What Guinea Insurance does

Guinea Insurance Plc is a Nigerian non-life (general business) insurance underwriting company incorporated in 1958, publicly listed on the Nigerian Exchange Limited (NGX), and headquartered at Guinea Insurance House, 33 Ikorodu Road, Jibowu, Lagos. The company operates as a multi-line insurer offering ten product categories spanning motor (third-party and comprehensive), marine cargo, travel, oil & gas, aviation, fire and special perils, homeshield, livestock, agric, and health insurance, serving both individual policyholders and corporate organisations across Nigeria. Distribution is multi-channel: a dedicated online motor insurance portal (motor.guineainsurance.com), 24/7 WhatsApp and phone support, email enquiry, and the Lagos HQ office, with regional marketing teams covering Northern and Eastern Nigeria.

The revenue model is subscription/recurring premiums across diversified product lines, with motor insurance priced from N15,000 for mass-market accessibility and other lines quote-based. The technology stack is conventional rather than proprietary: standard corporate website, WhatsApp-based customer support, and an online quote/purchase platform for motor insurance; no disclosed AI/ML, APIs, SDKs, or proprietary underwriting platforms. The company has a Chief Digital Officer role and an executive team including Managing Director/CEO Ademola Abidogun, Chairman Temitope Borishade, and functional leads across technical, finance, client, digital, underwriting, internal audit, and people functions.

Guinea Insurance is currently navigating a sector-wide NAICOM recapitalization directive, with shareholders approving in December 2025 a N15 billion capital raise and an increase in minimum issued share capital from N4 billion to N19 billion. SEC approval was secured in March 2026 for a N5.8 billion rights issue of 5.295 billion ordinary shares at N1.10 per share on a 2-for-3 basis, running through May 2026, with proceeds earmarked for capital base strengthening, underwriting capacity, technology investment, and expansion into underserved retail and SME insurance markets ahead of NAICOM's July 2026 recapitalisation deadline.

Name

Guinea Insurance

Legal name

Guinea Insurance Plc

Website

https://guineainsurance.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

101–250 employees

Short description

Guinea Insurance Plc is a Nigerian non-life (general business) insurance underwriting company, publicly listed on the NGX since 1958, offering motor, marine, travel, oil & gas, aviation, fire, homeshield, livestock, agric, and health insurance to individuals and corporates across Nigeria, currently recapitalising via a N5.8 billion rights issue ahead of NAICOM's July 2026 deadline.

Ownership category

akta.pro rank

Headquarters

HQ city

Jibowu

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Insurance Premiums: Guinea Insurance operates as a non-life insurance underwriting firm in the General Business category. The company collects premiums from policyholders and pays out claims. Revenue is generated through various insurance products including motor, marine, travel, oil & gas, aviation, and fire & special perils insurance.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Guinea Insurance Plc is a Nigerian non-life (general) insurance underwriting company offering a portfolio of insurance products covering motor, marine cargo, travel, oil & gas, aviation, fire & special perils, homeshield, livestock, agric, and health risks. The company serves both individual consumers and corporate organizations, providing policy underwriting, premium collection, and claims management services. It operates as a publicly listed insurer on the Nigerian Exchange Limited, regulated by NAICOM.

