Insurance isn’t just something you buy once — it’s a financial safety net that protects you, your family, and your business when life throws surprises at you. In Nigeria, awareness of insurance is growing fast, even if many people still don’t fully understand how it works or which companies offer the best plans.
In this guide, you’ll discover:
- The best insurance companies in Nigeria today
- What kinds of plans they offer
- How much coverage can cost monthly
- Tables to compare plans side-by-side
- Real answers to questions Nigerians ask online
Let’s begin.
📌 What Types of Insurance Are Popular in Nigeria?
Before we list companies and plans, it’s important to know the main types of coverage most Nigerians look for:
✔ Life Insurance – Money paid to family if you pass on
✔ Health Insurance – Covers hospital bills, outpatient care
✔ Motor Insurance – For vehicles (required by law)
✔ Property Insurance – For buildings, shops, homes
✔ Business/Commercial Insurance – Protects business risks
✔ Travel Insurance – For trips in and outside Nigeria
Each of these has different cost structures and risk covers.
📊 Top Insurance Companies in Nigeria (2026)
These companies are regularly listed among Nigeria’s leading insurers based on market premiums, financial strength, and reputation:
| Company | Website | Specialties |
|---|---|---|
| AIICO Insurance Plc | https://www.aiicoplc.com/ | Life, Health, Motor, Travel, Investments |
| AXA Mansard Insurance | https://www.axa-ng.com/ | Health (HMO), Life, Property |
| Leadway Assurance Company | https://www.leadway.com/ | Life, Health, Auto, Business |
| Custodian and Allied Insurance | https://custodianplc.com/ | General & Life Insurance |
| NEM Insurance Plc | https://nem-insurance.com/ | General & Motor, Business |
| Cornerstone Insurance Plc | https://cornerstoneplc.com/ | General Insurance |
| LASACO Assurance Plc | https://lasacoassurance.com/ | Property, Motor, Business |
| Mutual Benefits Assurance | https://mutualbenefitsassurance.com/ | Life & Non-Life |
These are some of the top names Nigerians trust — and you’ll hear more about their plans below.
🧑⚕️ 1. AIICO Insurance Plc
About:
AIICO Insurance is one of Nigeria’s oldest and most comprehensive insurers, with services ranging from life and health to motor and travel insurance.
Key Products:
- Life & Savings Plans
- Health & Hospital Cash Plans
- Motor Insurance
- Travel Insurance
- Group Employee Benefits
Sample Monthly Plans (Estimates)
(Actual prices vary by age, coverage, and risk profile)
| Plan Type | Coverage | Approx. Monthly Cost (₦) |
|---|---|---|
| Basic Health | Hospital & outpatient | 8,000 – 12,000 |
| Motor Third-Party | Mandatory legal cover | 4,500 – 8,000 |
| Comprehensive Motor | Full coverage | 12,000 – 18,000 |
| Life Savings | Family life cover | 10,000 – 25,000 |
| Travel Guard | Travel protection | 6,000 – 10,000 |
👉 Visit AIICO Insurance: https://www.aiicoplc.com/
🏥 2. AXA Mansard Insurance
Overview:
AXA Mansard combines global insurance expertise with local services in Nigeria. They’re particularly strong in health insurance (HMO) and digital access through mobile apps.
Highlights:
- HMO (health maintenance organization) plans
- Life and savings plans
- Motor, property, and business insurance
Monthly Costs (Examples)
| Plan | Features | Monthly Premium (₦) |
|---|---|---|
| HMO Basic | Primary care & outpatient | 7,500 – 10,000 |
| HMO Plus | Adds inpatient benefits | 14,000 – 20,000 |
| Motor Insurance | Varies by vehicle | 10,000 – 18,000 |
| Life Savings | Family protection | 12,000 – 30,000 |
👉 Explore AXA Mansard: https://www.axa-ng.com/
Tip: AXA’s digital platform makes policy management easier — great if you prefer mobile access.
🛡️ 3. Leadway Assurance Company
Leadway is widely recognised in Nigeria for motor and health plans, as well as educational and savings products. Its link with Leadway Health shows a modern approach to HMOs.
