Post Image

When you take out an insurance policy for your home, business, vehicle, health, or other things that you consider important, you protect yourself from the financial burden that you may incur if they are damaged or lost.

Read more about Finance

You can either get life insurance—which pays out a sum of money upon the death of the insured person–or non-life insurance—which takes care of any other type of financial needs (like the ones we’ve previously mentioned). If you’d like to secure general insurance coverage, you can weigh the offerings from the top 5 insurance providers in this category, which we’ll discuss below.

NEM Insurance

One of the oldest insurance providers in Nigeria, NEM started in 1948 as a modest financial services organization. Since being incorporated as a Nigerian company in 1970, it has served many people who want the sort of products it provides. Anyone who intends to get a quote for these products can do so via NEM’s website. Its packages are split into three categories:

  • Corporate: Including marine insurance, aviation insurance, computer and electronic, and oil and gas
  • Personal products: Goods in transit, travel insurance, motor insurance, fire and special peril, and home insurance
  • SME: Burglary insurance, product liability, cash in transit, and agricultural insurance

AXA Mansard

For more than 30 years, AXA Mansard has helped insure Nigerians and their property against losses inflicted by various unfortunate events. The company sells both life and general insurance products. Items in the latter class include motor insurance, travel insurance (including for pilgrimages and student journeys), as well as SMEs, fire, engineering, personal accident, aviation, and engineering insurance. You can access AXA’s services over several digital channels, including:

  • Their website
  • Mobile application
  • USSD Code (for health insurance)

Leadway Assurance

Leadway Assurance is recognized across Nigeria as a leading name in its industry. That’s because of its longevity (it was set up in 1970), reach (more than 20 branches nationwide), and total premium collected (which recently crossed the ₦100 billion mark). The company places its offerings in three categories, namely:

  • Personal Insurance: Covering travel insurance, property insurance, and other kinds of general insurance in the individual class
  • Business Insurance: Comprising marine insurance, accident policies, SME insurance, and business property insurance
  • Auto Insurance: Such as comprehensive, third party, and third party auto base insurance

Sign up for the Connect Nigeria daily newsletter

AIICO Insurance

In 1963, AIICO was at the forefront of efforts to get more Nigerians to insure themselves against damages or losses. It was incorporated as ‘American Life Insurance Company Limited’ in 1970 but was renamed AIICO after a Nigerian takeover. It was listed on the NSE in 1990 and has remained a publicly traded company ever since. Today, the company provides these sets of insurance covers:

  • Individual Plan: Including third-party auto-insurance plan, home insurance, travel insurance, and mortgage protection assurance plan
  • Corporate Plans: Marine insurance, manufacturing insurance, oil and gas, agric insurance, employer’s liability, goods in transit, and electronic equipment plan

Custodian and Allied Insurance

This company is one of a group of organizations operating under the wings of Custodian Investment. It was set up in 1991 and has since built a reputation as a leading insurance product packager and provider. It runs with a vision of becoming “Africa’s insurer of choice”. While it is primarily focused on serving the Nigerian market, it does have long-term plans of dominating the industry across West Africa. Here are some of its insurance products:

  • Business Cover: Events insurance, motor vehicle insurance, business interruption insurance, burglary insurance, money insurance, goods in transit insurance, marine cargo insurance, and SME insurance policy
  • Personal Insurance Services: Motor vehicle insurance, travel insurance, home shield, personal accident insurance, personal all risks insurance, and safety plus plan.

Register to attend the CN Business Mixer

Final Words

Everyone must get insured if they have the means to do so. Securing coverage could help you take care of heavy expenses that crop up when disaster strikes. If you’re not sure of any insurance providers, you should go for general insurance, we’ve pruned the list of options to just 5 of the best. That should make choosing easier for you.

Featured Image Source: Forage
Got a suggestion? Contact us:

You might also like:
This article was first published on 14th October 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *