Welcome to your definitive guide to the financial protection landscape in Nigeria. Whether you’re seeking comprehensive general coverage, a robust life policy, essential health plans, or specialized risk solutions, finding the right carrier is crucial. This page presents a categorized list of the most prominent and trusted providers in Nigeria, alongside key financial institutions and regulatory bodies that shape the industry. Our aim is to help you navigate the options and make informed decisions for your personal and business protection needs.
Understanding Coverage in Nigeria
Nigeria’s risk management sector, overseen by the National Insurance Commission (NAICOM), is a dynamic and growing industry. It plays a vital role in safeguarding individuals, families, and businesses against unforeseen events. Securing adequate protection begins with understanding the different types of providers and their offerings.
List of Top Providers and Financial Institutions in Nigeria
Below is a detailed list of major players in Nigeria’s coverage and related financial sectors, categorized for clarity. Click on the company names for more in-depth information about their services and portfolios.
- All Insurers
- General & life providers
- Health Insurance Providers
- Global Specialty Risks
- Insurance Brokers & Risk Advisors
- Other Financial Institutions (Banks)
- Government Schemes & Entities
- Retirement Savings
NHIA
The NHIA's mandate is to promote, regulate, and integrate health coverage schemes with the aim of achieving mandatory protection for all Nigerians and legal residents. The authority also establishes a fund for vulnerable groups to provide subsidies for their health plans.
View Insurer Government Schemes & EntitiesAIICO
One of Nigeria's oldest and most recognized firms, established in 1963. AIICO offers life assurance, health plans, general policies, and wealth management services. Their portfolio includes pension and asset management.
View Insurer General & life providersLeadway Assurance
A highly reputable provider offering a comprehensive suite of general and life products, including policies for motor, property, marine, aviation, and oil & gas, alongside group and individual life plans. They are known for their strong capital base and customer-centric approach.
View Insurer General & life providersCustodian
A prominent player in the Nigerian market, offering a portfolio of general and life products, including professional indemnity, property, motor, and various life assurance plans.
View Insurer General & life providers, Retirement SavingsAXA
A global insurer providing a wide array of solutions including auto, home, life, and health insurance.
View Insurer Health Insurance ProvidersNEM
Established in 1948, NEM has evolved from a non-life specialist to a top-tier player, offering a range of corporate and personal protection products.
View Insurer General & life providersCornerstone
A dynamic company founded in 1991, offering a wide array of general and life solutions, including motor, travel, and property plans.
View Insurer General & life providersCoronation
Delivers a variety of products and services covering life, general, and unique risk businesses.
View Insurer General & life providersMutual Benefits Assurance Plc
Incorporated in 1995, this firm provides a diverse portfolio of general and life policies.
View Insurer General & life providersZenith
Offers a range of general risk solutions, backed by strong reinsurance arrangements.
View Insurer General & life providersIndustrial and General Insurance Company (IGI)
Established in 1992, offering a diverse range of general and life products, including specialized areas like oil, energy, aviation, and engineering risk management.
View Insurer General & life providersAVON HMO
A fast-growing HMO known for patient-centric health plans for individuals, families, and corporates.
View Insurer Health Insurance ProvidersHYGEIA HMO
A leading and long-standing healthcare firm in Nigeria, operating since 1986.
View Insurer Health Insurance ProvidersRex
A subsidiary of Royal Exchange Plc, offering general risk solutions.
View Insurer General & life providersLasaco Assurance
A leading player established in 1979, offering services like risk management, general, and life policies.
View Insurer General & life providersNiger Insurance
Founded in 1962, providing various protection solutions for nearly 60 years.
View Insurer General & life providersAfrican Alliance
Established in 1960 and considered the first indigenous carrier in Nigeria, specializing in life assurance.
View Insurer General & life providers, Retirement SavingsAnchor Insurance
A non-life firm that started operations in 1989.
View Insurer General & life providersSovereign Trust Insurance Plc
Known for excellence in the Nigerian sector, offering auto policies and other forms of coverage.
View InsurerGoldlink Insurance
Incorporated in 1992, offering general and life policies.
View Insurer General & life providersPrestige Assurance
Engaged primarily in non-life business, covering various classes including treaty and facultative risks.
View Insurer General & life providersUniversal Insurance
Provides a variety of products for individuals and businesses, including auto, goods in transit, property, marine, bond, and money coverage.
View Insurer General & life providersEnterprise Life
A specialist life firm, providing affordable and innovative life assurance products, including digisave plans, child educare, lifetime needs, and income protection.
View Insurer General & life providersHeirs Insurance Group
A prominent new entrant in the general coverage space.
View Insurer General & life providersSunu Groups
Part of the international SUNU Group, offering general and life policies.
View Insurer General & life providersClearline
Provides affordable health plans with extensive coverage through a vast network of partner hospitals
View Insurer Health Insurance ProvidersANCHOR HMO
An HMO focused on providing accessible healthcare services
View Insurer Health Insurance ProvidersUnitrust Insurance Co.
Provides various general protection products.
View Insurer General & life providersStanbic Bank
Provides a range of financial products, including funeral cover and credit life assurance.
