List of Licensed Insurance Companies in Nigeria 2020

In this article, we look at list of licensed insurance companies in Nigeria .

What is Insurance in Nigeria?

Insurance is gaining popularity in Nigeria. Insurance is protection against future financial losses. Insurance companies in Nigeria are financial services provider that helped to protect against future financial losses. The insurer (You) paid premium against future losses.

Perception of Insurance in Nigeria

Majority of Nigerians believes insurance policies are meant for the rich and average citizens. In population of 200million only 2% of the population imbibe insurance policies.

This is major concern of government and insurance companies.

However, measures has been put in place to sensitive Nigerians on the benefits of insurance.

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What are the Benefits of Insurance

• The very first benefit of insurance is security against financial losses. Though as at the time of payment of premium, you’re incurring liability. In one of the webinar classes I attended, the instructor told us, how it was difficult paying his car insurance premium. On the day the car crash with another vehicle, he thanked God, he took the pain. If not, he couldn’t have afford to pay for the damage.
• Insurance also ensures stability and keep the business going. Insurance helps stable cash flow. For an individual insurer, it ensures peace of mind such that, when you lose your job or in case of death, credit insurance policy cover for it.

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7 Compulsory Insurance policies in Nigeria

According to Federal Government of Nigeria and law stipulated by Nigerian Insurance Act 2003. The under listed insurance policies in Nigeria is compulsory;

1. Motor-Third Party Insurance Policy
2. Aviation Third Party Insurance Policy
3. Employee Group Life Insurance Policy
4. Building under Construction Insurance Policy
5. Public Building Insurance Policy
6. Marine Insurance (Cargo)
7. Health Care Professional Indemnity

Classes of Insurance Companies in Nigeria

According to NAICOM, Insurance are classified into two in Nigeria namely;

• General Insurance
• Life Insurance

General Insurance

General insurance include the following :

• Motor Insurance
• Fire Insurance
• Marine Insurance (Cargo)
• Aviation Insurance (Aircraft)
• Oil and Gas
• Surety, Bond and credits

Life Insurance

Insurance policies classified under life Insurance include;

• Individual Life Insurance
• Life Insurance
• Health Insurance

What is NAICOM?

NAICOM is an abbreviation for National Insurance Commission which is government body responsible for regulations of Insurance companies, industries and business in Nigeria.

List of Insurance companies in Nigeria

1. Alliance & General Insurance Company Ltd
2. A.R.M Life Plc
3. African Alliance Insurance Company Limited
4. Anchor Insurance Company Ltd
5. Capital Express
6. Consolidated Hallmark Insurance PLc
7. Custodian & Allied Insurance Limited
8. FBN General Insurance Limited
9. Fin Insurance Company Limited
10. Guinea Insurance Plc
11. International Energy Insurance Plc
12. Investment & Allied Assurance PLC
13. KBL Insurance company
14. Law Union & Rock Insurance Plc
15. Linkage Assurance Plc
16. Metropolitan Nigeria Life Assurance Limited
17. Mutual Benefits Plc
18. Old Mutual Nigeria General Insurance Company
19. NEM Insurance Plc
20. Nigerian Agricultural Insurance Corporation
21. Prestige Assurance Plc
22. Prudential zenith Life Insurance Company Limited
23. Royal Exchange Prudential Life Plc
24. Regency Alliance Insurance Plc
25. Royal Exchange General Insurance Company Limited
26. Saham Unitrust Insurance Nigeria Limited
27. Sovereign Trust Insurance Plc
28. STACO Insurance
29. Sterling Assurance Nigeria Limited
30. SUNU Assurance Plc
31. Universal Insurance Plc
32. Wapic Insurance Plc
33. Zenith General Insurance Company limited

List of Life Assurance Companies in Nigeria

From the above listed insurance company. According to NAICOM, the under listed are Life Assurance companies in Nigeria.

• Alliance Insurance company
• A.R.M Life Plc
• African Alliance Insurance company limited
• Capital Express Assurance limited
• Custodian Life Assurance Limited
• FBN Insurance Limited
• Metropolitan Nigeria Life Insurance Limited
• Mutual Benefits Life Assurance Plc
• Old Mutual Nigeria Life Assurance Limited
• Prudential Zenith Life Insurance Company Limited
• Royal Exchange Prudential Life Plc
• Wapic Life Assurance Limited

Insurance Companies in Nigeria

1. Alliance & General Insurance Company Ltd

Alliance & General Insurance is also known as A & G insurance. The company transact both life and non- life insurance policies in Nigeria. The company was incorporated on 2nd of April, 1987.

