How many Insurance are in Nigeria?

How many Insurance are in Nigeria? Nigeria has a fast-growing financial sector, and the insurance industry plays a significant role in that growth.  The answer might surprise you. As of 2025, there are over 60 licensed insurance companies operating in the country. These companies offer various insurance products, including life, health, motor, fire, marine, agricultural, and general insurance.

This post will give you a comprehensive guide to the number, types, and key players in the industry, updated to reflect the most recent data from the National Insurance Commission (NAICOM).

How many Insurance are in Nigeria?

Overview of the Insurance Sector

The insurance industry in Nigeria is regulated by the (NAICOM), established by the NAICOM Act of 1997. Its primary role is to oversee insurance operators, license companies, and protect policyholders.

Key Facts:

• Over 60 registered insurance companies in 2025

• Regulated by NAICOM

• Divided into Life, General, Composite, and Reinsurance

• The industry is growing with increased awareness and digitization

So, How Many Insurance Are in Nigeria?

As of early 2025, there are approximately:

• 29 General Insurance Companies

• 17 Life Insurance Companies

• 12 Composite Insurance Companies (offering both life and general)

• 4 Reinsurance Companies

Total: 62 insurance companies licensed by NAICOM.

This number may fluctuate due to mergers, acquisitions, or regulatory actions. However, these figures represent the most current snapshot of Nigeria’s licensed insurers.

Types of Insurance in Nigeria

 People are often also curious about the different types of insurance coverage available. Here’s a breakdown:

1. Life Insurance

Covers the financial risk of death. Examples include:

• Term Life Insurance

• Whole Life Insurance

• Group Life Assurance

• Endowment Plans

Top Life Insurance Companies in Nigeria:

• AIICO Insurance Plc

• Leadway Assurance

• FBNInsurance (Now Sanlam)

• Custodian Life Assurance

How many Insurance are in Nigeria?

2. General Insurance

Covers property, vehicles, health, fire, and other risks apart from life.

Examples include:

• Motor insurance

• Marine insurance

• Fire and burglary

• Health insurance

• Travel insurance

Top General Insurance Companies:

• AXA Mansard Insurance

• Cornerstone Insurance

• Industrial and General Insurance (IGI)

• Sovereign Trust Insurance

3. Composite Insurance

Companies licensed to offer both Life and General Insurance under one roof.

Popular Composite Insurers:

• Leadway Assurance Company

• AIICO Insurance

• Mutual Benefits Assurance

4. Reinsurance

Reinsurers help other insurance companies manage risk by insuring a portion of their liabilities.

Top Reinsurance Companies in Nigeria:

• Nigeria Reinsurance Corporation

• Africa Reinsurance Corporation

• Continental Reinsurance

• WAICA Reinsurance

Also read on : Which Insurance Company is Leading in Nigeria

Full List of Insurance Companies in Nigeria (Selected)

Here are some of the major insurance companies licensed by NAICOM:

For the full list, you can visit the NAICOM official website or request a detailed directory from the commission.

Why Is Insurance Important in Nigeria?

The Nigerian economy is dynamic and often unpredictable. Insurance provides financial protection and stability for individuals, families, and businesses.

Key Benefits:

• Protects against financial loss

• Encourages savings and investment

• Supports business continuity

• Creates jobs and drives economic growth

For example, a small business owner can insure their shop against fire or theft. If any of these occur, the insurance company compensates the loss—helping the business to continue without closing down.

Challenges Facing the Industry

Despite having over 60 insurance companies, penetration remains low—around 1% of GDP.

Common Challenges:

• Low public awareness and trust

• Delay in claims processing

• Poor digitization among some providers

• Inadequate enforcement of compulsory insurance laws

Solutions:

• Public education and awareness campaigns

• Faster claims settlement via digital platforms

• Increased regulation and compliance checks

• Use of mobile apps and USSD to drive rural adoption

Also read on: How Does Insurance Work

How many Insurance are in Nigeria?

Government Initiatives to Boost the industry

NAICOM and the Federal Government are taking proactive steps to increase insurance penetration. These include:

1. Compulsory Insurance Laws

   • Group life insurance for employees

   • Motor vehicle third-party insurance

   • Building insurance (public structures)

2. Financial Inclusion Strategy

   • Microinsurance licenses for small businesses and rural communities

   • Takaful (Islamic Insurance) for non-interest finance users

How to Choose the Right Insurance Company in Nigeria

If you’re looking to get insured, here are tips to choose the right provider:

1. Check NAICOM License
   Ensure the company is licensed and compliant.

2. Reputation
   Look at online reviews and claim history.

3. Product Offerings
   Choose based on your specific needs (life, health, property, etc.)

4. Ease of Claims
   Fast and transparent claims processing is a must.

5. Premium Cost
   Compare rates but don’t sacrifice quality for price.

Frequently Asked Questions (FAQs)

Q1: How many insurance companies are in Nigeria?

As of 2025, there are about 62 licensed insurance companies, including life, general, composite, and reinsurance.

Q2: Who regulates insurance in Nigeria?

The (NAICOM) is responsible for licensing and regulating insurance companies in Nigeria.

Q3: What is the largest insurance company in Nigeria?

Leadway Assurance and AIICO Insurance are among the largest and most trusted in Nigeria.

Q4: Is car insurance compulsory in Nigeria?

Yes. Third-party motor insurance is legally required for all vehicle owners.

Q5: What is microinsurance?

Microinsurance is low-cost insurance designed for low-income individuals and small businesses.

Conclusion

So,  Over 60 licensed companies and growing. The Nigerian insurance sector is rich in opportunity, evolving fast, and key to the nation’s financial resilience.

Whether you’re an individual looking for life cover or a business seeking asset protection, understanding the number and types of insurance providers in Nigeria helps you make smarter financial decisions.

Explore, compare, and insure wisely.