List of Top 16 Best Insurance Companies In Nigeria 2019

Did you know that there are more than enough insurance companies in Nigeria? Yes, that makes it hard to know which ones are the best for you.

In this article, I am going to share with you the top list of the top best insurance companies

We all believe that life is good, yes life is good but sometimes it takes its face against each and every one of us isn’t it?

What will you do? Learning how to deal with it is the trick.

What Is Insurance?

If you’re asked what is Insurance in Nigeria, Insurance is a way of reducing your potential financial loss or hardship.

It can help cover the cost of unexpected events such as theft, illness or property and it can even provide families with a financial payment upon someone death.

All you need to do is just to pay a fee called a Premium, and in exchange, the insurance company agrees to pay you a certain amount of money if the event you are insuring against is covered and happens during the term of the policy.

We have various insurance companies in Nigeria today but it will be advisable that you know more about the top insurance companies before buying insurance.

Let’s consider some basic insurance terms that you may encounter as you look into my list of best insurance companies in Nigeria, soon to be listed below.

Basic Insurance Terms

  • Agent: Someone who represents one insurance company and sells its insurance products.
  • Broker: Person or company who sells the insurance products of several different insurance companies
  • Coverage: Amount of protection you have purchased.
  • Claim: Official notice you provide to your insurer requesting to be paid for a loss of event covered by your insurance policy.
  • Insured: Person(s) protected by the insurance policy.
  • Insurer: Insurance Company that issues the insurance policy
  • Policy:  Legal contract between you and the insurer

Insurance companies in Nigeria consist of different types of insurance which includes:

  • Life insurance
  • Health insurance
  • Buisness insurance
  • Property and casuality (General) insurance
  • Auto insurance .

List of Top 10 Insurance Companies in Nigeria 2019

Yes, I promised you a list of 16 insurance companies in Nigeria and you’ll get it, but first, check out the top 10 insurance companies 2018/2019 below.

Talk about Pension, Gratuity or gratitude, these insurance coys have plans for that and all are licensed and certified by the National Insurance Commission.

1. AIICO Insurance Plc

AIICO known as the American International Insurance Company is an Agency Office of American Life insurance company that commenced operation in 1963.

Their aim is to offer life assurance and annuity, general insurance, health insurance, pension management, property insurance, E-insurance, Education plan, Mortgage protection plans, Term assurance and so on.

It is one of the biggest insurance companies in Nigeria that provides quality products to their customers.

AIICO Head office address: Plot PC 12, Church Gate Street, Victoria Island, Lagos.
AIICO Website:
AIICO Phone: 01 279 2930

2. AXA Mansard Insurance plc

mansard insurance company gt bank

Guaranty Trust Assurance Plc is also rated as one of my best insurance companies in Nigeria.

Their foundation is based on trust. Some of the products they offer include Auto insurance which includes; Autoflex plan, Auto Go, Auto Classsic and others.

They also have easy care health plan, money market fund, equity income fund, general business and tourism protection, retirement plan inclusive.

Location is at 928A Aboyade Cole Street, Victoria Island, Lagos. 
You can also visit their website via
Phone: 08150490199

3. Leadway Assurance Company Limited

In 1970, an insurance company which also provides integrated insurance and financial services to customers was founded by sir (Dr) Hassan Olusola Odukale.

Leadway started operation in 1971. Leadway assurance management team are simply the best in the industry.

Leadway Assurance products includes;

  • General insurance
  • Life and Health Insurance
  • Savings and Investment Plan
  • Annuities and Pensions
  • Premium Finance
  • Leadway BOSS
  • Marine Insurance
  • Surety-ship, Agric Insurance
  • Motor Insurance
  • Property Insurance
  • Marine Insurance and finally;
  • Accident Insurance.

The contact address of lead way assurance

Leadway is located at 121/123 Funso Williams Avenue Iponri, Lagos. 
Visit leadway website for more information on
Phone: 01-2700700

4. Mutual Benefits Assurance Plc

mutual benefit insurance company

Another insurance company that started operation on 18th April 1995 is Mutual Benefits Assurance Plc.

Mutual benefits life assurance products includes pure lifew insurance, investment linked schemes like children education plans and pure investment.

