Insurance Company in Nigeria

Definition of Insurance Company in Nigeria

Definition of Insurance?

How does it work?

Insurance can be defined as a setting whereby a company or a state agrees to give a guarantee of compensating a person for damages, loss, or death. In addition, this compensation comes in exchange for the remittance of a fixed fee.

This simply means that a person will pay an agreed amount of money in advance to the company or state.

This money will cover any future damage of assets under the insurance cover. And the company can achieve this by compensating such persons after the loss of the asset.


Insurance is like saving up when you have plenty against the rainy days.

When you have car insurance, you don’t need to worry if your car is stolen or damaged, your insurance company will compensate you by paying for the repair cost of your car. Also, if your damaged car is beyond repair or gets stolen, your insurance simply gets you a new car.

According to the third-party motor vehicle insurance act of 1950, it is compulsory for you to get third-party insurance for your car.

The act is termed ‘third-party insurance’ and failure to comply could lead to imprisonment. Therefore, it is important, wise, and legal to get insurance for your vehicles.


Origin of Insurance Companies in Nigeria

Insurance Companies in Nigeria can basically link from the inception of the arrival of British Trading firms.

These firms had to manage the risks associated with their businesses. Therefore, fear of risk management gave birth to the establishment of the insurance industry in Nigeria which began to grow at a fast rate.

These agencies had to get their licenses from abroad in order to facilitate issues covering facilitation


The first indigenous Insurance Company was established in 1958. By October 1st, 1960, when Nigeria gained its independence, four more indigenous Insurance Companies owned Insurance Businesses.

The growth rate has been increasing ever since then. rate.

However, aside from individual owned companies, in 1997, the Federal Government of Nigeria created the National Insurance Commission (NAICOM).

Their responsibilities were to oversee and organize insurance activities in Nigeria.

Today’s update from NAICOM on the total number of insurance companies in Nigeria is 58. Here is a complete list of all the Insurance Companies in Nigeria.


List of Insurance Companies in Nigeria

African Alliance Insurance Company Ltd

AIICO Insurance Plc. 004

Alliance & General 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.


KBL Insurance Limited

LASACO Assurance Plc.

Read Now  News Flash! Bola Ahmed Tinubu Inaugurated as Nigerians 16th President.

Law Union & Rock Insurance Plc.

Leadway Assurance Company Limited

Linkage Assurance Plc.

Tangerine Life Insurance Ltd

Mutual Benefits Assurance Plc.

Mutual Benefits Life Assurance Ltd

NEM Insurance Plc.

NICON 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.

Universal Insurance Plc.

Veritas Kapital Assurance Plc.

Coronation Insurance

Coronation Life Assurance Lt

Zenith General Insurance Company Limited

GOXI Micro insurance

NOOR Takaful Plc.

Cornerstone Takaful Insurance Co. Ltd

However, for the purpose of this article, I am going to focus on some key areas of our daily lives that are very needful to insure. They are: Health, Travel and Car Insurance.


Health Insurance


Health Insurance essentially covers the basic health medical bills of everyone under the policy. It works by spreading the risk over a group of people like families, or a company. Today, there are several health maintenance organizations in Nigeria that are mediating on behalf of the hospital and patients. Therefore, they are more or less the insurance company holding the policies.


The following are the top 10 Health Insurance Companies in Nigeria:


Health Point



Redcare Health Services Limited




Total Health Trust Limited




Traveling Insurance

Here are top four Traveling Insurance Companies in Nigeria with unique specialties to explore. They are:


  1. AIICO Travel Insurance

Their services offer a travel insurance plan in partnership with AIG South Africa. The plan covers the following:

Emergency medical expenses

Repatriation on medical reasons


Lastly, repatriation of mortal remains (corpse)

In addition, this travel insurance plan is for corporate organizations, individuals, and HNIs.



  1. AXA Mansard Travel Insurance

They sold out to provide cover for risks associated with traveling such as:

Loss of property

Flight delays

Medical expenses arising from illness or accident

Lastly, emergency medical evacuation

  1. LeadWay Travel Insurance

This Insurance company provides cover on medical, financial, and other losses incurred while traveling outside your country of residence and their plan covers all travelers for holiday and business in the event of accidents, sickness, or loss of baggage.

  1. Mutual Benefit Travel Insurance

Their plan provides cover for accidental death, medical expenses incurred and repatriation costs of persons whilst on an international journey.

Conclusively, Travel insurance is highly recommended for you, your family, and friends specially, when you move with valuables.It also serves as a protection against every unfortunate event while traveling. Basically, although many consider it to be a waste of money, it is certainly beneficial under the right circumstances.



Car Insurance:

There are top 10 Car Insurance Companies in Nigeria:

Zenith Insurance Plc

This insurance company is one of the best car insurance companies in Nigeria. They have policies that adapt to your specific needs and in accordance with your budget; also have a wider coverage, including most automobiles like cars, motorcycles and trucks.

Leadway Assurance Plc

This is also one of the leading Insurance Companies in Nigeria. They offer a wide range of services along with car insurance. They are a trusted brand with trustworthy, reliable, and have a proven history of settlement claims over the years.

