Top 10 Best Insurance Companies in Nigeria (2024)
Looking to buy insurance but unsure which company to choose from the many options in Nigeria?
With over 200 insurance providers in the country, it can be hard to determine which ones are the best. Should you go for the company with the lowest premiums or the one with the best service? Does the size of the insurance company matter? What products and benefits should you really be looking for when choosing an insurance provider?
Deciding on the right insurance company to entrust your assets and life to can be confusing for many Nigerians.
To simplify your selection process, this article profiles the 10 leading insurance companies in Nigeria judged by their stability, service quality, variety of offerings and customer satisfaction ratings.
By comparing their key strengths across important parameters, you’ll have an easier time determining which insurer best suits your needs whether you are an individual or business customer looking to adequately secure your risks at affordable rates.
TOP 10 BEST INSURANCE COMPANIES IN NIGERIA AND WHAT THEY OFFER
The following paragraphs outlines the top ten best insurance companies in Nigeria and the policies and services they provide.
AIICO INSURANCE
AIICO is the largest composite insurer in Nigeria with total assets in excess of ₦300 billion.
The company underwrites all classes of insurance in Nigeria including life, general accident, fire, motor, bond, marine cargo, oil and gas, aviation, engineering, and special risks.
AIICO also provides innovative products like credit life, investment-linked products, annuities, and group life.
It has an extensive distribution network of over 200 branches across Nigeria and solid financial stability affirmed by ratings agencies like Agusto, Global Credit Ratings, and A.M. Best.
CORONATION INSURANCE
Established in 2014, Coronation Insurance has rapidly grown to become one of the most innovative insurers in the market focusing on digital experiences and claims efficiency.
It provides insurance services for individuals and corporate organizations covering life, motor, home, travel, mobile phones and more.
Coronation Insurance promises prompt claims payments aided by its use of modern technology.
AXA MANSARD INSURANCE
AXA Mansard is a member of the AXA Group, a worldwide leader in insurance and asset management.
AXA Mansard provides life and non-life insurance products to both people and institutions across Nigeria. Some offerings include motor insurance, home insurance, SME insurance, travel insurance, personal accident plans, education plans, investment and pension solutions, and annuities.
It has built a reputation for world-class service delivery backed by the expertise and resources of the AXA Group‘s global insurance operations.
LEADWAY ASSURANCE COMPANY
Leadway has one of the largest Life insurance fund assets in Nigeria and maintains excellent credit ratings for stability and service quality.
Incorporated in 1970, Leadway is the pioneer of life insurance and non-life insurance in Nigeria with paid up share capital in excess of ₦15 billion.
Leadway engages in life assurance, general accident insurance, property insurance, auto insurance, marine insurance, bond insurance, aviation insurance, oil and gas insurance, engineering insurance, and special risks insurance.
The company also offers attractive savings products and investment opportunities.
CORNERSTONE INSURANCE
Founded in 1991, Cornerstone Insurance is a highly reputable composite insurer engaged in non-life insurance including special risks, fire, marine, accident, oil and gas, motor insurance, bonds and engineering policies. The company is focused on prompt claims settlement and quality after-sales service.
Cornerstone Insurance has built a strong capital base in excess of ₦15 billion ensuring its ability to meet liability obligations. It operates an extensive distribution network across Nigeria to offer easily accessible services to retail and corporate clients.
CONSOLIDATED HALLMARK INSURANCE
Consolidated Hallmark Insurance is currently one of the fastest growing insurance companies in Nigeria.
The company transacts business across all insurance segments – life and non-life, handling insurance portfolios for both individuals and organizations in Nigeria.
Consolidated Hallmark delivers enduring value to customers through prompt claims payment, individualized services, and diverse insurance products with flexible premium options.
The company operates with a shareholder funds base of about ₦13.5 billion further boosting its credentials as one of Nigeria’s most reliable and secure underwriters.
ROYAL EXCHANGE INSURANCE
Seventh on the list is this insurance company who has been in the industry for more than five decades now – Royal Exchange Insurance.
Royal Exchange is a highly reputable insurer providing financial security solutions to customers across Nigeria. It is licensed to underwrite life and non-life insurance plans including industrial and commercial fire insurance, burglary insurance, workmen’s compensation, goods-in-transit, marine cargo, oil and gas, motor insurance and more.
The company operates an extensive distribution network offering prompt and professional services to insurance consumers nationwide.
MUTUAL BENEFITS ASSURANCE
Mutual Benefits started operations in 1993 and has subsequently grown to become a financially stable insurer in Nigeria.
The company has a shareholder funds base above ₦12 billion. Its businesses spans life insurance, investment products, and group life coverage for organizations.
Mutual Benefits is credited with introducing modern technology to drive customer satisfaction in the Nigeria insurance industry including SMS insurance purchase platforms and other e-business functionalities.
REGENCY ALLIANCE INSURANCE
Regency Alliance is a tested and trusted brand offering specialized risk underwriting and innovative insurance products for individuals and corporate organizations since 2013.
The fast-growing company provides bespoke insurance plans covering life, funeral, mortgage protection, credit life in addition to property, accident, marine and liability risk insurance.
Regency Alliance optimizes robust information technology infrastructure, sound corporate governance structures and efficient business processes to deliver first-rate insurance solutions for Nigerians.
STERLING ASSURANCE NIGERIA
Last but not the least on our list is Sterling Assurance Nigeria. This is one of the oldest insurance providers in the country with fully paid-up capital above ₦5 billion.
Operating through a head-office in Lagos and network branches nationwide, the company transacts business across almost all segments of life and non-life insurance including motor, marine, fire, life, bonds, oil and gas, and special risks.
Sterling Assurance is noted for integrity in claim settlements and quality pre- and post-sales services for corporate and individual clients.
CONCLUSION
The top insurance companies highlighted in this article represent some of the more reliable, secure, innovative and customer-focused underwriters operating in Nigeria currently.
As the industry expands, insurance consumers have a decent range of options to consider when seeking financial security against unforeseen life and business risks.