Others insurance products of mutual benefits assurance plc includes motor, marine, fire & periles, travel e.t.c.

mutual benefit assurance head office address: Aret Adams House, 233 Ikorodu Road,
Ilupeju, Victoria Island Lagos.
Phone: 09054644444, 09054744444

5. Cornerstone Insurance PLC

cornerstone insurance company

cornerstone insurance plc was incorporated on 26th July 1991 with registration number RC163170.

The company is licensed and re-certified by the National Insurance Commission (NAICOM) to offer both general and life insurance.

Cornerstone insurance plc management team is another one that we can boast of with excellent service delivery.

This insurance company in Nigeria has received many award based on the level of professionalism.

cornerstone insurance plc products include: Motor insurance, Travel insurance, Home insurance, Life insurance, Annuity, Goods in transit, Combined fire and burglary, Marine Insurance, Mymoto shield, Gadget Inspector Plan, Drone Insurance.

Cornerstone insurance plc head office address: Water Corporation Drive off 
Ligali Ayorinde Street, Victoria Island, Lagos. 
Their website: https//
Phone: 0810 6000 800

6. Industrial and General Insurance Plc (igi)

Industrial and general insurance plc nigeria

Industrial and General insurance company was first incorporated as a private limited liability insurance company in Nigeria, on 31st October 1991 and in 2007.

It was later re-registered as a public limited liability. It started operating as a composite insurance company i.e life insurance and general which includes pensions, special risks in January 1992.

Products include; Motor Insurance, Life products, Engineering/contractor risk, Marine, Travel and Health insurance, Fire Insurance, Aviation, Oil and energy and so on.

industrial and general insurance have subsidiaries and below is their contact and office addres.

Igi office in Lagos: No 2, Agoro odiyan street, off  Adeola Odeku street 
Victoria Island Lagos state. 
Please visit their website for more information via 

7. Custodian and Allied Insurance Plc

custodian and allied insurance plc

It is one of the capitalized insurance companies in Nigeria. The company started operation on 13th of August, 1997 and they provide both life and general insurance.

Their insurance products include; auto insurance, health, travel, home shield, personal accident and wealth management

This insurance company ensures their customers have access to an independent dispute resolution system if you need to file a complaint.

Their address is at 16A, commercial Avenue Sabo,Yaba, Lagos. 
custodian insurance portal online for more info: http://
Phone: 01 277 4000

8. NEM Insurance Plc

nem insurance plc

Another insurance company in Nigeria is NEM Insurance Plc. This insurance company commenced operation in 1948 through the agency of Edward Turner and CO.

This insurance company offers general insurance e.g. Travel insurance, fire insurance, motor insurance and many more.

nem insurance Lagos Office address: 199 Ikorodu Rd, Obanikoro Lagos state 
and you can also visit their website at

9. Consolidated Hallmark Insurance Plc

Also Read  List of Insurance Companies in Nigeria (Contact Addresses & Phone Numbers)

consolidated hallmark insurance plc

Consolidate Hallmark Insurance is also one of the leading insurance companies in Nigeria.

This company offers personal insurance to help protect individuals from potential losses e.g motor insurance, gadget insurance, home insurance, business insurance.

This Nigerian insurance company has highly competent staffs and also has sufficient funds to fulfill the gratuity needs of their employees at the right time

Address: No 266, Moshood Abiola Way, Obanikoro, Lagos state. 
you can also visit their website for more information via

10. Prestige Insurance Ltd

prestige insurance ltd

Prestige Insurance Ltd was founded in 1988. It is an insurance company in Nigeria that offers insurance and reinsurance.

Their services include auto, business, home, life and provision of risks identification management, claim advisory/management and many more.

Their excellent provision of service to customers makes this insurance company to be elected as the insurance broker of the year.

They're located at 19, Ligali Ayorinde Street Victoria Island, Marina Lagos. 
Visit their website for information:

Notable Mentions

Yes, here are other names of insurance companies in Nigeria with reasonable insurance packages.

11. Linkage Assurance Plc

linkage assurance plc for insurance

Also on my list of insurance companies in Nigeria 2018/2019 is Linkage Assurance Plc. It was incorporated on 26th March, 1991 and it was issued license on 7th October 1993.

The company also renders quality service to customers and that’s why it has made my list of best insurance companies in Nigeria.

