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
- African Alliance Insurance Company Ltd
- AIICO Insurance Plc. 004
- Alliance & General Insurance Plc.
- ALLIANZ NIGERIA INSURANCE PLC
- Anchor Insurance Company Ltd
- ARM Life Plc.
- AXA Mansard Insurance plc.
- Capital Express Assurance Limited
- Consolidated Hallmark Insurance Plc.
- Continental Reinsurance Company Plc.
- Cornerstone Insurance Plc.
- Custodian & Allied Insurance Limited
- Custodian Life Assurance Limited
- FBN General Insurance Limited
- FBN Insurance Limited
- Fin Insurance Company Limited
- Great Nigeria Insurance Plc.
- Guinea Insurance Plc.
- Goldlink Insurance Plc.
- International Energy Insurance Plc.
- Industrial & General Insurance Plc.
- JAIZ TAKAFUL INSURANCE PLC
- KBL Insurance Limited
- LASACO Assurance Plc.
- Law Union & Rock Insurance Plc.
- Leadway Assurance Company Limited
- Linkage Assurance Plc.
- Tangerine Life Insurance Ltd
- Mutual Benefits Assurance Plc.
- Mutual Benefits Life Assurance Ltd
- NEM Insurance Plc.
- NICON Insurance Plc.
- Niger Insurance plc.
- Nigeria Reinsurance Corporation
- Nigerian Agricultural Insurance Corporation
- NSIA Insurance Ltd
- Old Mutual Nigeria General Insurance Company Limited
- Old Mutual Nigeria Life Assurance Company Limited
- Prestige Assurance Plc.
- Prudential Zenith Life Assurance Company Limited
- Regency Alliance Insurance Plc.
- Royal Exchange Prudential Life
- Royal Exchange Prudential Life
- Unitrust Insurance Nigeria Limited
- Sovereign Trust Insurance Plc.
- STACO Insurance Plc.
- Standard Alliance Insurance Plc.
- Sterling Assurance Nigeria Ltd
- SUNU Assurance Plc.
- UNIC Insurance Plc.
- Universal Insurance Plc.
- Veritas Kapital Assurance Plc.
- Coronation Insurance
- Coronation Life Assurance Lt
- Zenith General Insurance Company Limited
- GOXI Micro insurance
- NOOR Takaful Plc.
- 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.