Insurance Companies in Nigeria – 2023 Updated list

We can basically link the inception of Insurance in Nigeria to the arrival of British Trading firms. These firms had to manage the risks associated with their businesses.

Therefore, they had to establish insurance agencies that got their licenses from abroad. These licenses enabled these companies to facilitate issue cover and claims facilitation.

During this era, the insurance industry in Nigeria began to grow at a fast rate. But during the 1919’s and 20s, it witnessed slow growth because of the impact of the Second World War.

However, once the war was over, the insurance business picked up and grew at a faster rate.

In 1958, they established the first indigenous company in Nigeria. By October 1st, 1960, when Nigeria gained its independence, there were about 4 ingeniously owned Insurance Businesses.

Ever since that time, the Insurance Industry has been growing at a quick rate.

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

They saddle them with the responsibilities of overseeing and organizing insurance activities in Nigeria.

As of today, according to NAICOM, there are a total of 58 Insurance companies in Nigeria.

Here is a complete list of all the Insurance Companies in Nigeria.

List of Insurance Companies in Nigeria

1. African Alliance Insurance Company Ltd
2. AIICO Insurance Plc. 004     
3. Alliance & General Insurance Plc.
4. ALLIANZ NIGERIA INSURANCE PLC
5. Anchor Insurance Company Ltd
6. ARM Life Plc.
7. AXA Mansard Insurance plc.
8. Capital Express Assurance Limited
9. Consolidated Hallmark Insurance Plc.
10. Continental Reinsurance Company Plc.
11. Cornerstone Insurance Plc.
12. Custodian & Allied Insurance Limited
13. Custodian Life Assurance Limited
14. FBN General Insurance Limited
15. FBN Insurance Limited
16. Fin Insurance Company Limited
17. Great Nigeria Insurance Plc.
18. Guinea Insurance Plc.
19. Goldlink Insurance Plc.
20. International Energy Insurance Plc.
21. Industrial & General Insurance Plc.
22. JAIZ TAKAFUL INSURANCE PLC
23. KBL Insurance Limited
24. LASACO Assurance Plc.
25. Law Union & Rock Insurance Plc.
26. Leadway Assurance Company Limited
27. Linkage Assurance Plc.
28. Tangerine Life Insurance Ltd        
29. Mutual Benefits Assurance Plc.
30. Mutual Benefits Life Assurance Ltd
31. NEM Insurance Plc.
32. NICON Insurance Plc.
33. Niger Insurance plc.
34. Nigeria Reinsurance Corporation
35. Nigerian Agricultural Insurance Corporation
36. NSIA Insurance Ltd
37. Old Mutual Nigeria General Insurance Company Limited
38. Old Mutual Nigeria Life Assurance Company Limited
39. Prestige Assurance Plc.
40. Prudential Zenith Life Assurance Company Limited
41. Regency Alliance Insurance Plc.
42. Royal Exchange Prudential Life
43. Royal Exchange Prudential Life
44. Unitrust Insurance Nigeria Limited
45. Sovereign Trust Insurance Plc.
46. STACO Insurance Plc.
47. Standard Alliance Insurance Plc.
48. Sterling Assurance Nigeria Ltd
49. SUNU Assurance Plc.
50. UNIC Insurance Plc.
51. Universal Insurance Plc.
52. Veritas Kapital Assurance Plc.
53. Coronation Insurance
54. Coronation Life Assurance Lt
55. Zenith General Insurance Company Limited
56. GOXI Micro insurance           
57. NOOR Takaful Plc.
58. Cornerstone Takaful Insurance Co. Ltd

Conclusion:

Over the years, the Insurance industry in Nigeria has been growing from strength to strength. It is safe to say that this industry is one with many potentials that will be uncovered in time.