Insurance Companies in Nigeria | Web & Contacts Directory/Listing

Founded by Professor J.O. Irukwu in 1989, ADIC Insurance Limited is a composite insurance company duly licensed to underwrite all classes and volumes of general insurance and life businesses. The company which was originally registered as African Development Insurance Company became ADIC Insurance Limited in October, 2006, after Diamond Bank, a leading Nigerian financial services provider acquired 96% equity stake in August, 2006.

African Alliance Insurance Plc was incorporated as a Private Limited Liability Company on May 6th 1960 and was the first Indigenous Insurance to carry out the business of Life Assurance in Nigeria. The Company was originally set up in partnership with Munich Reinsurance Company of Germany, the largest Reinsurance Company in the world. Munich – Re still provides technical support to the Company on a need basis. In 2005, African Alliance became the first licensed Takaful (Islamic Insurance) Operator in Nigeria – a concept borne of the desire to satisfy the needs of the Muslim Ummah in Nigeria through a robust selection of Sharia – compliant insurance and investment products based on the concepts of “Al-Mudarabah” and “Al-Tabarru”.

Following a recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was established on 24 February 1976 in Yaounde, Cameroon. An international Agreement was signed by the Plenipotentiaries of 36 member States of the Organization of African Unity (OAU) and the AfDB with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines: 1. Life assurance and annuity 2. General insurance and special risks 3. Pension management 4. Health insurance and 5. Asset management

AXA Mansard Insurance plc is a member of the AXA Group, the worldwide leader in insurance and asset management with 157,000 employees serving 103 million clients in 59 countries. The group is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. Despite being written in upper case, "AXA" is not an acronym, the name was chosen because it is short and can be pronounced easily the same way in every language.

The company currently has a robust clientele cutting across various sectors amongst which are Government Agencies and Parastatal, Banking and Investment, Multi-nationals, Military and Para-military, Clubs and Association, Manufacturing, Finance and Regulatory Bodies, Aviation, Pharmaceuticals, Educational Institutions, Hospitality industry, various other corporate organizations in Nigeria, as well as numerous individuals. With a formidable reinsurance treaty in place with African Reinsurance Corporation, the company's unique strength resides in the area of excellent design and effective management of tailored-made financial services. Capital Express Assurance is reckoned to be the fastest growing life assurance company in Nigeria.

Continental Reinsurance is a pan-African composite reinsurer offering both Treaty and Facultative capacity and services across the full spectrum of Non-Life and Life business lines. Our clients enjoy unparalleled reinsurance underwriting, claims, advisory and training services. Continental Reinsurance Plc. was incorporated in 1985 starting business as a private reinsurance company in Nigeria. From January 1987, we began operating as a general reinsurer and then became a composite reinsurer in January 1990, offering both treaty and facultative Life and Non-Life reinsurance, with a well-diversified business mix and customer base.

Custodian and Allied Plc. (CA Plc) is a holding company with leading specialist companies and brands including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited; all rendering best in class services in its versatile fold. CA Plc. is managed by a Board comprising thorough bred professionals with proven track records in their various fields of endeavor, who bring broad and deep insights derived from several years of fruitful and eventful years of experience to bear

EQUITY ASSURANCE PLC (The Company/”EA”) was incorporated on 13th December 1984 with registration number RC. 65443 and was licensed by the then office of the Director of Insurance to underwrite all classes of general business. E. A., operates with a recently increased authorized share capital of N7 billion and shareholders fund of about N5.1billion. Gross premium income has grown tremendously from N863m in 2004 to N2.1b in 2010. E.A. is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).

FBN Insurance is a limited liability company licensed to transact lnsurance businesses in Nigeria. The Company is jointly owned by FBN Holdings Plc (65%) and the Sanlam Group, one of the largest financial institutions in South Africa (35%) and it officially commenced operations on the 1st September 2010. Drawing from the knowledge and experience of our owners, we intend to play a significant role in the development of the insurance industry in Nigeria. To achieve this, we are anchoring our operations on product innovation, efficient service delivery and prompt claim settlement.

Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993. Goldlink was incorporated with an authorised share capital of N10million with fully paid-up capital of N10million. In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008. It was incorporated with the share capital of N4.5bn.

In life and business, you need a strong backup, a dependable ally. That's what you get from all IGI covers for the widest range of tailor-made Life and Non-Life Insurance protection: Motor, Oil and Gas, Marine and Aviation, Pensions, Life Assurance and Financial Advisory Services... and much more. We work round the clock to ensure that your life, the things you live and work for are protected. Industrial And General Insurance Company Plc (IGI) was incorporated as a limited liability company on 31st October, 1991 and commenced operation in January 1992, bringing with it a fresh breath of dynamism and innovation into the Nigerian insurance industry. The IGI Group is the largest insurance company in Nigeria and the largest underwriter in West Africa. Insurance remains the flagship of the IGI Group, which has shareholders' funds in excess of N31 billion and assets base in excess of N45 billion, with subsidiaries and strategic investments in other diverse sectors, notably: Real Est

LASACO Assurance Plc is a composite insurance and financial services company incorporated on 20th of December 1979 under the Companies Decree of 1968. The Company, then known as Lagos State Assurance Company Limited obtained License as an Insurer on 7th July 1980 and commenced business operations on 1st of August 1980.