Product overview

Guinea Insurance is a Nigerian non-life insurance underwriting company offering a comprehensive portfolio of insurance products for both individuals and corporate organisations. The product suite includes Motor Insurance, Marine Cargo Insurance, Travel Insurance, Oil & Gas Insurance, Aviation Insurance, Fire and Special Perils Insurance, Homeshield Insurance, Livestock Insurance, Agric Insurance, and Health Insurance. These products are designed to be rich and robust enough to accommodate virtually all eventualities, with the company also providing associated claims management services including Motor Claims, Fire Claims, Personal Accident Claims, and Other Claims processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Vehicle insurance covering third-party liability and comprehensive protection for vehicles. Available as Third-Party Motor Insurance (covering third-parties affected by accidents) or Comprehensive Motor Insurance (covering both the insured and third-parties). Available online via motor.guineainsurance.com starting from ₦15,000.
• Marine Cargo Insurance Insurance coverage for goods transported as cargo from one location to another, protecting against risks of loss, damage, expense, and liability during transit. Designed for businesses and individuals shipping goods.
• Travel Insurance Comprehensive coverage for outbound fare-paying passengers against bodily injury resulting from accidents during air travel. Targeted at individual travelers purchasing air tickets.
• Oil & Gas Insurance Insurance policy covering onshore risks including refineries, petrochemical plants, depots, tank farms, and well delivery services in the oil and gas industry. Designed for energy sector operators.
• Aviation Insurance Coverage for loss or damage to aircraft while in flight, taxing, on the ground, and moored. Targeted at aircraft owners, operators, and aviation businesses.
• Fire and Special Perils Insurance Insurance providing coverage for fire damage and special perils to organizational assets. Designed for corporate and commercial property owners.
• Homeshield Insurance Comprehensive home coverage that extends beyond conventional Fire and Special Perils and Burglary & Housebreaking Policies. Targeted at individual homeowners seeking broader residential protection.
• Livestock Insurance Insurance coverage for livestock assets, designed for farmers, herders, and agribusiness operators protecting their animal holdings against loss.
• Agric Insurance Agricultural insurance product covering farming operations and related risks. Targeted at the agricultural sector for crop and farm-level protection.
• Health Insurance Health insurance coverage as part of Guinea Insurance Plc's diverse product range, providing medical and health-related protection to policyholders.

Quantifiable outcome

• 100% customer satisfaction goal for claims settlement

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• National Insurance Commission (NAICOM)coreOthers · 18 December 2025NAICOM issued a directive for insurance companies to raise their capital to fortify sector stability and investor confidence. Guinea Insurance is complying with this recapitalisation requirement, with shareholders approving an increase in minimum issued share capital from N4 billion to N19 billion to meet NAICOM's statutory requirements.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• AXA Mansard Insurance Plc: Nigerian non-life insurer offering motor, marine, oil & gas, aviation, and fire insurance. Directly comparable product mix and target market; significantly larger and better-capitalized than Guinea Insurance.
• Leadway Assurance Company Limited: One of Nigeria's largest non-life insurers, with comparable motor, fire, marine, oil & gas, and aviation product lines and similar individual/corporate segmentation. Strong direct competitor in the Nigerian general insurance market.
• AIICO Insurance Plc: Nigerian composite insurer with significant non-life operations across motor, marine, fire, and oil & gas. Similar listed status on NGX and overlapping customer base; competes head-to-head in the general business segment.
• Custodian Insurance Plc: Nigerian non-life insurer offering motor, marine, fire, oil & gas, and engineering cover. Listed on NGX, comparable regulatory standing under NAICOM, and directly competes for corporate and individual policyholders.
• Cornerstone Insurance Plc: Nigerian non-life insurer with motor, fire, marine, oil & gas, and aviation lines. NGX-listed, similar scale tier to Guinea Insurance, and competes in both retail and corporate segments.
• Sovereign Trust Insurance Plc: Nigerian non-life insurer offering motor, marine, fire, oil & gas, and aviation products. NGX-listed, similar product breadth and customer segments to Guinea Insurance.
• NEM Insurance Plc: Nigerian non-life and general insurance company with overlapping product lines (motor, fire, marine, oil & gas). NGX-listed and directly competes in both retail and corporate channels.
• Royal Exchange Assurance Plc: Historic Nigerian insurer (founded 1918) offering non-life and life products. Similar legacy positioning, NGX-listed, and overlapping non-life product portfolio (motor, fire, marine, oil & gas).
• Coronation Insurance Plc (formerly Wapic): Nigerian non-life insurer with motor, fire, marine, and specialty lines. NGX-listed and similar mid-tier scale, competing for both individual and corporate risks.

Broad incumbents

• African Alliance Insurance Plc: Nigerian composite insurer with both life and non-life operations, historically one of the larger indigenous players. Comparable regulatory positioning under NAICOM and overlaps in motor, fire, and marine lines.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/GuineaInsurance
• Facebookfacebook.com/guineainsuranceplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Guinea Insurance