List of 114 Licensed Insurance Companies In Nigeria

The National Insurance Commission (NAICOM) is a government agency responsible for supervising and regulating the insurance industry in Nigeria. The insurance industry in Nigeria is grown significantly in recent years, with several domestic and international insurance companies operating in the country.

The Numerous services Insurance companies in Nigeria offer include life insurance, health insurance, motor insurance, marine Insurance, and property insurance. They also provide risk assessment, claims processing, and underwriting.

However, the Nigerian insurance industry faces challenges such as low penetration rates and low levels of awareness and trust among the public. There has been a concerted effort by the government and industry stakeholders been putting in efforts to address these challenges and promote the growth and development of the insurance industry in Nigeria.

The industry has the potential to contribute significantly to the country’s economic development by providing financial protection to individuals and businesses and facilitating investment in sectors of the economy.

Insurance Companies In Nigeria

Insurance is a means of protection from financial loss in which, in exchange for a fee, an agreement by a party to provide a guarantee of compensation for specified loss, illness, damage, or death in return for payment of a premium. Typically insurance is risk management, primarily used for uncertain loss or protection against a possible eventuality.

Insurance in Nigeria is connected with the arrival of British Trading firms.

The British established insurance agencies operating with licenses issued from abroad.

In 1919 and early 20s, the Insurance industry in Nigeria began to grow at a fast rate. It witnessed slow growth but slow dawn during the Second World War.

After the war, the insurance business picked up and grew at a faster rate.

The first indigenous insurance company in Nigeria was established in 1956. When Nigeria gained independence on October 1st, 1960, there were four ingeniously owned Insurance Businesses.

The Federal Government of Nigeria created the National Insurance Commission (NAICOM) in 1997.

Charge with the responsibilities of overseeing and organizing insurance activities in Nigeria. Now, the insurance companies in Nigeria have grown. Planning is one of the best and wise decisions and is what insurance companies are much about.

We live in a world full of uncertainties and risks. Individuals, families, assets, properties, and businesses are exposed to different types and levels of risks.

Insurance protects yourself, your business, and your properties from financial loss and a policyholder. A policyholder in Insurance is a person that participates in the Insurance process.

Related Articles: SCUML: Registration And Certificate

The Importance of Insurance Companies In Nigeria.

Here are the benefits of insurance companies in Nigeria

  1. Tax Benefits
  2. Peace of Mind
  3. Meet Long-Term Goals
  4. Create Wealth
  5. Happy Retirement
  6. Leave a Legacy
  7. Provides Safety and Security to Individuals and Businesses:
  8. Generates Long-term Financial Resources: 
  9. Promotes Economic Growth: 
  10. Provide Medical Emergencies: 
  11. Compensate or Spreads Risk with policyholders

Types of Insurance Companies In Nigeria

Insurance companies in Nigeria offer financial protection or mitigation tool against possible unforeseen problems and are divided into two types.

  1. Life Insurance
  2. Non-life in insurance

Let’s look at how the two types of Insurance companies in Nigeria and how they are relevant to you:

Life Insurance

The wiser decision in life is to work hard and plan for your future, and after death, and to believe in God.

The purpose of Life Insurance companies is to plan for a comfortable life basis your income and career. To secure your family’s dreams of enjoying the good things of life, a good house, and quality education for children, even when you are not around to fulfill those dreams and plans, Life insurance plans can help you plan for the financial future of your family even in your absence.

Health Insurance Plan

Health Insurance companies in Nigeria are doing their best in health care delivery. The Insurance sponsors finances against sudden medical expenditures and health emergencies. Mediclaim insurance cares for medical bills and surgery expenses, while critical illness insurance offers some amount of money for life-threatening illnesses.

Term Insurance Plan

Term life insurance is mainly for life insurance, Which only offers a death benefit for a limited period. The insurance provides a financial safety umbrella to your family at a nominal premium cost.

Endowment Plans

Endowment insurance plans are savings for specific financial goals, such as funding a child’s education or retirement. They provide a guaranteed payout at the end of the policy term, making them a low-risk investment option. However, they also tend to have higher premiums types of life insurance policies.

