Top 5 Leading Insurance Companies in Nigeria By Market Cap

Top 5 Leading Insurance Companies in Nigeria: Nigerians now have access to a variety of insurance services, including life and personal insurance, property insurance, marine insurance, fire insurance, liability coverage, guarantee insurance, etc., due to the growing number of insurance companies throughout the years.

Insurance is defined by the Oxford Dictionary as “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium while an Insurance Company is a company that provides and sells insurance.”

Nigerians purchase insurance, among other things, to safeguard not only their homes but also themselves from unpredictable changes. They would want to avoid having to spend a lot of money on these events. Consequently, getting insurance is necessary. Insurance enables people and businesses to protect their assets against identified dangers that could result in the loss of everything.

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Top 5 Leading Insurance Companies in Nigeria By Market Cap

The table below shows the ranking order of the Top 5 Leading Insurance Companies in Nigeria By Market Cap

1. Lead Way Assurance Company-₦ 241. 5 billion

Leading Insurance Companies in Nigeria

Since its founding in 1970 by Sir Olusola Hassan-Odukale, the company has grown to become one of the Leading Insurance Companies in Nigeria. It currently has over 24 branches throughout the country, in addition to its corporate office, and LEAD WAY offers services in both life and pensions as well as insurance services in general business insurance and life & pensions.

The company also provides ancillary financial services such as portfolio management, secured credit, bonds, and miscellaneous financial losses. They are quite active on social media platforms and have digitized most of their processes to increase efficiency. Mr. Tunde Hassan-Odukale, the chairman of Leadway at 121/123 Funsho Williams Avenue, Iponri Surulere, Lagos State, is the organization’s current chairman.

They offer the following policies:

• Family Benefit plan
• Lead way saving plan
• Term assurance plan
• Money policy plan.
• Educational saving plan
• Personal saving plan
• Deferred annuity plan

2. Custodian And Allied Insurance Limited-₦ 35.29 billion

A variety of insurance products are available from Custodian and Allied insurance firms. Every plan is customized to meet the needs of its customers.

Custodian Investment PLC’s subsidiary is this insurance provider. It has got approval from different regulatory agencies to provide insurance services and is a registered member of the Nigerian Insurers Association (NIA). Mr. Johnnie Wilcox serves as the company’s chairman, while Edeki Isujeh serves as the MD. The business’s main office is located at 16A Commercial Avenue in Sabo, Yaba, Lagos.

They offer the following policies:

• Investment plus plan
• Immediate annuity plan
• Tuition protection plan
• Auto insurance plan
• Travel insurance plan
• Capital plan

3. AIICO Insurance PLC-₦ 19.03 billion

Leading Insurance Companies in Nigeria

A financial services organization called AIICO Insurance PLC was founded in 1963. It was once known as American Life Insurance Company (ALICO), but when the Federal Government of Nigeria purchased a 60% ownership of the business and it was listed on the Nigerian Stock Exchange in 1990, the name was changed to American International Company Limited (AIICO).

A group that manages assets, manages pensions and provides insurance is  AIICO Insurance Plc. It is one of the Top 5 Leading Insurance Companies in Nigeria. General insurance and special risks, life insurance and annuities, health insurance, asset management, and pension management are some of its main areas of focus. Kundan Sainani currently serves as the company’s chairman, and Babatunde Fejemirokun is the MD/CEO.

They provide the subsequent policies:

• Education investment plan
• Flexible endowment plan
• Income investment plan
• Three payment plan
• Term assurance plan
• Electronics equipment policy plan
• Travel Insurance
• Corporate saving plan

4. AXA Mansard Insurance PLC-₦ 14.4 billion

AXA Mansard Insurance PLC, a division of the AXA group, employs 166 people in Nigeria and 153,000 people globally, serving 105 million customers across 54 nations. The company is present in Central, South, and North America as well as Europe, Asia, Africa, and the Middle East. AXA company is a worldwide standard-bearer in asset management and one of the best Leading Insurance Companies in Nigeria.

AXA is a short name that can be simply pronounced the same way across many languages, but it is not an abbreviation. The business was established as a private limited liability company in 1989. The company offers individuals and companies in the country health insurance and other types of insurance.

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They offer the following policies:

• Student protection plan
• Autoflex plan
• Equity income plan
• Auto classic plan
• Money market plan
• Easy care plan
• Life savings plan
• Instant plan
• Health plan
• Retirement savings plan
• General ( business/ tourism) protection plan

5. Cornerstone Insurance Plc- ₦9.8 billion

On July 26, 1991, Cornerstone Insurance Corporation was established as a private limited liability company. It eventually changed its legal status to Public Limited Liability and began trading in 1997 on the Nigerian Stock Exchange (NSE).

Cornerstone Insurance has stayed committed to its clients ever since it was founded, putting their needs first and developing solutions to fit them. It is authorized to provide both Life and General Business Insurance by NAICOM, the National Insurance Commission. The organization’s current MD/CEO and chairman of the Nigeria Insurers Association is Ganiyu Musa (NIA).

They offer the following policies:

• Motor insurance plan
• Gadget protection plan
• Investment plan
• Halal Takaful plan
• School fee guarantee plan
• Goods in a transit plan
• Home insurance plan
• Life insurance plan
• Annuity plan
• Marine insurance plan
• Travel insurance plan

Summary

Here is a summary list of the Top 5 Leading Insurance Companies in Nigeria By Market Cap

1. Lead Way Assurance Company-₦ 241. 5 billion
2. Custodian And Allied Insurance Limited-₦ 35.29 billion
3. AIICO Insurance PLC-₦ 19.03 billion
4. AXA Mansard Insurance PLC-₦ 14.4 billion
5. Cornerstone Insurance Plc- ₦9.8 billion