10 Best Insurance Companies in Nigeria

16 Sep 2025

Insurance companies in Nigeria are firms licensed by the National Insurance Commission (NAICOM) to offer risk management products to individuals, families, businesses, and governments. Products typically include life insurance, general or non-life insurance (e.g. motor, fire, marine), health and medical insurance (including HMOs), pensions/annuities, savings & investment linked insurance, and specialised covers (aviation, engineering, agriculture etc.). The Nigerian insurance industry has been growing in recent years. Premium income across listed insurance companies rose significantly in FY 2024 compared to 2023. However, insurance penetration (the proportion of GDP covered by insurance) remains relatively low compared to developed economies, which means many people and small businesses still do not use insurance. Factors limiting growth include lack of awareness, trust issues (people fearing that claims won’t be paid or that procedure is difficult), regulatory and capital requirements, infrastructural challenges, and sometimes slow claim processing. On the positive side, many insurers are adopting digital tools: online policy purchases, mobile claims, chat-bots, improved customer interfaces. Insurers also compete on diversification of product offering, improving underwriting, better risk pricing, reinsurance arrangements, and more customer-friendly services. Some also use agent networks, brokers, and partnerships to reach rural or underserved regions. Strong insurers are those combining financial strength, transparency, good claim history, regulatory compliance, innovation, and fair pricing.