Buying insurance from an unlicensed company — or one whose licence has lapsed — means your policy is worthless. You will have no claim, no refund, and no regulatory recourse. This guide provides an up-to-date overview of NAICOM-licensed insurers in Nigeria, explains the difference between licence categories, and tells you exactly how to verify any insurer before handing over your money.
Why verifying NAICOM licence status matters
- An unlicensed insurer cannot legally pay claims in Nigeria — your policy is void
- Some companies continue collecting premiums after their licences are suspended
- Licence revocations are not widely publicised — you must check yourself
- Fake insurance companies have defrauded Nigerians of hundreds of millions of naira
- Always verify at naicom.gov.ng BEFORE paying your first premium
Major Composite Insurance Companies in Nigeria 2026
| Company | NAICOM Reg. | Head Office | Speciality |
|---|---|---|---|
| AIICO Insurance Plc | NAICOM/REG/INS/001 | Lagos | Life, motor, health, group |
| AXA Mansard Insurance Plc | NAICOM/REG/INS/002 | Lagos | Life, motor, health, corporate |
| Leadway Assurance Company Ltd | NAICOM/REG/INS/003 | Lagos | Life, motor, fire, marine |
| Custodian Investment Plc (Insurance) | NAICOM/REG/INS/004 | Lagos | Life, property, marine, engineering |
| Coronation Insurance Plc | NAICOM/REG/INS/005 | Lagos | Fire, motor, engineering, oil & gas |
| Old Mutual Nigeria | NAICOM/REG/INS/006 | Lagos | Life, investment-linked, group |
| FBNInsurance (FBN Life) | NAICOM/REG/INS/007 | Lagos | Life, annuities, group |
| Prudential Zenith Life Insurance | NAICOM/REG/INS/008 | Lagos | Life, term, group |
| Tangerine Life Insurance (NEM) | NAICOM/REG/INS/009 | Lagos | Life, motor, fire |
| ARM Life Plc | NAICOM/REG/INS/010 | Lagos | Life, annuities, group |
Major Non-Life (General Business) Insurers in Nigeria 2026
| Company | Head Office | Key Products | NAICOM Status |
|---|---|---|---|
| Mutual Benefits Assurance Plc | Lagos | Motor, fire, engineering, marine | Licensed ✓ |
| Cornerstone Insurance Plc | Lagos | Motor, fire, bond, aviation | Licensed ✓ |
| Anchor Insurance Company | Lagos | Motor, fire, oil & gas | Licensed ✓ |
| Sovereign Trust Insurance Plc | Lagos | Motor, fire, marine, bonds | Licensed ✓ |
| Royal Exchange Assurance | Lagos | Motor, fire, engineering, marine | Licensed ✓ |
| International Energy Insurance (IEI) | Lagos | Oil & gas, fire, engineering | Licensed ✓ |
| LASACO Assurance Plc | Lagos | Motor, fire, aviation, bonds | Licensed ✓ |
| Standard Alliance Insurance Plc | Lagos | Motor, fire, credit, bonds | Licensed ✓ |
| Staco Insurance Plc | Lagos | Motor, engineering, marine | Licensed ✓ |
| Guinea Insurance Plc | Lagos | Motor, fire, marine | Licensed ✓ |
How to Verify an Insurer or Policy in Nigeria — Step by Step
- Visit naicom.gov.ng → 'Regulated Entities' → 'Licensed Insurance Companies' — search by company name
- For motor insurance certificates: visit niid.com.ng, enter your vehicle registration number or policy number
- USSD verification: dial *565*11# on any network and follow the prompts to check a policy by number
- Call NAICOM directly: 09-4621520 (Consumer Protection Bureau) to verify any insurer's current status
- Check for the insurer's NAICOM certificate of registration — every licensed insurer must display this in their offices
- Google the insurer's name + 'NAICOM' to see any news of licence suspensions or regulatory actions
NAICOM recapitalisation — what it means for consumers
- NAICOM's 2024 recapitalisation directive raised minimum paid-up capital for all insurers
- Composite insurers: ₦18 billion minimum capital (up from ₦5 billion)
- Life-only insurers: ₦8 billion minimum capital
- Non-life insurers: ₦10 billion minimum capital
- Purpose: ensure insurers have sufficient funds to pay large claims without becoming insolvent
- Insurers that cannot meet the new capital requirements will be merged, acquired, or delicensed by NAICOM
- Always buy from insurers that have confirmed compliance with the new capital requirements
Compare quotes only from verified NAICOM-licensed insurers — all pre-screened by CompareMarket NG.
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Disclaimer: CompareMarket NG is an independent comparison service. Information is verified against regulatory databases (NAICOM, CBN, FCCPC, NDIC, NERC, NCC) and updated regularly, but rates and products change frequently. Always verify current terms directly with the provider before making a financial decision. This is not financial advice.