They provide online insurance, car and all of automobile  insurance, shop comprehensive plan, sme comprehensive plan, engineering insurance and so on.

Linkage Assurance Plc is located at Linkage plaza plot 94Block 20 lekki Epe,
Express way Victoria Island Lagos. 
Visit their website for more information via

12. African Alliance Insurance plc

 african alliance insurance plc

Here is another one of top 10 insurance companies in Nigeria – African Alliance insurance limited. They started operation on May 6th 1960.

They provide life insurance and pension businesses and they operate a network of 18 branch offices managed by competent team.

African alliance insurance plc products include; Financial security, Investment plan, Takaful, Childrean education plan and so on.

This company is well known for prompt claims settlement.

They have their Head Office Address at 112 Broad street, Lagos island, Lagos 
You can visit for more details.

13. Lasaco Assurance Plc

Lasaco insurance plc

Lasaco Assurance Plc an insurance company in Nigeria was granted license as an insurer on 7th July 1980 and the company commenced operation on 1st of Aug 1980.

They provides general insurance and life insurance with oil and gas insurance inclusive.

Lasaco Assurance Plc address is at Plot 16, Acme Road Ogba, Ikeja, Lagos, Nigeria. 
You can visit their website via

14. Gold Link Insurance PLC

Goldlink insurance plc

Gold link Insurance PLC is another insurance company in Nigeria that started operation on 8th of September 1993.

They provide various types of insurance which include general insurance, life, pension, and special risk insurance.

Address: Gold link plaza 6 Emmanuel Street Onigbongbo Maryland, Marina Lagos.

15. International Energy Insurance Company Limited

 international energy top insurance companies in Nigeria

International Energy Insurance Company Limited (IEI) also made my list of best insurance companies in Nigeria. They started operation on 26th March, 1969.

The insurance company provides general insurance to customers.

They are located at Plot 294, Jide Oki street, off Ligali Ayorinde street
Victoria Island Lagos.

16. Continental Reinsurance

insurance companies in Nigeria - continental reinsurance

It was founded in 1987 and it was converted to a Public Limited Company in 1999.

This company issues both life and non-life insurance policies and they have established a high reputation for themselves.

They are located at St. Nicholas House 6, Catholic Mission street, Lagos state. 
You can also visit their website via

Quick Note on Rating and What Life Insurance Companies In Nigeria Are All About

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

The insurance company promises a death benefit in consideration of the payment of premium by the insured. But why would you need to optin for a life insurance?

  • The major reason is to ease financial burden on dependents (spouse, parents, children).
  • It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a cash if you die during the policy term and this could be used to help pay off these debts.

life insurance companies in nigeria

Breakdown of Life Insurance

There are four primary players, or roles, in a life insurance policy. These roles belong to the insurer, the owner, the insured and the beneficiary.

  • The insurer is the insurance company, responsible for paying out claims in the case of a death.
  • The owner of the policy is responsible for premium payments to the insurance company.
  • The insured is the person upon whose life the policy is based.
  • The beneficiary is the person, trust or other entity due to receive the life insurance claim—or death benefit—in the case of the insured’s passing.

Types of Life Insurance Offered by Insurance companies

  • Life insurance: Is designed to pay out your chosen cash sum if you die during the length of the policy. It could be used to help protect the family’s lifestyle and everyday living expenses or help pay towards an interest only mortgage.
  • Decreasing Life Insurance:  Is designed to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.  Meaning your loved ones could continue to live in the family home without worrying about the mortgage.

You may want to check that the length of the policy is long enough to cover the duration of your mortgage term.

If you have Decreasing Life insurance you must also check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.

Critical illness cover can be added at an additional cost when taking out life insurance.

It could pay out your chosen amount of cover if you’re diagnosed with one of our specified illnesses during the length of your policy.

Now that you understand what life insurance means, let’s continue with my list of insurance companies in Nigeria.

Best Insurance companies in Nigeria (Summary)

That’s all on top 16 best insurance companies in Nigeria.

It goes without saying that before accepting an insurance company recommended to you by an agent or broker, you need to contact the insurance regulator in your territory to confirm that the insurance company is licensed to do business.

If you’re going to be choosing yourself, be certain about the integrity and reliability of any insurance company and policies involved before you opt-in.

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