They also collaborate with international body such as Korea. The company was founded by both Nigeria and foreign investors. The company acquired British America Insurance PlC in 2009.

The company has 23 functional branches in Nigeria.

Head office Address: Baico Plaza, 12 Abibu Oki Street, Marina, Lagos.

Website: https://www.aginsuranceplc.com

2. A.R.M Life Plc

The ARM Life is a member of ARM Group. They were established in 1994 as they focus on asset management.

Their services entails life Assurance which include personal and family life insurance. They have branches in Lagos, Port-Harcount and Abuja

Arm Life Insurance Head Office: 22, Funsho Williams Avenue, Alaka, Surulere, Lagos.

Arm Life Insurance Website: www.arm-life.com

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3. African Alliance Insurance Company Limited

African Alliance Insurance Plc is one of the leading life assurance company in Nigeria. They were incorporated on May 6, 1960 by Nigeria and foreign investors Chief S.L Edu, Mr. T.A Braithwaite and Chief M.E.R Okorodudu.

African Alliance Insurance Plc has 18 branches and their branches spread across the nation. Their products include Term assurance, group life, investment and savings.

African Alliance Insurance PLC airline is Axiom Air Limited where the company claim 100% equity. The Axiom Air Limited is Cargo Airline company.

The company uses online premium calculator an innovation by African Alliance Plc Managing Director Mrs Funmilayo Omo popularly known as FO.

4. Anchor Insurance Company Limited

Anchor Insurance company limited is a general insurance company that started operation in Nigeria, November, 1989.

Anchor Insurance corporate head office is located at Victoria Island while its registered office remains Uyo office. The company branches spread across Nigeria.

Anchor insurance services include;

• Agricultural Insurance
• Anchor LoEIS
• Motor Insurance
• Bond and surety
• Fire Insurance
• Cargo Insurance
• House Insurance
• Micro Insurance

Website: www.anchorinsuranceng.com

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5. Capital Express

Capital Express Assurance is one of the leading and fastest growing Life Assurance companies in Nigeria.

Capital Express Assurance manage life insurance of individuals, government agencies, aviation, corporate bodies, financial institutions, aviation, military and paramilitary organizations.

Capital Express products include:

• Life insurance
• Child education insurance
• Investment insurance

6. Consolidated Hallmark Insurance PLc

Consolidated Hallmark Insurance PLC is also known as CHI PLC. The company is a general insurance company operating in Nigeria.

The company is boastful of 14 branches and 250 direct employee across Nigeria. CHI PLC expands insurance knowledge by organizing essay competition in tertiary institutions. This action as led to employment of four graduates directly from higher institutions.

CHI PLC products include:

• Motor Insurance
• Home Insurance
• Gadget Insurance
• Travel Insurance
• Gadget Insurance
• Other General insurance

Website: www.chiplc.com or info@chiplc.com

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7. Custodian & Allied Insurance Limited

Custodian & Allied Insurance Limited also known as Custodian Investment Plc.

The company is one of the high profile insurance company in Nigeria.

The company has significant holding in companies and brands including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees and Crusader Sterling Pensions Limited.

The company head office is located at Sabo, Yaba Lagos.

8. FBN General Insurance Limited

FBN General Insurance is owned by First Bank Holding and Salam Group. The company deals with General insurance while the counterpart FBN Insurance Limited deals with Life insurance.

FBN General Insurance Limited is reputable insurance company in Nigeria.

9. FIN Insurance Company

FIN Insurance Company Limited was formerly known as Yankari Company Limited and incorporated on 24th April, 1981 as a limited liability company wholly owned by the Bauchi State Government.

It was registered as a licensed insurer in 1982, and commenced business on the 1st January, 1983.

The company was then acquired by Finbank Plc and had its name changed to Fin Insurance Co. Ltd in 2008.

In 2012, Finbank was taken-over by First City Monument Bank (FCMB) while FIN Insurance subsequently became a member of the FCMB Group.

In a bid to transform the company’s operations, FIN Insurance was acquired by Cornerstone Insurance Plc (with Capital Alliance Private Equity III Limited) in 2014. 

FIN Insurance has over ten (10) branches nationwide and its registered office located at 34 Gana Street, Maitama, Abuja.

