Top 10 Insurance Companies in Nigeria for Entrepreneurs

by Ominigbo Ovie Jeffery
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Given society’s constant threat to lives and property, one would look for measures to secure these lives and property. Entrepreneurs look for businesses that could lessen the impact of such an accident.

In Nigeria, the businesses that help mitigate these effects are known as insurance companies.

This post will tell you the leading insurance companies in Nigeria and how they can support business owners. It would help if you are familiar with the definition of an insurance company as you read this article. 

What is an Insurance Company?

An insurance company is a type of financial firm that offers insurance protection to individuals and companies in return for insurance costs. Insurance firms provide insurance products to shield policyholders against potential financial losses brought on by unanticipated events. These unforeseen circumstances include;  accidents, diseases, or natural disasters, including life insurance, health insurance, car insurance, and homeowners insurance.

Insurance firms evaluate the risks involved in covering a person or a company, and they base the premiums that will be charged on the possibility that a loss will happen. When a policyholder suffers a loss covered by their insurance policy, they can submit a claim with the insurance provider to obtain monetary compensation.

Factors to Consider When Choosing an Insurance Company in Nigeria

You should consider some factors before choosing an insurance company in Nigeria. It is a good idea to carefully consider these factors to ensure you get the coverage and protection you need. They include:

  1. Reputation

It is important to choose an insurance company in Nigeria with a good market reputation. This can be determined by researching the company’s financial stability, customer service record, and claims handling history.

  1. Coverage options

It is important to choose an insurance company in Nigeria that offers coverage options that meet your specific needs. Consider the types of insurance products available, and the exclusions and limitations of each policy.

  1. Premiums

Insurance premiums can vary significantly from one insurance company to another, so comparing quotes from multiple companies is important to ensure you are getting the best value for your money.

  1. Claims process

It is important to choose an insurance company in Nigeria with a simple and efficient process. Consider the company’s reputation for handling claims promptly and fairly.

  1. Customer service

Good customer service is important when choosing an insurance company in Nigeria. Consider the company’s reputation for responding to customer inquiries and concerns in a timely and helpful manner.

  1. Financial stability

It is important to choose an insurance company in Nigeria that is financially stable and able to pay claims in a timely manner.

Top 10 Insurance Companies in Nigeria

  1. Leadway Assurance Company


Leadway Assurance Company

With roots dating back to 1970, LEADWAY Assurance provides life and pensions and general business insurance services. The business also provides portfolio management, bonds, miscellaneous financial losses, secured credit. It also provide related financial services to private individuals and corporate clients.

Most of their operations have been digitized to increase efficacy, and they are active on numerous social media platforms.

What they offer:

  • Life insurance
  • Medical protection
  • Car insurance
  • Coverage for real estate
  • Protection against liability
  • Insurance for travel
  • Retirement plans
  1. AIICO Insurance

AIICO logo

AIICO Insurance

The insurance, pension, and asset management group, AIICO Insurance Plc, was founded in 1963. It ranks among the top insurance companies in Nigeria. General insurance and special risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main areas of focus. It provides a variety of insurance services and products for companies.

What they offer:

  • Vehicle insurance
  • Health insurance
  • Life insurance
  • Property insurance
  • Travel insurance
  • Marine insurance
  • Aviation insurance
  1. Custodian and Allied Insurance



Custodian and Allied Insurance is a top insurance company in Nigeria. They provide a range of insurance products and services tailored to meet individuals’ and companies’ needs.

What they offer:

  • Investment Plus Plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan
  1. Nigerian Agricultural Insurance Corporation (NAIC)


Nigerian Agricultural Insurance Corporation (NAIC)

NAIC is a government-owned insurance company that provides insurance coverage specifically for the agricultural sector in Nigeria. Its main goal is to promote the development of the agricultural sector in Nigeria by providing insurance protection to stakeholders in the agricultural industry.

These insurance products protect against various risks and hazards affecting agricultural production, such as natural disasters, pests and diseases, and market fluctuations.

What they offer:

  • Crop insurance
  • Livestock insurance
  • Aquaculture insurance
  • Agribusiness insurance
  • Technical support
  1. Cornerstone Insurance Plc


Cornerstone Insurance

In Nigeria, Cornerstone Insurance Company is one of the top insurance companies that offer insurance services to individuals and entrepreneurs. The company was established on July 26, 1991, as a private limited liability corporation.

