Introduction
How many Insurance are in Nigeria? Insurance plays a crucial role in Nigeria’s financial sector, providing risk management solutions for individuals and businesses. With a growing economy and increasing awareness of the importance of insurance, many Nigerians are curious about how many insurance companies operate in the country.
In this post, we’ll explore:
The total number of insurance companies in Nigeria
The regulatory body overseeing them
Categories of insurance providers
Key players in the industry
Challenges and opportunities in Nigeria’s insurance sector

How many Insurance are in Nigeria?
How Many Insurance Companies Are in Nigeria?
As of 2024, Nigeria has 58 registered insurance companies licensed and regulated by the National Insurance Commission (NAICOM). These companies are categorized into:
Life Insurance Companies (focused on life policies, annuities, and pensions)
Non-Life Insurance Companies (covering general insurance like auto, fire, marine, and travel)
Composite Insurance Companies (offering both life and non-life insurance)
Reinsurance Companies (providing risk coverage for other insurers)
Breakdown of Insurance Companies in Nigeria
1. Life Insurance Companies (12)
These firms specialize in life-related policies, including:
Term life insurance
Endowment plans
Annuities and pension-linked products
Examples:
AIICO Insurance Plc (Life Division)
Leadway Assurance (Life Division)
Custodian Life Assurance
2. Non-Life (General) Insurance Companies (28)
These companies provide coverage for properties, vehicles, health, and other general risks.
Examples:
Sovereign Trust Insurance Plc
Cornerstone Insurance Plc
Linkage Assurance
3. Composite Insurance Companies (12)
These insurers offer both life and non-life insurance products.
Examples:
AXA Mansard Insurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
Royal Exchange General Insurance

How many Insurance are in Nigeria?
4. Reinsurance Companies (6)
Reinsurers help primary insurers manage large risks by sharing liabilities.
Read more on: why do people buy insurance
Examples:
Nigerian Reinsurance Corporation (NigRe)
Continental Reinsurance Plc
Africa Reinsurance Corporation (Africa Re)
Regulatory Body: National Insurance Commission (NAICOM)
NAICOM is the government agency responsible for licensing and supervising insurance companies in Nigeria. It ensures compliance with industry regulations, protects policyholders, and promotes market stability.
Key Functions of NAICOM:
Licensing and registration of insurers
Setting capital requirements
Monitoring financial health of insurance firms
Resolving disputes between insurers and policyholders
Top 10 Leading Insurance Companies in Nigeria
While there are 58 insurers, some dominate the market due to their financial strength, customer base, and product offerings.
1. Leadway Assurance Company Limited
Founded: 1970
Type: Composite
Key Products: Life, auto, health, travel insurance
2. AIICO Insurance Plc
Founded: 1963
Type: Composite
Key Products: Life, general, health, annuity
3. Custodian Investment Plc
Founded: 1991
Type: Composite
Key Products: Life, non-life, pensions
4. AXA Mansard Insurance Plc
Founded: 1989
Type: Composite
Key Products: Health, motor, life, asset protection
5. Cornerstone Insurance Plc
Founded: 1991
Type: Non-life (General)
Key Products: Marine, aviation, fire, motor insurance.
6. Mutual Benefits Assurance Plc
Founded: 1995
Type: Composite
Key Products: Life, general, health
7. Sovereign Trust Insurance Plc
Founded: 1995
Type: Non-life
Key Products: Fire, motor, marine, engineering
8. NEM Insurance Plc
Founded: 1948
Type: Composite
Key Products: General, life, health. You can also read on: health insurance
9. LASACO Assurance Plc
Founded: 1979
Type: Composite
Key Products: Life, general, health
10. FBNInsurance Limited
Founded: 2010
Type: Life
Key Products: Term life, education plans, annuities
Challenges Facing Nigeria’s Insurance Industry
Despite having 58 registered insurers, Nigeria’s insurance penetration remains low (less than 1% of GDP). Key challenges include:
1. Low Public Awareness
Many Nigerians do not understand insurance benefits, leading to low adoption.
2. Trust Issues
Past cases of claim denials and delays have eroded public confidence.
3. Regulatory Constraints
Strict capital requirements make it difficult for smaller insurers to compete.
4. Fraud & Fake Insurance Policies
Some fraudulent agents sell fake policies, discouraging genuine customers.
5. Economic Instability
Inflation and currency fluctuations affect premium affordability.
Opportunities for Growth in Nigeria’s Insurance Sector
Despite challenges, the industry has huge potential due to:
1. Digital Insurance (InsurTech)
Mobile apps and online platforms make insurance more accessible.
2. Microinsurance
Affordable products for low-income earners can expand market reach.
3. Government Policies
Compulsory insurances (e.g., third-party motor insurance) boost uptake.
4. Partnerships with FinTech & Banks
Bancassurance (bank-insurance collaborations) increases distribution.
5. Rising Middle Class
More Nigerians now seek financial protection for assets and health.
Conclusion
Nigeria currently has 58 registered insurance companies, categorized into life, non-life, composite, and reinsurance firms. While the sector faces challenges like low penetration and trust issues, digital innovation and regulatory reforms present growth opportunities.
For individuals and businesses, choosing a reputable insurer is crucial. Always verify a company’s NAICOM license before purchasing any policy.
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