Anchor Insurance

What Anchor Insurance does

Anchor Insurance Company Limited is a privately held Nigerian general (non-life) insurance company founded in 1989 and headquartered at 21 Ahmed Onibudo Street, Victoria Island, Lagos. Regulated by the National Insurance Commission (NAICOM, RIC: 005), the company underwrites a broad portfolio across motor (Third Party and Comprehensive, with compulsory third-party rates set at N15,000 for private vehicles effective January 2023, including a free ECOWAS Brown Card), travel, agriculture, aviation, marine, oil and gas, fire and special perils, burglary, public liability, professional indemnity, group personal accident, performance bonds, fidelity guarantee, and householders' cover. Distribution combines a direct-to-consumer website (anchorinsurance.ng), physical branch offices across Nigeria, phone/email support, and WhatsApp/email certificate delivery, with all policies registered on the National Insurance Identity (NIID) portal for verification.

The company's underlying technology stack comprises a digital claims portal (claims.anchorinsurance.ng) that enables 24/7 self-service claims filing, real-time status tracking, document upload, and claims history retrieval, plus an online quote and policy purchase flow on the corporate website. While the platform improves service delivery and auditability, no proprietary AI/ML, advanced analytics, or data-driven underwriting tools are disclosed in the available data. Customer segments span individual vehicle owners and travelers (drawn by compulsory third-party motor demand), SMEs, corporates requiring liability and bond cover, government bodies, farmers, and aviation/oil-and-gas operators.

Financially, Anchor reported FY2024 Gross Premium of N34.2bn (+87.9% YoY from N18.2bn), Insurance Revenue of N33.9bn (+97.2%), Profit After Tax of N3.7bn (+236.4% from N1.01bn), Shareholders' Funds of N18.3bn, and Total Assets of N23.6bn. Claims paid rose to N5.3bn in 2024 from N2.9bn in 2023. The company is led by Chairman Dr. Nsikan Linus Nkan and MD/CEO Dr. Ebose Augustine Osegha, with a board including Executive Director Technical (Akin Ikuomola) and Company Secretary/Legal Adviser Ime Umoh. Ownership is private, with no disclosed institutional investors, parent company, subsidiaries, or M&A activity in the source data, and no venture or growth funding rounds.

Name

Anchor Insurance

Legal name

Anchor Insurance Company Limited

Website

https://anchorinsurance.ng

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

51–100 employees

Short description

Anchor Insurance Company Limited is a Nigerian NAICOM-regulated general insurer founded in 1989, underwriting motor, travel, agriculture, aviation, marine, property, liability, and specialty covers for individuals, SMEs, corporates, and government across Nigeria through branches, a digital claims portal, and direct online sales.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Energy & Power Specialty (Onshore/Offshore) (FSAJAGAI)

akta.pro secondary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

Keywords

• General insurance
• Motor insurance
• Travel insurance
• Marine insurance
• Aviation insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Collection of insurance premiums from various general (non-life) insurance products including motor, travel, agriculture, aviation, marine, property, liability, and specialty coverages. Premiums are collected at policy inception and renewal.
2. Claims Payments: Outbound claims payments to policyholders for covered losses. In 2024, the company paid N5.3bn in claims as against N2.9bn in 2023.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Anchor Insurance Company Limited is a Nigerian general (non-life) insurance company that underwrites and sells a comprehensive portfolio of insurance policies covering motor, travel, agriculture, aviation, marine, property, liability, oil and gas, and specialty risks for individual and corporate customers. The company operates digital sales and claims platforms alongside physical branch offices to issue policies, collect premiums, and pay claims.

