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Top 12 Insurance Companies in Nigeria 2021

by John Ocholi

DopeArena decided to compile an inventory of top insurance corporations in Nigeria that gives the most effective services. You’ll be able to truly choose from this listing and be assured that you’ll get the most effective services.

Most of these insurance coverage corporations have branches in Lagos, Abuja, Port Harcourt and different parts of Nigeria. Before we go in to that let us throw some light on innsurance as a whole

What is an Insurance Policy?

In accordance with Wikipedia, insurance policy is a contract between the insurer and the insured, generally known as the policyholder, which determines the claims which the insurer is legally required to pay.

List Of The Compulsory Insurance Policies In Nigeria

The target of obligatory insurance coverage policies in Nigeria is to offer safety to 3rd parties as well as the general public. Listed beneath is the total checklist of all of the compulsory Insurance Policies In Nigeria: 

  • Builders Liability Insurance
  • Employers Liability Insurance
  • Motor third Party Liability Insurance
  • Employers Liability Insurance (Group Life)
  • Occupiers Liability Insurance 
  • Healthcare Professional Indemnity Insurance

Builders Liability Insurance

Under the Insurance Act 2003/under the Lagos State Building Control Law 2010. This insurance policy is obligatory for contractors and homeowners of buildings higher than two floors. That is to allow them present compensation to their staff in case of constructing collapse, injury and death on the building site.
Under the legal guidelines failure to comply with the policy attracts a penalty of 250,000 along with three years’ imprisonment, sealing and demolition of the affected building.

Employers Liability Insurance

Under the Workmen’s Compensation Act 1987. This law is targeted at employers and requires them to have insurance that will provide compensation for their workers in the event of injury,illness or death in the course of the employment. The employee or their relative therefore has the right to claim compensation in the advent of any of the incidents mentioned earlier. For employers that refuse to comply, the penalty is N250,000 plus record of conviction and sealing off of the business premises of the employer.

Motor Third Party Liability Insurance

Under the Insurance Act 2003 Section 68. The law states that:

“No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer”. 

This insurance policy was made compulsory for owners and drivers of vehicles, motorcycles and other special type vehicles (both private and commercial). It is the required minimum policy by law and covers against liabilities such as death,damage to property or bodily injury of a third party arising due to the use of the insured vehicle. The life cover is unlimited while the property damage is N1million. The penalty for failure to comply is N250,000 or one year imprisonment or both.

Employers Liability Insurance (Group Life)

Under the Pension Reform Act 2004 Employers with employees power that’s better than 4 are mandated by legislation to purchase into this policy. The law cuts across both private and public employers and under this law they’re required to pay for pension subsidy within the occasion of psychological or bodily incapacity, death or disappearance while in service.

Occupiers Liability Insurance 

Under the Insurance Act 2003 and Lagos State Legislation
That is an insurance coverage mandated by legislation for the owners or occupiers of public buildings used as residential, places of work, filling stations, hostels, and so on.
Compensation is paid to the enterprise customers and members of the general public in case of natural disasters, death or building collapse.

Healthcare Professional Indemnity Insurance

Under the NHIS Act 1999 All medical professionals, establishments and centers are required under law to purchase this insurance policy.
The establishment is to register under the National Health Insurance Scheme (NHIS) and compensation is supplied under this scheme to NHIS sufferers for omissions or commissions of medical practitioners/institute, additionally for partial/permanent disabilities, illness and injury.
Failure to conform will result in the revocation of the permit of the medical establishment, additionally the offender is likely to be prosecuted for involuntary homicide.

List of Top 12 Insurance Companies in Nigeria

1. AIICO Insurance Plc

AIICO Insurance Plc is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country its key focus on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

They offer the following policies:

  • Income investment plan
  • Three payment plan
  • Travel insurance
  • corporate saving plan
  • Education investment plan
  • Flexible endowment plan
  • Term assurance plan
  • Electronics equipment policy plan

Plot PC12, Church Gate Street, Victoria Island, Lagos.

2. Leadway Assurance Company Ltd

LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.
They are very active online, across various social media channels and have computerised most of their operations to boost effectiveness.

They offer the following policies:

  • Family Benefit plan
  • Lead way saving plan
  • Term assurance plan
  • Money policy plan.
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan

121/123 Funsho Williams Avenue Apori, Lagos.

3. AXA Mansard Insurance Plc


AXA mansard was established in 1989. AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries.
AXA Mansard Insurance plc is rated B+ by A.M. Best (2016) for Financial Strength. The Company is also certified ISO 9001:2008 compliant by the Standard Organisation of Nigeria (SON) for quality management systems.