Cornerstone Insurance

Cornerstone is one of the reputed insurance companies in Nigeria, starting from travel insurance to school fee and home insurance; they offer a wider coverage including car and third party coverage insurance with varying degrees.

Consolidated Hallmark Insurance

This Company is guided by professionalism, relationship, integrity, customer-oriented operation and more.,  One of their top services is car insurance, which they have designed to cater for your present and future needs.

FBN general insurance

The First Bank of Nigeria also has an insurance arm called the FBN General Insurance. This organization offers top-notch services across a wide array of insurance options, among which is car insurance. Also, they are reliable and offer satisfactory services to their customers.

AIICO Insurance Plc

AIICO Insurance Plc is undisputedly one of the best insurance companies in Nigeria across varying insurance services. Their car insurance is of good quality and certainly well above average, with option for third party coverage too.


Industrial and General Car Insurance

Car insurance is one of the most valued services provided by industrial and general car insurance. Basically, since they have their foundation on it, the company offers reliable road assistance along with a fast and state of the art tracking system to further meet your needs. You can trust them any day or time on anything related to car insurance.


AXA Mansard Car insurance

AXA Mansard is certainly one of the top 10 car insurance companies in Nigeria. This is proven with their several awards.  More so, what’s great about them is that they have a package for everyone, regardless of your financial capacity. This is due to their carefully constructed car insurance plans that are available for customers to choose from.

2022 Registered Insurance Broker in Nigeria

In Nigeria, before a broker can operate it is important that they register with The Nigerian Council of Registered Insurance Brokers (NCRIB) and also get their license to operate from the National Insurance Commission (NAICOM).

Although there are over 330 registered insurance brokers in Nigeria, the following are some of them:

  1. Colenson Insurance Brokers

Colenson Insurance Broker started operation in 1983, and since their inception, they have established businesses in every major insurance field. In Nigeria, they are one of the longest operating brokers. Furthermore, they specialize majorly in financial risks, Accident, Life, Liability, and Transportation.

  1. As a requirement by Nigeria, they incorporated Hilltop brokers in 2003 as a Private Limited Liability company. They were incorporated and licensed to generally carry out the business of Insurance Broking, Risk management. Also, they are licensed for consultation in Marine, Motor, life, and general business insurance.
  2. Risk Analyst Insurance Brokers
Read Now  Promo: Promote your music with our Discount Offer.

Risk Analyst Insurance Brokers started operation in the year 2003. They specialize generally in Insurance Broking, Risk Management, and Reinsurance. Over the years, Risk Analysts have continued to provide excellent broking services to meet the needs of their customers.


  1. Nigeria life and provident company limited

Formerly operating as Nigeria Life and Pension Consultant Limited, the Nigeria life, and provident company Limited started operation in Nigeria 50 years ago. They are a responsible organization that over the years has grown to become one of the top guns in the insurance industry. Furthermore, their core services center generally on fund management, Life insurance, and General Insurance.

  1. Union commercial Insurance Brokers

Union commercial Insurance Brokers started out as a Private Limited Liability Company under Rock Insurance Brokers. However, in the year 1997, they re-registered to function independently as an insurance broker to carry out all classes of the insurance business. Their core services are basically Life Assurance, General Insurance, and Special Risks.


  1. Glanvills Enthoven

This company was incorporated in 1957 to function as an insurance brokerage firm. The main aim of this establishment is to provide its clients with risk solutions. Over the years, Glanvills Enthoven has built a pedigree of the highest quality, and they have operated continuously since inception. They are a member of the NCRIB and NAICOM.

  1. Hogg Robinson Nigeria

This Company was licensed by The Corporate Affairs Commission (CAC to transact as an insurance broker in 1997. Hogg and Robinson Nigeria have a lot of international business partners; their partners have good knowledge and expertise in the firm affairs. Furthermore, they major in Engineering Insurance, Risk Management, and Industrial and Commercial Insurance.

  1. Carrier Insurance Brokers

NAICOM gave them Licensed in 1994 to transact business generally as an Insurance Broker. Carrier Insurance Brokers specializes in Professional Indemnity, Fidelity, and Group life insurance. This insurance broker has a notable year of experience in the insurance industry, and they have a team of experienced experts.

  1. Northlink Insurance Brokers

NAICOM licensed Northlink Brokers in1989  to render brokerage services to its clients. Their major area of services includes Money insurance, Individual and group life policies.

  1. Insurance Brokers of Nigeria (IBN)

This Company is also known as IBN. They started business in 1955. Although they started as CT Bowring and Company Incorporated Insurance Brokers but later changed the name. They are the very first risk advisory in Nigeria with a track record of excellence. Their services include Wholesale reinsurance services, industrial risk protection, etc.

(adsbygoogle = window.adsbygoogle || []).push({});

Leave a comment

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Related Articles


Mohbad: Tonto Dikeh blows hot as Sam Larry follows her on IG

Tonto Dike expresses grief over the loss of Mohbad, Condenms Sam Larry...


Tinubu secures landmark deal with UAE; visa ban lifted immediately

By this historic agreement, both Etihad Airlines and Emirates Airlines are to...


Mohbad: Controversies over the cause of death grow

“What goes around will surely come around.” These were the exact words...

Would love your thoughts, please comment.x