEO/MD of this organization is Mr. Joseph Ejikeme Oniluamoye who took over after his predecessor Mr. Akin Adebayo Olusoga left office last year due to disagreements between him and some board members over policy direction at the time; however, there have been no reports about any significant change yet since then so far anyway!
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#3. Custodian and Allied Insurance
Custodian and Allied Insurance is a Nigerian insurance company based in Lagos. The company was founded in 1969 by the late Mr. Obafemi Awolowo, who also served as President of Nigeria from 1966 to 1970.
The company is a subsidiary of Custodian and Allied Insurance Plc (formerly known as C&A Insurance). C&A Insurance was originally established by Mr. Theodore Ezeifee in 1947 before moving into the reinsurance business after independence; it has since become one of Africa’s leading carriers with operations across West Africa and beyond.
#4. AXA Mansard Insurance
AXA Mansard Insurance is one of the top insurance companies in Nigeria. It was established in 2010, and is a subsidiary of AXA Insurance.
AXA Mansard Insurance provides insurance services to individuals and corporate clients with affordable rates. The company has been recognized for its excellent customer service by being listed as one of Nigeria’s Top 50 Companies to Work For (2016).
#5. AIICO Insurance
AIICO Insurance is a subsidiary of the AIG Group, one of the world’s largest insurance groups. The company offers motor insurance and general insurance products to both individual and corporate customers across Africa, Asia Pacific, Europe and North America.
AIICO Insurance derives its name from its parent company’s main business area – American International Group (AIG). The company has been operating since 1923 and is listed on the Nigerian Stock Exchange with headquarters in Lagos State capital city Abuja.
#6. Zenith General Insurance Ltd.
Zenith General Insurance Ltd. (ZGI) is a subsidiary of Zenith Bank Plc., which was established in 1992 and has since become one of the largest financial services companies in Nigeria with presence at over 150 branches across the country. It provides general insurance and life assurance products to its clients through its network of over 150 branches across Nigeria.
The company has a minimum capital requirement of N7 billion, which makes it one of the most profitable companies in Nigeria when compared with other insurers operating on similar lines like AIG and GE Capital International Insurance Company Limited who have minimum capital requirements ranging between US$1 billion and US$2 billion respectively.
#7. Cornerstone Insurance PLC.
Cornerstone Insurance Plc. is a Nigerian insurance company that was established in 2004. It is one of the top 10 insurance companies in Nigeria, having been ranked as such by various publications such as Business world, Lagos Business Review and The Naija Observer. In fact, it made it to number 8 on Forbes magazine’s list of Top 20 Fastest Growing Companies In Africa (2017).
Cornerstone Insurance Plc offers a wide range of insurance products including life, general and special risks; property & casualty; motor third party liability; health services etc., among others.
#8. Guaranty Trust Assurance Ltd.
Guaranty Trust Assurance Ltd. is a Nigerian insurance company that is a subsidiary of the Guaranty Trust Bank. The company was founded in 1973 as NAFOSI Insurance Company Limited, but changed its name to guarantee bank in 2003 when it acquired the assets of Guaranty Savings & Loans Ltd., a savings and loans cooperative founded by Dr. Kenneth O’Halloran and his wife Lillian O’Halloran.
GTCO was original started as Guaranty Trust Banks founded in 1988 by Nigerians; Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.
Guaranty Trust Assurance Ltd.’s head office is located at Plot 635, Akin Adesola Street, Victoria Island, Lagos. It also has other offices in several locations across Nigeria including Abuja, Port-Harcourt, Kaduna, Aba and Ibadan.
#9. Staco Insurance Plc.
Staco Insurance Plc. is a leading insurance company in Nigeria. It was founded in July 1994 to provide insurance products and services to both individuals and corporate clients. The company has an extensive network of over 100 branches across the country, including its headquarters in Lagos, Ibadan and Kaduna and among others.
Staco Insurance provides car insurance coverage for different vehicles such as motorcycles & personal cars; health & medical plans; home improvement plans (home warranty); life assurance coverages including annuities & term lifecycle investments; pet ownership coverages for dogs/cats etc.
#10. Allianz Nigeria Limited
Allianz Nigeria Limited is the largest general insurance company in Nigeria with a network of over 20 branches across Africa. Its headquarter is located at Ibadan, Oyo State. In 1993, when it’s established, it was formerly known as Ensure Insurance plc.
#11. Fireman’s Fund Insurance Company Limited
Another one of the top insurance companies in that is highly recommendable in Nigeria is Fireman’s Fund Insurance Company Limited. It operates under various brands like Fireman’s Fund Insurance Company Limited (FFIC), Old Mutual Life Assurance Co., Ltd., African Life Assurance Corporation and others.
Founded in 1863 by William J. Drummond Cairns as a joint stock company with a capital of £400000 pounds sterling which later grew into one of the largest property casualty insurers in sub-Saharan Africa, today it is more than $6 billion worth assets under management as well as more than 400 offices worldwide across multiple continents including North America, Europe and Asia Pacific Region among others.
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