Top Insurance Companies In Nigeria — And What They Offer

Why the insurer you pick matters now Nigeria’s insurance market is showing renewed activity — rising premiums, stronger balance sheets for major players, and growing public awareness about protection and risk transfer. While the sector remains under-penetrated compared with many markets, the top insurers are expanding product ranges (health, life, motor, corporate risks, pensions and digital micro-products) and improving claims service. These changes make it more important than ever to know who the major, credit-worthy providers are and what they actually sell.naicom.gov.ng.

This article profiles the leading insurance groups in Nigeria (the ones widely recognised by industry reports and recent annual filings), explains the main products they offer, and gives practical tips on choosing the right insurer for your needs. Key sources include NAICOM market bulletins and the 2024/2025 annual reports of major insurers

Snapshot of the market & what to look for in an insurer

A few market facts that matter:

• Market concentration: the top insurers account for the large majority of life and non-life premiums, meaning most capacity, claims infrastructure and product development sits with a relatively small group of firms.
• Financial performance and claims paying ability are important — recent annual reports show several insurers improving revenue and claims payment in FY-2024/2025. For example, Leadway reported strong premium growth and large claims payment in 2024.

What to assess when choosing an insurer:

1. Regulatory standing — licensed by NAICOM (and, for HMOs, NHIA for health).
2. Claims experience — how quickly and transparently the company pays claims (look for claims statistics in annual reports).
3. Product breadth — does the insurer offer the line you need (motor, travel, marine, energy, health, life, group or retail microinsurance)?
4. Distribution & digital capability — mobile/online buying and servicing, which affects speed and convenience.

AXA Mansard is one of Nigeria’s largest integrated insurance and financial services groups, offering life and non-life insurance, health insurance, asset management and pension/retirement solutions. It has published recent annual reports detailing expansion of its products and investments.

What AXA Mansard  Insurance  offers:

• Life insurance & savings — individual and group life products, long-term savings and endowments.
• Health insurance — corporate and individual health plans, including managed care (HMO) solutions.
• AXA Mansard
• General insurance — motor, fire, engineering, marine and liability packages for businesses and individuals.
• Digital channels & value add — online servicing, wellness and prevention programs linked to health products.

Why choose them: strong brand, diversified product set, and increasingly digital distribution — good for customers who want a one-stop financial services partner

• Leadway Assurance,
• AIICO,
• Custodian
• Cornerstone

Overview & recent performance:

Leadway is a major non-life insurer with significant market share; it posted strong revenue and notable claims payments in 2024, positioning it as a reliable claims-paying company.

Key products Of Leadway Insurance:

• Motor
• Fire
• Engineering,
• Marine
• Travel
• Personal accident,
• group life and corporate solutions.

Also known for active corporate risk underwriting and bancassurance partnerships.

AIICO Insurance is historically one of Nigeria’s largest life and composite insurance groups (life, pensions, investments). Its 2024 annual report shows a continued focus on life, pensions and savings products.

Key products Of AIICO Insurance:

• Life assurance,
• Annuities,
• Pensions,
• Health riders, and some non-life products via group structures.

Custodian (Custodian & Allied / Custodian Investment)

Custodian operates through insurance and life subsidiaries and has group holdings across pension and trustees businesses. The group publishes consolidated reports showing a mix of life and non-life offerings.

Key products of Custodian (Custodian & Allied:

• Commercial & retail property
• Motor
• Marine cargo
• Life & retirement products
• Trusteeship and asset management services.

Cornerstone Insurance: Cornerstone has shown notable premium and profit growth in recent financials, and it focuses on retail and SME markets as well as corporate clients.

Key products of Cornerstone Insurance:

• Motor,
• Fire,
• Personal accident,
• Corporate risk policies and tailored sme packages.

Other notable players & specialist providers

Beyond the names above, Nigeria’s insurance market includes several other important and sometimes specialist firms — NEM Insurance, International Energy Insurance, Regency Alliance, Mutual Benefits, Sovereign Trust, Linkage, and more — many of which are active in particular niches (energy, oil & gas, life, or niche retail lines). Listed insurers have shown strong stock performance in 2025, reflecting renewed investor interest.

Specialist HMOs and Health Players: health insurance in Nigeria is provided both by insurance companies and Health Maintenance Organisations (HMOs). When buying health plans, confirm NHIA/NAICOM registration and the HMO’s hospital network. AXA Mansard and others operate HMO or managed health lines as part of their group offerings

Why diversification matters: large corporate risks (energy, construction, aviation) require insurers with underwriting capacity and reinsurance arrangements. For retail customers, distribution, claim speed and network hospitals (for health) or garages (for motor) are more important.

How to choose among top insurers

1. Confirm licensing — check NAICOM’s register and the insurer’s latest annual report.
2. Compare claims data — review insurer disclosures on claims paid (annual reports/news). Companies publishing consistent claims payments (and high settlement rates) are preferable.
3. Check product fit — ensure the insurer writes the line you need and offers appropriate limits, riders or extensions (e.g., for business interruption, terrorism, or expatriate health cover).
4. Network & service — for motor and health, confirm approved garages/hospitals and the insurer’s cashless arrangements.
5. Axamansard.com. Financial strength & reputation — look for audited annual reports and independent commentary (market bulletins, stock performance) to judge stability.

Conclusion: Nigeria’s insurance landscape is maturing: the leading firms are expanding product ranges and strengthening balance sheets. For consumers and businesses, the careful selection of a regulated, financially sound insurer with a proven claims record and the right product for your exposure will make insurance work — not as an expense, but as a risk management tool that protects capital, reputation and continuity. Use the insurer profiles above as a starting point, then match capabilities to your specific needs.