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

Insurance is no longer a luxury in Nigeria — it’s a necessity. Whether you’re protecting your health, car, business, or property, choosing the right insurance company ensures peace of mind and financial security. In 2025, these ten insurers stand out as the most reliable and widely used in the country.

Quick Comparison Table

1. AIICO Insurance

AIICO is known for offering a wide range of covers, including life assurance, investment-linked products, health, auto, and property. They provide flexible policy options, speedy claims resolution, and strong customer service—making them a top choice for both individuals and businesses.

2. AXA Mansard

AXA Mansard offers innovative solutions across health, travel, vehicle, SMEs, and corporate risk services. Their app and online services make it easy to buy and manage insurance policies with ease. They’re especially popular among young professionals and tech-savvy users.

3. Leadway Assurance

With decades of experience, Leadway provides robust plans for individuals and corporations. Their coverage includes motor, life, travel, marine, and property insurance. Leadway is praised for its rapid claims processing and transparent terms.

4. Custodian & Allied Insurance

This company focuses heavily on large-scale and corporate clients. They cover motor, marine, liability, health, fire, and property. If you're looking for insurance for your business assets, staff, or vehicles, Custodian is a solid pick.

5. Cornerstone Insurance

Cornerstone stands out for offering highly innovative policies including gadget, drone, and engineering insurance—alongside traditional travel, life, and motor plans. Their online-first approach makes signing up and managing policies effortless.

6. Coronation Insurance

Coronation focuses on investment-linked life policies, health, motor, and other general insurance. It’s ideal for customers seeking both protection and wealth-building opportunities in one bundle.

7. Sovereign Trust Insurance

Sovereign Trust delivers value with personal, health, business, and motor insurance policies. The company places emphasis on trust, transparent claims handling, and solid customer service across the board.

8. NEM Insurance

NEM provides a well-balanced mix of coverage across aviation, marine, engineering, motor, and fire insurance. They cater to both individuals and SMEs, offering policies tailored to Nigerian businesses.

9. Mutual Benefits Assurance

This insurer is known for its microinsurance products, designed to be affordable and accessible to low-income earners. They also offer traditional life, health, and general insurance, making them ideal for families and small businesses.

10. LASACO Assurance

LASACO provides unique policies including mortgage protection, education insurance, and bond covers. Their niche offerings are great for people looking to secure loans, plan for education, or safeguard property investments.

Types of Coverage You’ll Commonly Find

Here are the most popular types of insurance cover available across these companies:

• Life Insurance: Pays a benefit to your family in the event of your death.
• Health Insurance: Covers hospitalization, treatments, and surgeries.
• Motor Insurance: Protects against accidents, theft, third-party liabilities.
• Property Insurance: Covers homes, offices, and businesses against fire, theft, and damages.
• Marine/Aviation: For importers/exporters and logistics firms.
• Specialty Insurance: Drones, gadgets, bonds, and mortgages.

Tips for Choosing the Right Insurer

• Choose a company that matches your specific need (e.g., health, travel, business).
• Read the policy details carefully — know what’s covered and what’s not.
• Opt for insurers with digital apps or websites for easy policy management.
• Ask about claim timelines before you sign up — fast claims are essential.

Conclusion

Insurance in 2025 is no longer just about protection—it’s about smart financial planning. The top companies listed here are popular for a reason: reliable service, diverse policies, fast claims, and nationwide accessibility. Whether you're a business owner, a parent, or a student, there’s a policy and provider for you.