Insurance Companies in Nigeria 

In essence, the arrival of British trading firms is what brought Insurance Companies in Nigeria . These companies had to control the risks that came with running their companies.

They were forced to create insurance companies and obtain international licenses as a result. These companies were able to facilitate issue coverage and claim facilitation because of these licenses.

Nigeria’s insurance market started to expand quickly during this time. However, due to the effects of World War II, it experienced slow growth during the 1919s and 1920s.

The insurance industry, however, began to pick up and expand more quickly after the war.

They founded the country’s first native business in Nigeria in 1958. There were roughly four cleverly owned insurance businesses by October 1st, 1960, the day Nigeria gained its independence.

The insurance industry has been expanding quickly ever since then.

In addition, the Nigerian Federal Government established the National Insurance Commission (NAICOM) in 1997.

They put them in charge of planning and supervising insurance-related operations in Nigeria.

There are 58 insurance companies in Nigeria as of right now, according to NAICOM.

This is an exhaustive list of all Nigerian insurance companies.

List of Insurance Companies in Nigeria

• African Alliance Insurance Company Ltd

• AIICO Insurance Plc. 004     

• Alliance & General Insurance Plc.

• ALLIANZ NIGERIA INSURANCE PLC

• Anchor Insurance Company Ltd

• ARM Life Plc.

• AXA Mansard Insurance plc.

• Capital Express Assurance Limited

• Consolidated Hallmark Insurance Plc.

• Continental Reinsurance Company Plc.

• Cornerstone Insurance Plc.

• Custodian & Allied Insurance Limited

• Custodian Life Assurance Limited

• FBN General Insurance Limited

• FBN Insurance Limited

• Fin Insurance Company Limited

• Great Nigeria Insurance Plc.

• Guinea Insurance Plc.

• Goldlink Insurance Plc.

• International Energy Insurance Plc.

• Industrial & General Insurance Plc.

• JAIZ TAKAFUL INSURANCE PLC

• KBL Insurance Limited

• LASACO Assurance Plc.

• Law Union & Rock Insurance Plc.

• Leadway Assurance Company Limited

• Linkage Assurance Plc.

• Tangerine Life Insurance Ltd    

• Mutual Benefits Assurance Plc.

• Mutual Benefits Life Assurance Ltd

• NEM Insurance Plc.

• NICON Insurance Plc.

• Niger Insurance plc.

• Nigeria Reinsurance Corporation

• Nigerian Agricultural Insurance Corporation

• NSIA Insurance Ltd

• Old Mutual Nigeria General Insurance Company Limited

• Old Mutual Nigeria Life Assurance Company Limited

• Prestige Assurance Plc.

• Prudential Zenith Life Assurance Company Limited

• Regency Alliance Insurance Plc.

• Royal Exchange Prudential Life

• Royal Exchange Prudential Life

• Unitrust Insurance Nigeria Limited

• Sovereign Trust Insurance Plc.

• STACO Insurance Plc.

• Standard Alliance Insurance Plc.

• Sterling Assurance Nigeria Ltd

• SUNU Assurance Plc.

• UNIC Insurance Plc.

• Universal Insurance Plc.

• Veritas Kapital Assurance Plc.

• Coronation Insurance

• Coronation Life Assurance Lt

• Zenith General Insurance Company Limited

• GOXI Micro insurance           

• NOOR Takaful Plc.

• Cornerstone Takaful Insurance Co. Ltd

Conclusion:

Over the years, the Insurance industry in Nigeria has been growing from strength to strength. It is safe to say that this industry is one with many potentials that will be uncovered in time.