They offer the following policies:

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

AXA MANSARD INSURANCE PLC is located at 928A Aboyade Cole Street, Victoria Island, Lagos.

This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.
Goldlink Insurance Plc is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance

They offer the following policies:

  • Group Life Insurance plan
  • School Safety plan
  • Compulsory Insurance plan
  • Oil & Gas plan
  • Engineering Insurance
  • General Accident plan
  • Individual Life Insurance plan
  • Reinsurance plan
  • Liability Policies plan
  • Marine & Aviation plan
  • Motor Insurance plan

6, Emmanuel Street, Maryland, P.O.BOX 5987, Marina Lagos, Nigeria.

5. Cornerstone Insurance Plc

Cornerstone insurance has noised themselves as one of the best insurance companies in Nigeria and many of their customers agree to this. The company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.
Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs. It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.

They offer the following policies:

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

21, Water Corporation Drive, Off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria

6. Continental Reisurance

Continental Insurance is the private sector leader of the pan-African insurance industry registered in 1985 as a professional reinsurance company. The company was registered under the Companies Act of 1968. It obtained the license to transact the non-Life Reinsurance business on December 10, 1986. In January, 1987 Continental re-insurance started business as an insurance company. Since then, the company has been doing wonderfully well as a reputable insurance company in the country.

They offer the following policies:

  • Business Insurance plan
  • Insurance plan
  • Auto Insurance plan
  • Home Insurance plan
  • Pet Insurance plan

Continental Re Centre, 17 Olosa Street, Victoria Island, Lagos P.O. Box 2401, Lagos, Nigeria

7. Mutual Benefit Assrance Plc

Mutual Benefits Assurance PLC is a notable insurance company in the country established on 18th April 1995. The insurance agency has developed into a conglomerate which comprises of worth adding organizations with varied interests in different areas of the Nigerian economy through ventures, and other areas.
Presently, with more than 3,000 staff and marketing executives in its business, Mutual Benefits Insurance is a main brand in the country’s Insurance industry.

They offer the following policies:

  • General Insurance
  • Life insurance
  • Fire and Burglary insurance
  • Personal Accident

Aret Adams House, 233 Ikorodu Road, Ilupeja, Victoria Island, Lagos.

8. African Alliance Insurance Plc

African Alliance Insurance Plc

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficiencies and trustworthy in Life Assurance. In addition, the organization serves a huge number of clients with customized protection products custom-made for each phase of their lives.
On the whole, African Alliance Insurance Plc at present deals with a Shareholders’ Fund assessed at N3.6bn.

They offer the following policies:

  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan
  • Kids educational plan
  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan
  • Mortgage Protection Plan

54 Awolowo Road, Ikoyi, Lagos.

9. Consolidated Hallmark Insurance

Consolidated Hallmark Insurance is well known for its effective and efficient customer care system. Consolidated Hallmark Insurance stands in the 9th position of the top 10 insurance companies in Nigeria 2020.
They render official policy insurance services to individual companies in order to help secure their lives and properties E.g Motor insurance, Gadget insurance, Home insurance, Business insurance.

They offer the following policies:

  • Motor 3rd Party plan
  • Money plan
  • Marine plan
  • Home plan
  • Travel plan
  • Fire & Special Perils plan
  • Burglary plan
  • Oill & Gas plan

266 Ikorodu Road, Obanikoro, Lagos.

10. Custodian and Allied Insurance

Custodian and Allied insurance company provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of their clients.
This is a type of insurance that provides more money to its company This company started on 13th August 1997 also they provide both life and general insurance. This company has access to a dispute resolution System.

They offer the following policies:

  • Investment plus plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan

16a commercial Avenue, Sabo, Yaba ,Lagos.

11. Industrial and General Insurance Plc

Industrial and General insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.
Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

  • Group Life Products plan
  • Mobile Phone Insurance Plan
  • Aviation Insurance plan
  • Engineering Insurance plan
  • General Business Insurance plan
  •  Health Insurance Plan
  • Marine Insurance plan
  • Oil & Energy

2, Agoro Odiyan Street, off Adeola odeku Street, Victoria Island, Lagos

12. Lasaco Assurance Plc

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968. At that time, the Company, was called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1st 1980.

The policies they offer are:

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

LASAKO house, Plot 16 Acme road Ogba, Ikeja Lagos, Nigeria

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