10. Guinea Insurance

Guinea Insurance Company was incorporated as a Public Limited Liability Company on 3rd December, 1958 and licensed in 2007 by the National Insurance Commission (NAICOM) to provide exceptional non-life insurance underwriting solutions to its numerous customers in Nigeria.

Since 1958, Guinea insurance has been providing general insurance to Nigerians.

Do you want to know more about Guinea Insurance visit their website at www.guineainsurance.com

11. International Energy Insurance

International Energy Insurance Limited is the Nigeria’s first Energy-Focused Insurance Company, experts in first class underwriting solutions for offshore and onshore risks, as well as general insurance business.

The company was established in 1969 as Nigeria Exchange Insurance Company Limited. 

12. Investment and Allied Insurance Plc

Investment and Allied Insurance Pls is also known as AAI.

The company was incorporated in Nigeria on the 4th of October 1968 as Milverton Insurance company Limited under the Companies and Allied Matters 2004 CAP C20 LFN and is domiciled in Nigeria.

The company changed its name to Investments and Allied Assurance Company Limited on 6th October 1993.

On the 12th December 2007 it became a public Limited Company and changed its name to Investments and Allied Assurance Plc.

The company specialized in general insurance.

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13. KBL Insurance

KBL Insurance Limited was incorporated on January 17, 1994 as Shieldhold Insurance Company Limited and started business the same year as an Underwriter licensed to underwrite both life and non-life insurance businesses.

Following the acquisition of majority shareholding by a group of investors in December 1998, the name of the company was later changed to Guardian Trust Insurance Company Limited (GTI).

Again, during the insurance industry consolidation/recapitalization exercise, former Bank PHB Plc acquired majority shareholding and consequently the name of the company was changed from Guardian Trust Insurance to Insurance PHB Limited on May 19, 2007.

During this recapitalization exercise, the Board of Directors, agreed to concentrate on general businesses and raised the capital of the company to meet the minimum capital required by law to transact general insurance business.

To further reposition for greater efficiency and increased market share, the company has undergone a rebranding process and changed its name to KBL Insurance Limited on September 4, 2013.

14. Law Union & Rock Insurance

Law Union & Rock Insurance PLC has done so well in Nigeria offering both life and non-life insurance financial services in Nigeria.

According to report file on 2nd March, 2020 by Nairametrics, the company is set  to sell 100% of its stake to  Verod Capital.

15. Linkage Assurance Plc

Linkage Assurance Plc was incorporated 26th March, 1991 and was licensed to cover and transact non-life insurance businesses on 7th October, 1993.

As part of the recapitalization and consolidation reforms of Federal Government of Nigeria, the company merged with Central Insurance Company Limited on 27th February, 2007 to form a new and bigger Linkage Assurance Plc to further provide quality service delivery.

16. Metropolitan Nigeria Life Assurance Limited

Metropolitan Nigeria Life Assurance Limited is a life insurance company offering group life and credit life products to clients across the public and private spheres. 

Verod capital has been licensed to acquired Metropolitan Nigeria life assurance according to report file by Nairametrics.

17. Mutual Benefits PLC

Mutual Benefits Assurance Plc (MUTUAL) is one of the leading insurance company in Nigeria. The company has international presence in Liberia and Niger. The company has evolved into a conglomerate consisting of value-adding companies which include:

• Mutual Benefits Assurance
• Mutual Benefits Life Assurance
• Mutual Benefits Microfinance Bank

18. Old Mutual Nigeria General insurance

Old Mutual Nigeria General Insurance Limited is a subsidiary of Old Mutual Group. The company was created in south Africa and extend to 14 African and Asia countries namely;

1. China
2. South Africa
3. Namibia
4. Botswana
5. Zimbabwe
6. Kenya
7. Malawi
8. Tanzania
9. Nigeria
10. Ghana
11. Uganda
12. Rwanda
13. South Sudan
14. eSwatini

The old Mutual Nigeria specialized in both life and general insurance. Old Mutual has been operating in Nigeria since March 2013, having acquired the majority stake in Oceanic Life Assurance Company.

In January 2014, Old Mutual also acquired a majority stake in Oceanic General Insurance Limited, thereby offering both Life and General Insurance solutions tailored to meet unique individual and corporate client’s circumstances.

19. NEM Insurance PLC

NEM Insurance PLC is one of the leading insurance companies in Nigeria. The company started in 1948.

Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business.

Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance. 

20. Nigerian Agricultural Insurance Corporation

Nigerian Agricultural Insurance Corporation also known as NAIC is fully owned by the federal government of Nigeria.

