Top 5 Insurance Companies in Nigeria
What happens peradventure you fall sick, get into an accident, or your business takes a hit? In situations like this, insurance is that covering that saves you from excessive loss. With a lot of insurers in Nigeria, the real challenge becomes choosing the most reliable for what is most important to you.
In this article, we explore the top 5 insurance companies in Nigeria, based on critical factors like:
- Financial strength
- Customer satisfaction
- Claims payment track record
- Range of products and services
- Regulatory compliance and NAICOM licensing
- Digital accessibility and innovation
By the end, you will clearly understand the main insurance companies in Nigeria and be better equipped to choose wisely.
1. Leadway Assurance Company Limited
- Website: http: www.leadway.com
- NAICOM License: Yes
Leadway Assurance is Nigeria’s largest insurer by gross written premiums founded in 1970 and headquartered in Lagos, Nigeria. In 2023, it made headlines when it generated above a ₦100 billion in premium income.
Pros
- Full-scope coverage, including investment-linked insurance, general, health, life, and education
- A solid reputation for settling claims quickly.
- Mobile friendly websites and online policy access service.
- Serves both individuals and businesses.
Best For:
- Individuals looking for reliable car or health insurance
- Owners of businesses that require property or group life policies
- Customers interested in long-term investments
2. AIICO Insurance Plc
- Website: www.aiicoplc.com
AIICO is one of Nigeria’s oldest insurers founded in 1963. Also headquartered in Lagos with a NAICOM license, it is well known for life, savings, and pension products. It has strong expertise in retirement planning and long-term financial security.
Pros
- Provides savings plans and hybrid insurance
- Excellent annuity and pension services
- Passionate about multiple-platform customer support
- Beneficial for retirement and family planning
Best For:
Families building lifelong security, Companies granting benefits to employees and Annuity income planning for retirees
3. AXA Mansard Insurance Plc
- NAICOM License: Yes
- Website: www.axamansard.com
AXA Mansard, originally known as the Guaranty Trust Assurance, was established in 1989. Rebranded in 2014 after acquisition by the AXA group, it brings international insurance experience to the Nigerian market. It is likewise headquartered in Lagos and recognized for its strong digital platforms and extensive health insurance offerings.
Pros
- Mobile app, chatbot, and round-the-clock online support
- Broad range of products including life, health, motor, travel, and education insurance
- Backed by the trusted global AXA Group
- Strong reputation in health insurance
Best Suited For:
Tech-driven customers,Families seeking adaptable healthcare solutions, Frequent overseas travelers.
4. Custodian and Allied Insurance Limited
Established: 1997
Headquarter : Lagos
NAICOM License: Yes
Website: www.custodianplc.com
Custodian is popularly known amongst “9-5ers” , the corporate professionals and SMEs. Since established in 1997, it has placed emphasis on ethics, transparency, and reliable service, which has earned it strong likeness. It has its head office in Lagos.
Peculiarities
- Clear and transparent policies
- Strong customer support
- Solutions for individuals and large organizations
- Broad coverage including life, liability, property, motor, and marine insurance
Best Suited For
- Professionals and small to medium businesses
- Corporate organizations
- Homeowners and business owners looking for protection
5. NEM Insurance Plc
NAICOM License: Yes
Website: www.nem-insurance.com
NEM was restructured in 2007, although founded in 1948. NEM focuses on general insurance and is known for easy and smooth claims handling and strong national reach.
Strengths
- Clear, dependable motor and fire coverage
- Low-cost third-party options
- Reliable support for small businesses
- Quick claims turnaround
Best Suited For
- Drivers
- Shop owners and traders
- Anyone seeking practical, no-fuss insurance
Quick Comparison Table
| Company | Focus Area | Best For | Digital Services |
| Leadway | Life, general, investment | General protection for anyone | Online claims, mobile site |
| AIICO | Life, pensions, savings | Families, long-term planners | App, customer portal |
| AXA Mansard | Health, life, travel | Techies and frequent travelers | App, chatbot, digital onboarding |
| Custodian | Corporate, life, property | SMEs, professionals, cautious buyers | Phone, email, digital policy access |
| NEM | Motor, fire, general | Everyday users, small business owners | Online quotes and branch network |
Factors to Weigh When Picking an Insurance Company in Nigeria
NAICOM Approval
Confirm the company holds a license from the National Insurance Commission. This ensures they operate legally and under regulation.
Claims Performance
Always go through websites and research reviews on claim payments. Low premiums lose value if claims are delayed or rejected.
Customer Service
Fact check that insurers are responsive through phone, email, WhatsApp, physical offices, or apps.
Policy Transparency
Stay away from policies which do not seem straightforward . A reliable provider will clearly explain what it entails.
Cost and Flexibility
Ensure your insurers payment plans for your budget either annually, monthly or quarterly.
Technology Access
Look for providers with functional apps or online portals that make claims and policy management easier.
Emerging Trends in Nigerian Insurance
You might want to consider companies investing in these areas:
- Insurtech Adoption
- Microinsurance with Affordable plans (₦500–₦2,000 per month).
- General coverage designed for groups often left out, such as youths, women, and rural communities.
- Climate and Agriculture Protection, especially for farmers to cover flooding, drought, and crop losses.
- Fintech Partnerships as Nigeria is currently leading the Fintech sector.
Frequently Asked Questions (FAQ)
Q: How can I be sure that a company has been licensed?
A: Visit www.naicom.gov.ng for the approved insurance companies list.
Q: Can insurance be bought online in Nigeria?
A: Yes. Insurers have platforms where you can pay premiums, and submit claims online.
Q: Are there measures to take if an insurer denies a legitimate claim?
A: Yes! The issue can be reported through the company’s complaint or reported to NAICOM.
Q: Are insurance plans always expensive?
A: No. Options like microinsurance, as well as entry-level motor and health policies, are designed to be affordable for low-income earners.
Conclusion
Nigeria’s leading insurers are stepping up with smarter services, digital ease, and wider reach. From health and life to vehicles and businesses, these five companies provide reliable coverage built on experience and trust. Take action now and secure the protection you deserve. Insurance is more than security, it is a strategic financial choice.
Call to Action
Ready to get insured?
- Visit each company’s website to explore their offerings.
- Use comparison tools or talk to a licensed insurance broker.
- Confirm their licensing via www.naicom.gov.ng.
- Share this post with someone you care about—because being insured is being smart.