Monthly Plan Examples
| Policy | Coverage | Est. Monthly Cost (₦) |
|---|---|---|
| Health Basic (Leadway Health) | Outpatient & pharmacy | 7,000 – 10,000 |
| Health Plus | Adds inpatient & dental | 15,000 – 22,000 |
| Auto Third-Party | Legally required | 5,000 – 9,000 |
| Comprehensive Auto | Full risk cover | 15,000 – 25,000 |
| Education Plan (Life) | Child education protection | 15,000 – 35,000 |
👉 Leadway Health: https://leadwayhealth.com/
📊 4. Custodian and Allied Insurance
Custodian is a strong insurer with products across life, motor, property, and business policies. Their general insurance line covers many risk areas for businesses and individuals.
Example Monthly Premiums
| Plan Category | Benefits | Est. Cost (₦/month) |
|---|---|---|
| Property Insurance | Fire, burglary | 10,000 – 25,000 |
| Motor Insurance | Third-party / comprehensive | 10,000 – 20,000 |
| Group Life | Employee benefits | 15,000+ |
👉 Custodian & Allied Insurance info not always direct site — check brokers or NAICOM lists.
🔁 5. NEM Insurance Plc
NEM is another major player in Nigeria’s insurance market with general risk products and motor policies. They often show strong financial growth.
Monthly Plans (Est.)
| Policy | Benefit | Approx. Premium (₦) |
|---|---|---|
| Motor Insurance | Vehicle cover | 8,000 – 18,000 |
| Fire & Property | Business/home property | 12,000 – 30,000 |
| Liability Insurance | Business liability | 10,000+ |
👉 Check NEM Insurance details via brokers due to multiple products.
🏠 6. Cornerstone & LASACO Assurance
These two insurers also provide value, especially for individuals and SMEs.
Cornerstone Insurance – general insurance like health, auto, property.
LASACO Assurance – property, vehicle, and business risk coverage.
Monthly plan examples vary widely, but basic figures are:
| Company | Typical Range (₦/month) |
|---|---|
| Cornerstone Health | 7,000 – 15,000 |
| LASACO Motor | 8,000 – 18,000 |
| Property & Business | 12,000 – 30,000 |
👉 Visit company sites or use brokers for exact quotes.
🧠 Insurance Premium Table (Comparison)
| Company | Health (Basic) | Motor (Third-party) | Comprehensive Motor | Life/Savings |
|---|---|---|---|---|
| AIICO | ₦8k–₦12k | ₦4.5k–₦8k | ₦12k–₦18k | ₦10k–₦25k |
| AXA Mansard | ₦7.5k–₦10k | ₦10k–₦18k | ₦15k–₦22k | ₦12k–₦30k |
| Leadway | ₦7k–₦10k | ₦5k–₦9k | ₦15k–₦25k | ₦15k–₦35k |
| Custodian | ₦— | ₦10k–₦20k | ₦— | ₦15k+ |
| NEM | ₦— | ₦8k–₦18k | ₦— | ₦— |
| Cornerstone | ₦7k–₦15k | ₦8k–₦18k | ₦— | ₦— |
| Note: Premiums depend on age, vehicle type, health risk, and company underwriting. |
🛡️ How Insurance Premiums Are Calculated in Nigeria
Insurance companies consider:
- Your age and health (for health/life plans)
- Vehicle age and type (for motor plans)
- Location and property value (for home/business cover)
- Claims history
- Sum assured/coverage level
Higher risk = higher premium; lower risk = cheaper plans.
❓ Real Questions Nigerians Ask
Is insurance compulsory in Nigeria?
Motor third-party insurance is compulsory; health and life insurance are not, but highly recommended.
Can I pay premiums monthly?
Yes. Most companies allow monthly, quarterly, or annual payments depending on plan.
Do insurers pay claims quickly?
It varies, but reputable companies like AIICO and Leadway are known for reliable claims service.
🧑💼 How to Buy Insurance in Nigeria
You can purchase insurance:
✔ Directly from company websites
✔ Via licensed agents or brokers
✔ Through mobile apps (for some insurers)
✔ Using platforms like Leadway Health app
Tools and brokers help compare prices before buying.
📌 Summary
Insurance is a must-have financial tool in Nigeria. Leading companies provide a range of plans for health, life, motor, property, and business protection. Prices vary by risk and coverage — and the table above lets you compare at a glance.
Top companies include:
- AIICO Insurance Plc
- AXA Mansard Insurance
- Leadway Assurance
- Custodian & Allied Insurance
- NEM Insurance
- Cornerstone & LASACO Assurance