Law Union & Rock Ins. Plc is one of the first generation Insurance Companies to open office in Nigeria six decades ago. We began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for Royal International Insurance Holding, a U.K leading Insurance Company [the first Nigerian to have such authority]. In 1957, the company acquired Branch status and continued to operate as a Branch of Royal International Insurance Holding (a subsidiary of RSA Insurance group Plc, United Kingdom, transacting all major classes of Insurance businesses until June 17, 1969 when it became incorporated locally in compliance with the Companies Act of 1968.

Leadway Assurance Company Limited was founded in 1970. Sir (Dr.) Hassan O. Odukale, (KJW, D.Sc., FCIIN).It has a chequered history of being a company with close attention to relationships, having started operations as a direct motor insurance company. Soon the relationship developed to a stage where it has established a deep relationship with the brokers’ network in Nigeria, enjoying 80% of its current business from this source.

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 to our clients who form our bedrock of who we are. We are one of the leading insurance service providers in Nigeria, with a reputation for prompt and accurate service delivery, efficiency and customer satisfaction. For over two decades, we are and have been driven by our tested relationship with various respectable brokers/agents. Through our alliance with reputable financial institutions and our growing investment in human resources & information technology, we maintain the professional mien required of a global reputable insurance company.

The first major step at regulating the activities of Insurance business in Nigeria was the report of J.C. Obande Commission of 1961, which resulted in the establishment of Department of Insurance in the Federal Ministry of Trade and which was later transferred to the Ministry of Finance. The report also led to the enactment of Insurance Companies Act 1961, which came into effect on 4th May 1967. The 1961 Act focused mainly on the activities of direct Insurers, made provisions for Registration and Record keeping. In 1968, Insurance Companies regulations was put in place to facilitate the implementation of Act No 58 of 1961 which then classified Insurance business into different classes for registration purpose and relevant forms for record keeping.

NICON Insurance Limited, one of Africa’s leading insurers

Niger Insurance Plc, which has its registered Head Office at No 48/50, Odunlami Street Lagos, was established in August, 1962 as a Specialist Life Company under the name Yorkshire Insurance Company. The public quoted Composite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N2, 868,307,000. The management team of the company is made up of well trained, experienced and competent professionals with extensive management and technical skills. The company is fully computerised with the most robust technology. The computer network is capable of expansion and upgradeable to meet with present future needs in the volume of business.

The history of Nigeria Deposit Insurance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN), to examine the operations of the banking system in Nigeria. The Committee in its Report recommended the establishment of a Depositors Protection Fund. Consequently, the Nigeria Deposit Insurance Corporation was established through the promulgation of Decree No. 22 of 15 th June 1988.

Nigeria Social Insurance Trust Fund (NSITF) is one of the foremost social insurance organisations in Africa with a long history of service dating back to 1961. NSITF started in 1961 as the National Provident Fund with the mandate to protect employees in the Nigerian private sector who were mostly in non-pensionable employment.

Prestige Assurance Plc is a major general insurance Company in Nigeria with over 60 years of undisputable prestigious services. We strive to create long-term value for our stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company's core values.

REGENCY ALLIANCE INSURANCE PLC is one of the leading Insurance companies in Nigeria and the West African sub-region.

With over 20 years experience in the Nigerian insurance space, we remain unrivaled in the General Insurance business market. We provide only the best insurance service, cultivated from our deep underwriting expertise, superior claims handling and market experience. We offer a selection of customized Insurance products in collaboration with our Intermediaries and Technical Partners all over the world.

In 1918, Royal Exchange commenced operations in Nigeria represented by Barclays Bank DCO and in 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 assurance, thereby becoming Britain's first composite insurer. The establishment of its branch in Nigeria was the result of an overseas expansion drive in the early 20th century. Pursuant to Section 396(2) of the then Companies Act of 1968, Royal Exchange was in December 1969, reconstituted and incorporated as a Private Limited Liability Company. The company went public on 18 July 1989, and was duly listed on the Nigerian Stock Exchange on 3 De

Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalization of the then Grand Union assurances Limited. We operate currently through a network of branches Nationwide with our Head Office on 17, Adetokunbo Ademola Street, VI, Lagos. The company is licensed as an insurer by the Federal Government with authority to underwrite all Classes of Non-Life business. Currently our authorized share capital is N5.25Billion divided into 10.5 billion units of 50 kobo per share. We have a fully paid-up capital and Shareholders' funds of over N3.4 Billion. The ownership of the company is made up of diverse shareholders from different walks of life.