An endowment plan is a savings tool for specific finances, providing financial protection for your family in case of your untimely demise. At the time of maturity, endowment plans give back the guaranteed amount of bonuses and guaranteed annual additions, which has helped many to succeed by carefully investing these bonuses and annual expansion into other businesses. Even after the maturity value is paid. The insurance company offers extended coverage.

Pension Plans

Pension Is one of the big hope and means of income for Many citizens of Nigeria after retirement from service. The pension plans give to you in the form of annuities after retirement from service.

Non-Life Insurance

Provides coverage for losses or damages to property and covers any insurance outside of life insurance as protection against legal liabilities that may arise due to accidents or other unforeseen events. Its policies are typically purchased for a specific period, and premiums are paid regularly. Depend on the insured value and the level of risk involved.

 Auto Insurance

It is an Insurance that offers protection from accidental damages to automobiles and for third-party damages, bodily injury, or property damage. Auto insurance is also a mandatory policy for all vehicles on public roads.

Home Insurance

Home insurance covers homes. This includes the building and the contents within it. The tenant’s home insurance will cover only the home contents, not the structure. Home insurance protects you against property damage and loss of goods due to fire, theft, etc.

Errors And Omission Insurance Companies

Some companies engage in reinsurance to reduce risk. Reinsurance is insurance that insurance companies to protect themselves from overblown losses due to high vulnerability. Reinsurance is an integral component of insurance companies’ efforts to avoid bankruptcy due to payouts, and regulators mandate it for companies of a specific size and type.

Mutual And Stock Insurance Companies

The classification of stock or mutual insurance depends on the ownership structure of the organization. Still, stock and mutual companies are the most prevailing ways insurance companies organize themselves.

Stock Insurance Companies

They are corporations, and their main objective is to make a profit. They do not directly share in profit or losses with the Policyholders. One of the rules in stock corporations is an insurer must have a minimum of capital and surplus on hand. Some requirements must also be met if the company shares are publicly before receiving approval from state regulators (NAICOM).

Mutual Insurance Companies

They are corporations solely owned by the policyholders who are “contractual creditors” with a right to vote on the council of directors. Generally, companies are managed with assets. The insurance reserves, surplus, contingency funds, and dividends are held to protect the policyholders and their beneficiaries.

The amount of operating income is paid out each year as a dividend to the policyholders. as determined by the Management and the board of directors.

List of Insurance Companies In Nigeria

Here is a complete list of all the Insurance Companies in Nigeria. The list captures only the insurance companies that license, register, or incorporate with NAICOM.