Prior to its establishment farmers encountered losses which led to migration of farmers to urban area seeking for better means livelihood.

21. Prestige Assurance Plc

Prestige Assurance Plc was established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai.

Prestige Assurance was incorporated as a limited liability company on 6^th January 1970 and licensed to write all classes of Non-life insurance in Nigeria.

The company is presence in over 28countries, Asia and Africa countries.

22. Prudential zenith Life Insurance Company Limited

Prudential Zenith life insurance company is one of the leading insurance companies in Nigeria.

The company specialized in life insurance and they have been in operation a while now. Their products ranging from life assurance.

23. Royal Exchange Prudential Life Plc

In 1918, our company started operations in Nigeria represented by Barclays Bank DCO and on February 28, 1921, converted to a full branch of its then parent company, Royal Exchange Assurance, London.

Royal Exchange Assurance, London, was originally founded in 1720 and was one of the first two insurance companies in Britain to receive legal status via Royal Charter. Originally established for marine business, it expanded within a year to include fire and life insurance as well, thereby becoming Britain’s first composite insurer.   The establishment of the branch in Nigeria was the result of an overseas expansion drive in the early 20th century.  

In June 2008, our company was re-organized into a group structure, whereby our company assumed the role of a holding and asset management company to execute its strategic vision for financial services, namely insurance, funds management, finance and banking, through its five wholly owned subsidiaries namely:

• Royal Exchange General Insurance Company Limited
• Royal Prudential Life Insurance Plc
• Royal Exchange Finance Company
• Royal Exchange Healthcare Limited
• Royal Exchange Microfinance Bank Limited

24. Saham Unitrust Insurance Nigeria Limited

The company was formally named Saham Insurance Nigeria Limited before the name changed to Saham Unitrust Insurance Nigeria Limited. The company was established and licensed in 1986 as Unitrust Insurance Company. The company specialized in oil and gas insurance and it is a major player in travel insurance.

25. Regency Alliance Insurance Plc

Regency Alliance Insurance PLC is one of the leading Insurance companies in Nigeria and the West African sub-region.

As one of the leading insurance companies in Nigeria with over 20years experience in the Nigerian insurance space. Regency Alliance Insurance is General Insurance company in Nigeria. Regency Alliance Insurance formed consolidation and merger with four insurance companies in 2007. so, we can simply say Regency insurance was established in 2007.

26. Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc was formerly with Grand Union assurances Limited before they merged 1995. The company branch offices are located Nationwide and head office located at 17, Adetokunbo Ademola Street, VI, Lagos.

27. STACO Insurance

Staco Insurance PLC is one of the authoritative insurance companies in Nigeria that was incorporated in Nigeria on 10th October 1991 and subsequently licensed to transact all classes of Insurance business with Registration in 1994.

However, STACO Insurance now focussed on General Insurance Business and Special Risks.

28. Sterling Assurance Nigeria Limited

Sterling Assurance Nigeria Limited is well known for General Insurance services they rendered. The company was incorporated in 1990. Their products include;

• motor insurance
• fire Insurance
• burglary Insurance
• Marine Insurance
• Money Insurance

30. SUNU Assurance Plc

SUNU Assurances Nigeria Plc is a subsidiary of SUNU Group.

SUNU Assurances Nigeria Plc was incorporated under the name Equity Assurance Nigeria on December 13, 1984. The company was licensed to do general insurance business.

The company changed its name from Equity Assurance Plc to SUNU Assurances Nigeria Plc on 29th March, 2018 and the name was approved by its regulator, National Insurance Commission (NAICOM).

31. Universal Insurance Plc

Universal Insurance Company Limited is also known as UNISURE. The company was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.

Universal Insurance Plc is using fully computerized gadgets to handle its insurance business.

32. Wapic Insurance Plc

Wapic Insurance Plc is a well known insurance company in Nigeria and Africa. Wapic insurance services include;

• Life Insurance
• General Insurance
• Special risk Insurance.

The company was created in 1958 and licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.

33. Zenith General Insurance Company limited

Lastly, Zenith Insurance is one of the leading insurance companies in Nigeria. Zenith General Insurance Company Limited (ZGIC) is a subsidiaries of Zenith Bank Plc and wholly-whole by Jim Ovia. Their services include General Insurance business. The company was incorporated in 1970. 

Frequently Asked Questions

Disclaimer: The company were not listed based on ranking and all the reviews is my personal opinion and based on research.

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