Product overview

Anchor Insurance is a general insurance company offering a comprehensive portfolio of insurance products and services. The company provides Motor Insurance (compulsory for vehicle owners with Third Party and Comprehensive options), Travel Insurance, Agriculture Insurance, and Loss of Employment Insurance as featured offerings. The broader product suite includes Fire and Special Perils Insurance, Marine Insurance, Goods in Transit, Machinery Breakdown Insurance, All Risk Insurance, Electronic Equipment Insurance, Public Liability, Professional Indemnity, Group Personal Accident, Warehouse Insurance, Money Insurance, Fidelity Guarantee Insurance, Combined Householders'/House Owners' Insurance, Oil & Gas/Special Risks Insurance, Aviation Insurance, Burglary and House Breaking Insurance, Consequential Loss Insurance (Business Interruption), and Local Passengers' Flight Welfare Scheme. The company also operates a digital Claims Portal enabling customers to file and track insurance claims seamlessly online.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Compulsory insurance for all vehicle owners in Nigeria, offering both Third Party and Comprehensive coverage options.
• Travel Insurance Coverage for unforeseen medical emergencies and travel inconveniences including canceled flights, lost luggage, injuries, and hospital bills.
• Agriculture Insurance Insurance providing appropriate compensation sufficient to keep insured farmers in business after covered losses.
• Loss of Employment Insurance Scheme Provides predetermined monthly income for a given period to policyholders who lose employment through no fault of their own.
• Fire and Special Perils Insurance Coverage for devastating effects of fire on assets such as buildings, plants, machinery, and equipment.
• Consequential Loss Insurance (Business Interruption) Compensates for loss of income so that payroll and other ongoing business expenses can be met.
• Burglary and House Breaking Insurance Coverage for theft cases involving forceful or violent breaking into or exit from business premises to cart away goods and valuables.
• Marine Insurance Insurance covering Marine Cargo Insurance and Marine Hull Insurance for maritime risks.
• Goods in Transit Financial payback to business owners for loss or damage to insured goods while being loaded, unloaded, or in transit, including theft from locked vehicles and collision/overturning losses.
• Machinery Breakdown Insurance Coverage for any form of machinery or plant subject to mechanical or electrical stress.
• All Risk Insurance Cover for valuable and sophisticated items requiring protection beyond the normal scope of Fire and Burglary policies, including breakage and pilferage risks.
• Electronic Equipment Insurance Covers loss or damage to insured electronic equipment from accidental causes while situated at specified premises.
• Public Liability Insurance cover purchased by business owners whose operations may make them legally liable to pay for damages upon occurrence.
• Performance / Advance Payment Bonds Protection for persons or corporate bodies placing contracts against failure of contractors to carry out obligations as specified in contract terms.
• Professional Indemnity Legal backing that protects professionals from expensive losses when clients sue for lack of satisfaction of goods or services provided.
• Group Personal Accident Policy providing compensation for staff upon accidents resulting in death, permanent disablement, total temporary disablement, and medical expenses while in employment.
• Warehouse Insurance Cover for consignments while in-store ensuring adequate protection against theft, fire, and natural perils.
• Money Insurance Indemnifies insured from losses due to theft of money in transit, money in safe, and money in personal custody of insured or designated employee.
• Fidelity Guarantee Insurance Insurance against dishonesty, embezzlement, and misappropriation of funds or property, and failure in loyal performance of duty by employees.
• Combined Householders'/House Owners' Insurance All Risk cover on residential buildings and/or contents occasioned by a fortuitous event.
• Oil & Gas/Special Risks Insurance Coverage for human life, environment, and property from accidents and activities of oil and gas organizations.
• Aviation Insurance Coverage for aircraft operation and risks involved in aviation, distinctly different from other transportation insurance policies.
• Local Passengers' Flight Welfare Scheme Local flight welfare coverage for passengers.
• Claims Portal Digital platform for filing insurance claims and tracking claim status in real time with transparency throughout the process.

Quantifiable outcome

• 87.9% growth in Gross Premium (N18.2bn to N34.2bn) and 97.2% growth in Insurance Revenue in 2024
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• NCRIB Lagos Area CommitteecoreGTM or Marketing Partner · 1 January 2024Anchor Insurance sponsored the NCRIB Lagos Area Committee 2024 Mid-Year Workshop. The company received a special recognition award at this event. Company representatives including DGM Business Development Mr. Valentine Afegbai and Group Head General Business Ms. Folusho Ajayi made key presentations at the workshop alongside industry veterans.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Coronation Insurance Plc: Nigerian general insurer (formerly WAPIC) focused on motor, marine, aviation, and oil & gas — competes directly with Anchor in specialty and corporate lines.
• AIICO Insurance Plc: Leading Nigerian composite insurer covering motor, property, oil & gas, marine, and aviation with both individual and corporate segments — directly comparable product mix and target customers to Anchor.
• Leadway Assurance Company: One of Nigeria's largest general insurers, offering motor, fire, marine, aviation, oil & gas, and personal lines with a similar multi-channel distribution model — the most direct domestic competitor to Anchor.
• Custodian Insurance Plc: Listed Nigerian general insurer with strong presence in motor, fire, marine, and oil & gas, often recognized as a leading energy-line underwriter — closely comparable product set and client base.
• AXA Mansard Insurance Plc: Nigerian subsidiary of AXA offering general insurance (motor, property, marine, energy) plus life — competes head-to-head with Anchor across all major commercial and personal general insurance lines.
• Sovereign Trust Insurance Plc: Listed Nigerian general insurer offering motor, fire, marine, oil & gas, and bond products — directly comparable mid-tier peer with similar product breadth.
• Royal Exchange General Insurance: Nigerian general insurance company providing motor, property, marine, and specialty coverage — directly comparable product mix and customer segments to Anchor.
• Mutual Benefits Assurance Plc: Nigerian composite insurer covering motor, fire, marine, and oil & gas for both individual and corporate clients — comparable mid-tier competitor.

Regional players

• African Insurance Group: Pan-African insurance group operating across multiple West African markets — useful regional benchmark for Anchor's specialty underwriting and future cross-border expansion potential.

Broad incumbents

• Old Mutual Nigeria: Nigerian arm of South African financial services giant offering general and life insurance across multiple lines — broader portfolio but overlapping general insurance products with Anchor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/anchorng
• YouTubeyoutube.com/@insuredbyanchor
• Facebookfacebook.com/InsuredByAnchor
• LinkedInlinkedin.com/company/anchor-insurance-com
• Instagraminstagram.com/insuredbyanchor

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

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 Anchor Insurance