View Insurer Other Financial Institutions (Banks)Metro Health
Dedicated to providing quality healthcare services.
View Insurer Health Insurance ProvidersNOVO Health
A National Health Maintenance Organization providing healthcare
View Insurer Health Insurance ProvidersWell Health
Stands out for its affordability in healthcare plans.
View Insurer Health Insurance ProvidersLeadway Health
Providing comprehensive and flexible health coverage plans for individuals, families, and businesses in Nigeria.
View Insurer Health Insurance ProvidersFountain Healthcare
One of the top healthcare providers since 2013.
View Insurer Health Insurance ProvidersSanlam | Allianz
Offers diverse personal and business policies: motor, home, life, travel, and corporate risk solutions.
View Insurer General & life providersHCI Healthcare
An HMO incorporated in 1997 and licensed by the NHIA.
View Insurer Health Insurance ProvidersNigeria RE
The premier reinsurance company in Nigeria, established to develop and retain reinsurance capacity within the country.
View Insurer Global Specialty RisksAfrica Re
The leading pan-African reinsurance company and the largest reinsurer in Africa
View Insurer Global Specialty RisksContinental Reinsurance
A significant regional reinsurer with a strong presence in Nigeria and across Africa.
View Insurer Global Specialty RisksWAICA Re
Another prominent regional reinsurer operating in Nigeria.
View Insurer Global Specialty RisksZEP – RE
A regional reinsurer with operations that extend to Nigeria.
View Insurer Global Specialty RisksIBN
Nigeria's premier broking and risk advisory firm, established in 1955. IBN provides tailor-made solutions for both personal and corporate clients.
View Insurer Insurance Brokers & Risk AdvisorsZenith Bank
Has a strong arm, Zenith General Insurance Company Limited, which offers a variety of general coverage products.
View Insurer Other Financial Institutions (Banks)Pacific Prime
Offers international health plans in the region.
View Insurer Insurance Brokers & Risk AdvisorsGovernment Plans & Entities
The Nigerian government plays a significant role in health insurance and regulation.
- National Health Insurance Authority (NHIA): (Formerly NHIS) Established by the National Health Insurance Act 2022, its mandate is to promote, regulate, and integrate health insurance schemes, aiming for mandatory health insurance coverage for all Nigerians. It also subsidizes health insurance for vulnerable groups.
- Federal Ministry of Health & Social Welfare: Develops and implements health policies and programs, collaborating with agencies like the NHIA.
- State Health Insurance Schemes: Several Nigerian states operate their own health insurance schemes, often in partnership with the NHIA.
Frequently Asked Questions (FAQ) about Coverage in Nigeria
Here you will find answers to common questions about purchasing protection and understanding the sector in Nigeria.
- What is NAICOM and what is its role? NAICOM stands for the “National Insurance Commission.” It is the primary regulatory and supervisory body for the risk management industry in Nigeria. Its role is to protect policyholders’ interests, regulate the operations of carriers and brokers, set industry standards, and ensure the stability and solvency of the sector.
- How can I choose the best provider for my needs? To choose the best carrier, consider the following factors: reputation and solvency, claims settlement efficiency, product range, customer service, pricing and terms, and digital innovation.
- What is an HMO and how does health coverage work in Nigeria? An HMO (Health Maintenance Organization) is a body that provides healthcare plans. In Nigeria, HMOs are the primary source for this type of coverage. Policyholders pay a regular premium, and in return, the HMO arranges and covers the costs of medical services through a network of associated hospitals and clinics. The National Health Insurance Authority (NHIA) regulates these HMOs.
- Is motor coverage mandatory in Nigeria? Yes, third-party motor liability is mandatory in Nigeria under the law. This policy covers damages or injuries caused to third parties by your vehicle. It is advisable to opt for more comprehensive plans for greater protection.
- What role do brokers play in Nigeria? Brokers act as intermediaries between you and the carriers. Their role is to advise you on your needs, compare different policies and prices from various providers, negotiate the best terms on your behalf, and assist you with the claims process. They are regulated by the Nigerian Council of Registered Insurance Brokers (NCRIB).
- What is a reinsurer and why is it important? A reinsurer is a company that provides coverage to other carriers (known as primary providers). This allows primary firms to transfer a portion of their risks, which in turn enables them to underwrite larger policies and protect themselves against catastrophic losses. Key reinsurers in Nigeria include Nigeria Re and Africa Re.
- How do I file a claim in Nigeria? The general process involves: immediate notification to your provider or broker, providing all necessary documentation (police report, photos, bills, etc.), assessment by the carrier, and finally, payment according to your policy terms.
- What protection do I have as a policyholder in Nigeria? NAICOM is the primary protection body for policyholders. If you have issues with a provider, you can file a complaint with them. Additionally, companies are required to maintain certain capital levels to ensure they can meet their claim obligations.
- Do banking institutions also offer protection plans in Nigeria? Yes, many financial institutions engage in what is known as “bancassurance.” This means they offer protection products (often through subsidiaries or partnerships) to their banking customers. An example is Zenith General Insurance, a subsidiary of Zenith Bank.
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