In the end, it changed its legal status to public limited liability, and in 1997 it was traded on the Nigerian Stock Exchange (NSE). Cornerstone Insurance has stayed committed to its mission since its founding, serving its clients’ needs first.

What they offer:

  • Motor insurance plan
  • Gadget protection plan
  • Investment plan
  • School fee guarantee plan
  • Goods in transit plan
  • Home insurance plan
  • Life insurance plan
  • Annuity plan
  • Marine insurance plan
  • Travel insurance plan

Read Also: How to Improve and Manage Personal Finance as a Nigerian

  1. AXA Mansard Insurance


AXA Mansard Insurance

AXA Mansard is a corporation that belongs to the AXA Group. It is known to be one of the top insurance companies in Nigeria for entrepreneurs and individuals. Both asset management and insurance are top industries for AXA Group.

In over 60 countries, the network of firms provides services to 107 million customers. The company offers people and businesses in the nation solutions for both life insurance and non-life insurance.

What they offer:

  • Lifesaving plan
  • Instant plan
  • Health plan
  • Retirement savings plan
  • General (business/tourism) protection plan
  • Student protection plan
  • Autoflex plan
  • Equity income plan
  • Auto classic plan
  • Money market plan
  • Easy care plan

Read Also: Top Banks in Nigeria for Entrepreneurs

  1. Universal Insurance


Universal Insurance

Universal Insurance is a top insurance company in Nigeria that offers a range of insurance products and services for businesses and individuals.

What they offer:

  • Motor insurance
  • Property insurance
  • Marine insurance
  • Aviation insurance
  • Liability insurance
  • Life insurance
  • Health insurance
  • Pension and annuity products
  • Agricultural insurance
  • Group insurance
  1. Goldlink Insurance Plc

goldlink logo

Goldlink Insurance Plc

One of the top insurance companies in Nigeria for entrepreneurs is the Goldlink Insurance Company. It was established on April 15, 1992, as a private limited liability company. On May 11, 2007, it underwent a conversion to become a public liability company.

It experienced an introduction to the stock exchange market on February 12, 2008, and was listed on the NSE. The general and life business operations of Goldlink Insurance Plc are both authorized.

What they offer:

  • Group life insurance plan
  • School Safety Plan
  • Compulsory Insurance Plan
  • Liability Policies Plan
  • Marine and Aviation Plan
  • Motor Insurance Plan
  • General Accident Plan
  • Individual Life Insurance Plan
  • Oil and Gas Plan
  • Engineering Insurance
  • Reinsurance plan
  • Travel insurance plan

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  1. Royal Exchange General Insurance

royal exchange general logo

Royal Exchange General Insurance

This company is a top insurance company in Nigeria that provides a range of insurance products and services for businesses and individuals. Royal Exchange provides insurance products such as,  liability insurance, property insurance, and motor insurance.

What they offer:

  • Oil and gas insurance
  • Motor insurance
  • Marine insurance
  • General accident insurance
  • Engineering insurance
  • Industrial All Risks Insurance
  • Bonds
  • Fire and special perils insurance
  • Agricultural insurance
  1. Lasaco Assurance Plc


Lasaco Assurance Plc

One of Nigeria’s top insurance companies is Lasaco Assurance Plc. According to the 1968 Companies Decree, it was incorporated on December 20, 1979. Individuals and organizations can take advantage of the variety of insurance services offered by this company.

What they offer:

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


Many insurance companies in Nigeria offer a range of insurance products and services to individuals and businesses. It is important to highlight the importance of insurance in protecting individuals and businesses against financial loss due to unexpected events.

Insurance can help provide peace of mind and financial security in the face of unforeseen circumstances, and it is an important part of a well-rounded financial plan.

It is important for individuals and businesses to know what they should insure and to find the best coverage at the most affordable price.

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About Author

Avatar of Ominigbo Ovie Jeffery
Ominigbo Ovie Jeffery
I am an enthusiastic content and creative writer. I harness opportunities to make fact-based, fictional and SEO-enhanced creative content that are captivating, interesting and worthwhile.

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