STACO Insurance Plc emerged in July 1994 as a result of discreet acquisition and restructuring carried out on Alpha Insurance Plc. It was incorporated in Nigeria with RC. No. 167274 on 10th October 1991 and subsequently licensed to transact all classes of Insurance business with Registration No. RI 135 and RI 135L on 1st October 1994. The company under the new name commenced General Insurance Business and Special Risks with registration No. RIC-053. Owned by Nigerians who have distinguished themselves in their various business endeavours and manned by seasoned professionals who have proven integrity in the Nigerian Insurance Industry. The company’s capital base is in excess of six billion naira. Our strength lies in our passion for high standards and prompt claims settlement

Standard Alliance Insurance Plc (SA Insurance Plc) is a high profile, technology-driven and customer-oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. SA Insurance Plc, a frontline underwriting company licensed by the National Insurance Commission, NAICOM, to transact general and special risk insurance businesses. The company was incorporated in July 1981 as Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996. Standard Alliance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the Nigerian Stock Exchange in December 2003

Standard Alliance Life Assurance Limited was incorporated in 1989 as Foundation Insurance Company to transact Life Assurance business. On May 20, 1999, after a change in ownership and restructuring in management, the name was changed to Standard Alliance Life Assurance Limited (SA Life). Being a specialist company in life insurance products, the company focuses its businesses on savings and investment-linked life assurance as well as group life and annuity policies. Its core values and qualities centre on product innovation and excellent customer service. Standard Alliance Life Assurance Limited is an affiliate company of Standard Alliance Insurance Plc, a high profile and technology-driven insurance company with a paid-up share capital of N5.996bn, Shareholders’ Funds of N3.417bn and whose Asset Base is N7.721bn.

Sterling Assurance Nigeria Limited was incorporated in 1990 and provides competitive services for all categories of General Insurance. The authorized share capital is presently N5 billion with N3.81 billion as shareholders’ fund. This company emphasizes excellent, prompt and efficient underwriting and claims service delivery and has gained the confidence of major intermediaries and corporate insurance buyers by reason of these virtues.

The National Health Insurance Scheme (NHIS) is a body corporate established under Act 35 of 1999 Constitution by the Federal Government of Nigeria to improve the health of all Nigerians at an affordable cost. NHIS is to provide social health insurance in Nigeria where health care services of contributors are paid from the common pool of funds contributed by the participants of the Scheme. It is a pre-payment plan where participants pay a fixed regular amount. The amount/funds are pooled, allowing the Health Maintenance Organizations(HMOs) to pay for those needing medical attention. It is primarily a risk sharing arrangement which can improve resource mobilisation and equity. It is indeed regarded as the most widely used form of health care financing worldwide. NHIS also regulate private health Insurance operated by HMOs. HMOs should have a hyperlink to the HMOs list on the site Health Insurance is social security system that guarantees the provision of needed health service

The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc. 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. The Universal Insurance Company Limited also from inception has been on a partnership relationship with Swiss Reinsurance Company of Zurich, which also provided the necessary reinsurance support. Mr. K. R. Lugg an expertrate had the privilege of being the first General Manager of the Company untill 1963 when Mr. M.A.C Chukwudinma was appointed the 1st indigenous General Manager

UBA Metropolitan Life Insurance Limited is a company that emerged following the successful recapitalization and change of name of erstwhile HEIRS Life Assurance Company Limited. The company is a joint venture between United Bank for Africa plc (UBA) and Metropolitan Holdings Limited of South Africa, a Johannesburg Stock Exchange listed company that has been doing business in South Africa for more than a century. This unique and potentially powerful strategic alliance has a market capitalization in excess of N2 billion.

Unic insurance is a leading financial services company which develops and markets financial products and services that meet crucial protection and savings needs of individuals and corporate organisations. The company's strategic interests lie in two primary areas, namely: Risk Management and Asset Management. Incorporated on April 2, 1965 as the United Nigeria Insurance Company Limited from the merger of the Northern Assurance Company Limited and White Cross Insurance Company Limited, both overseas Insurance Companies. The company commenced operations on October 1, 1965. Since its incorporation in 1965, Unic Insurance Plc. has built a reputation as a strong underwriting house providing its numerous policyholders the security of its Financial Reserves, Underwriting Expertise and First-Class Reinsurance Treaties.

Wapic Insurance Plc is one of Nigeria’s oldest insurance companies. We have been in operation for over half a century, offering a wide range of insurance products and services to corporate and individual customers. The Company was established in 1958 and now operates two wholly owned subsidiaries - Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited. Over the past five decades, we have garnered cognate experience across a wide segment of the Nigerian economy in underwriting risk and providing actuarial services; assisting corporate entities and individuals with various classes of cover. We are now embarking on a new phase of growth and development; innovating and strengthening our entire business model. We are repositioning to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

Zenith General Insurance Company Limited (ZGIC) and Zenith Life Assurance Company Limited (ZLAC) are wholly owned subsidiaries of Zenith Bank Plc. Other members of the Zenith group include Zenith Securities Limited, (Stockbroking/Asset Management Firm), Zenith Registrars Limited, Zenith Pensions Custodian Limited and Cyberspace Networks (IT Company). Moreso, there is a subsidiary named Zenith Medicare Assurance Company Ltd that offer Health Insurance Services.