  1. Aiico Limited
  2. African Alliance Insurance Company Ltd
  3. Unit Linked Insurance Plan  
  4. Allianz Nigeria Insurance Plc
  5. Unitrust Insurance Company
  6. Anchor Insurance Company Ltd
  7. Great Nigeria Insurance Plc
  8. Alliance & General Insurance Plc
  9. Health Partners HMO
  10. ARM Life Plc
  11. Oasis Insurance
  12. Ark Insurance Broker
  13. Kbl Insurance
  14. AXA Mansard Insurance plc
  15. Capital Express Assurance Limited
  16. Chrome Insurances Limited
  17. FBN Insurance Limited
  18. Starship Insurance Brokers Limited
  19. Fin Insurance Company Limited
  20. Continental Reinsurance Company Plc
  21. Guinea Insurance Plc
  22. Consolidated Hallmark Insurance Plc
  23. Heirs Insurance Limited
  24. Industrial & General Insurance Plc
  25. Cornerstone Insurance Plc
  26. Busag Insurance
  27. Goldlink Insurance Plc
  28. Clearline International Limited
  29. Custodian Life Assurance Limited
  31. Prudential Zenith Life Insurance
  32. FBN General Insurance Limited
  33. Custodian & Allied Insurance Limited
  34. KBL Insurance Limited
  35. LASACO Assurance Plc
  36. Geoffrey Bonds & Company Insurance
  37. Nigeria Reinsurance Corporation
  38. Leadway Assurance Company Limited
  39. NSIA Insurance Ltd
  40. Tangerine Life Insurance Ltd        
  41. Mutual Benefits Life Assurance Ltd
  42. Orthodox Insurance Brokers Limited
  43. Unitrust Insurance Nigeria Limited
  44. Law Union & Rock Insurance Plc
  45. Adic Insurance Co. Ltd
  46. Niger Insurance plc
  47. Linkage Assurance Plc
  48. Mascot Insurance Brokers Limited
  49. NEM Insurance Plc
  50. SUNU Assurance Plc
  51. Nigerian Agricultural Insurance Corporation
  52. Noor Takaful Insurance Ltd
  53. NICON Insurance Plc
  54. Old Mutual Nigeria Life Assurance Company Limited
  55. Old Mutual Nigeria General Insurance Company Limited
  56. Pentacle Insurance broker
  57. Jordans Global Insurance Brokers Ltd 
  58. Regency Alliance Insurance Plc.
  59. Denos Insurance Brokers Ltd
  60. Roseat Insurance Broker
  61. Pierre Insurance Brokers Ltd
  62. Mutual Benefits Assurance Plc
  63. Royal Exchange Prudential Life
  64. Prestige Assurance Plc
  65. Royal Exchange Prudential Life
  66. Sterling Assurance Nigeria Ltd
  67. STACO Insurance Plc.
  68. Coronation Life Assurance Ltd
  69. GOXI Microinsurance
  70. Turning Point Brokers          
  71. UNIC Insurance Plc
  72. Sovereign Trust Insurance PLC 
  73. Coronation Insurance
  74. Universal Insurance Plc
  75. Epiphany Insurance Brokers 
  76. Standard Alliance Insurance Plc.
  77. Cornerstone Takaful Insurance Co. Ltd
  78. Veritas Kapital Assurance Plc
  79. Wapic Insurance Plc
  80. Zenith General Insurance Company Limited
  81. African Reinsurance Corporation 
  82. Blue Arrow Insurance Brokers Limited
  83. Avon Healthcare Ltd.
  84. IHMS HMO
  85. Insurance Brokers of Nigeria Limited
  86. Hygeia HMO
  88. United African Insurance Brokers Limited UAIB
  89. Redcare Health Services Limited (HMO)
  90. Veritas Kapital Assurance Plc
  91. Reliance HMO
  92. Expatcare Health Limited
  93. SBG Insurance Brokers LTD
  94. Grand Metropolitan Associates Ltd
  95. Oak Pension
  96. LIB Insurance Brokers Limited
  97. Marina Medical Services HMO Ltd.
  98. Healthcare International Limited
  99. Hallmark HMO
  101. Union Commercial Insurance Brokers Limited (UCIB)
  102. Equity Life Insurance Company Ltd
  103. Hogg Robinson Insurance
  104. CKLINE Healthcare Limited
  105. GreenBay HMO
  106. The Lion of Africa Insurance Company Limited
  107. Oceanic Insurance Company Ltd
  108. Acen Insurance Company Plc
  109. Union Commercial Insurance Brokers Limited (UCIB)
  110. Sterling Insurance Brokers
  111. Metropolitan Life Insurance Nigeria Limited
  112. WAICA Reinsurance Corporation Plc
  113. A & G Insurance.
  114. International Energy Insurance Plc

Insurance Companies In Nigeria


AIICO Insurance started functioning in Nigeria in 1963. It was the Agency office of American Life Insurance Company (ALICO). It was a subsidiary of American International Group (AIG). The Company was registered, incorporated, and licensed registered in Nigeria as American Life Insurance Company Limited In 1970. ALICO/AIG started offering Life and Insurance services. The Insurance Company Name was changed to American International Insurance Company Limited.

Address: Plot PC 12, Churchgate Street, Victoria Island, Lagos.

Email: [email protected]



The Insurance penetration rate in Nigeria is slow because many people are unaware or do not know the benefit of Insurance.

NAICOM is a Nigerian regulatory body in charge of licensing and regulating Insurance companies in Nigeria and is doing its best to regulate the insurance industry. There is a need for improvement in sensitization and education on the importance of insurance, especially in light of the numerous risks and uncertainties that individuals and businesses face daily.

Many companies now offer a range of insurance products to cater to the needs of individuals and businesses.