Insight

• Ikiodiete George
• 5 Min Read

10 Most Popular Insurance Companies In Nigeria & What They Cover (2025)

Hey you! Yes, you reading this. 👀

So, you’ve been hearing the word “insurance” thrown around like puff-puff at a Lagos wedding, and you’re wondering — “which company should I even trust?” Or maybe you’re just curious to know the top dogs in Nigeria’s insurance game in 2025. Either way, you’ve come to the right place.

In this post, we’re not just dropping names for vibes. We’re giving you the 10 most popular insurance companies in Naija, what makes them stand out, and what they actually cover — so you’re not out here buying car insurance when you need health coverage. 😂

Let’s break it down in a way that even your Gen Z cousin who just bought an iPhone on EasyBuy can understand.

1. Leadway Assurance Company Limited

Popular For: All-round reliability
What They Cover:

• Life insurance
• Car/motor insurance
• Health
• Fire & burglary
• Travel insurance
• Investment-linked policies

Why Naija Loves Them:
Leadway is that first child in every family who actually takes their responsibilities seriously. With over 50 years in the game, they’ve got serious trust and major street credibility. Their digital platforms are also smooth — no need to waka to their office. Everything dey online. 💻

2. AIICO Insurance Plc

Popular For: Life & health insurance
What They Cover:

• Life insurance
• Health plans
• Travel insurance
• Motor insurance
• Pension & annuity plans

Why They’re Hot:
AIICO has been in the scene since the 60s (before your parents even met 😅). They’re one of the OGs when it comes to life and health insurance in Nigeria. They also cater to both individuals and businesses.

3. AXA Mansard Insurance Plc

Popular For: Health insurance (especially for HMOs)
What They Cover:

• Health insurance
• Life & savings
• Car/motor insurance
• Home insurance
• Travel & fire insurance

Why You Should Care:
They’re part of the global AXA Group, so they bring that international swagger mixed with Nigerian hustle. Their mobile app is sweet to use and their health plans are among the best. If you’re a young working-class adult looking to protect your health and salary, start here.

4. Custodian and Allied Insurance Plc

Popular For: Professional customer service & steady growth
What They Cover:

• Life insurance
• Car/motor insurance
• Accident & property insurance
• Marine insurance
• Travel insurance

Why They’re Buzzing:
These guys are not the loudest in the room, but they get things done. Custodian is known for settling claims on time and treating clients with respect. So if you’re tired of shouting “hello, is anybody there?” when you call your insurer, this one is for you.

5. Cornerstone Insurance Plc

Popular For: Tech-driven insurance services
What They Cover:

• Gadget insurance (phones, laptops etc.)
• Car/motor insurance
• Life & travel insurance
• Marine and aviation
• Health and fire insurance

Why They’re Dope:
Imagine buying insurance for your phone just like you order suya — fast, easy, and no stress. That’s Cornerstone for you. They're very online-friendly, and their services are ideal for tech-savvy millennials and Gen Zs who want everything done sharp-sharp.

6. Mutual Benefits Assurance Plc

Popular For: Microinsurance and affordable plans
What They Cover:

• Car/motor insurance
• Life insurance
• Health insurance
• Property & SME coverage
• Group life and pension plans

Why People Choose Them:
Not everyone has millions in their account, and Mutual Benefits gets that. They’re one of the few offering affordable insurance plans for small business owners, artisans, and low-income earners. If you’ve been thinking insurance is only for the rich, think again.

7. NEM Insurance Plc

Popular For: Old-school credibility
What They Cover:

• Car/motor insurance
• Marine insurance
• Fire & burglary
• Aviation
• Engineering insurance

Why They’re Solid:
NEM has been in the insurance business since 1948 — no jokes. They’ve seen it all and are still standing tall. They focus heavily on property and general business insurance, especially for big moves like car shipping or real estate protection.

8. Lasaco Assurance Plc

Popular For: Government and corporate sector insurance
What They Cover:

• Car/motor insurance
• Life & group life insurance
• Marine and aviation
• Oil & gas insurance
• Fire and burglary

Why You Should Know Them:
If you’re in civil service or you’ve ever worked with a government contract, chances are Lasaco was somewhere behind the scenes. They’re particularly trusted by institutions and large organizations, but they’ve been expanding into individual policies as well.

9. Industrial and General Insurance Plc (IGI)

Popular For: Legacy and massive insurance coverage
What They Cover:

• Life insurance
• Education plans
• Fire, burglary, marine
• Group & corporate insurance
• Aviation and health

Why They’re Still Relevant:
Even though they’ve had their ups and downs in recent times, IGI remains a well-known name in Naija’s insurance space. They were pioneers in a lot of ways, and many still trust them for specialized corporate and family insurance needs.

10. Prestige Assurance Plc

Popular For: Straightforward, no-drama insurance
What They Cover:

• Car/motor insurance
• Travel insurance
• Marine insurance
• Engineering and fire
• Burglary and liability insurance

Why They’re Respected:
Prestige Assurance has been serving Naija since 1952 — older than most of our uncles. They’ve remained consistent and professional, focusing more on traditional business and personal insurance with excellent claims performance.

Quick Comparison Table 📊

FAQs (Because Naija People Always Ask 😂)

Q: What’s the most popular type of insurance in Nigeria?
A: Car insurance, life insurance, and health insurance top the list. With all the "crazy drivers" out there, third-party car insurance is even a legal requirement.

Q: Can I insure my phone or laptop?
A: Yes o! Companies like Cornerstone and AXA Mansard offer gadget insurance for your precious devices.

Q: Which insurance is best for small businesses?
A: Try Mutual Benefits or Lasaco for affordable SME and group insurance plans.

Q: Is insurance expensive?
A: Not necessarily. There are flexible payment options and microinsurance plans that start as low as ₦1,000 monthly.

Final Thoughts: Insurance No Be Scam 😅

Look, I know many of us have trust issues when it comes to insurance. You’ve heard stories of companies doing ghost mode when it’s time to pay claims. But trust me, the companies on this list are not in that category. They’ve built reputations over the years and have the receipts (and licenses) to show they’re legit.

Whether you want to insure your car, your phone, your business, or your life (because adulting is real), there’s a provider on this list that fits your pocket and lifestyle.

You don’t need to be rich to have peace of mind. You just need to choose smart and start small.