NSIA INSURANCE LTD

What NSIA INSURANCE LTD does

NSIA Insurance Ltd is a Nigerian non-life insurance company headquartered at 3 Elsie Femi Pearse Street, Victoria Island, Lagos, operating under regulatory oversight of the National Insurance Commission (NAICOM, RIC NO. 003). Founded in 1989 as ADIC Insurance Limited and acquired by NSIA Group (NSIA Participations, a Pan-African Insurance and Banking Group headquartered in Abidjan, Côte d'Ivoire, operating across 12 African countries with 32 subsidiaries) in 2017, the company has evolved into a purely non-life insurer serving individual consumers, SMEs, large corporations, the agricultural sector, and vehicle owners across Nigeria. Its portfolio spans nine product categories: motor (third-party, third-party fire & theft, advanced third-party, comprehensive), marine (hull and cargo), general accident (group accident, goods-in-transit, public/product/personal/employers' liability, workmen's compensation), fire (fire & special perils, industrial all-risk, business interruption, householders), engineering (construction all-risks, erection all-risks, plant all-risks, machinery breakdown, boiler & pressure vessel, computer & electronics), aviation, travel, agriculture (poultry, livestock, fish, plantation, crop, farm property), and oil & gas. The company is ISO 9001:2015 certified since April 2018, with successful recertifications in 2021 and 2024, and operates under a stated 48-hour claims payment objective.

NSIA Insurance distributes through a hybrid model combining 11+ physical branch offices (Lagos HQ, Ikeja, ASPAMDA, Abuja, Port Harcourt, Kano, Kaduna, Benin City, Onitsha, Warri, Ibadan), a self-serve web portal (store.nsiainsurance.com), native iOS and Android mobile applications, phone-based sales, WhatsApp support, and broker/agent partnerships. Its technology stack centres on a digital insurance platform providing online quote generation, digital claims tracking, and USSD-style access, but contains no disclosed AI/ML components. Revenue is generated through insurance premiums collected across its product lines, with motor third-party coverage operating under Nigerian statutory minimums (₦3,000,000 property damage minimum for standard third-party; ₦1,000,000 for third-party fire & theft). The company positions itself as a legacy, quality-focused mid-tier carrier with 30+ years of Nigerian operating history, explicit 48-hour claims payment commitment, and 90% customer satisfaction and employee satisfaction index targets, while remaining operationally independent from but strategically aligned with its NSIA Group parent.

Name

NSIA INSURANCE LTD

Legal name

NSIA Insurance Limited

Website

https://nsiainsurance.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

NSIA Insurance Ltd is a Lagos-headquartered, NAICOM-regulated Nigerian non-life insurer (founded 1989 as ADIC Insurance, acquired by NSIA Group in 2017) offering motor, marine, fire, engineering, aviation, travel, agriculture, oil & gas, and liability products to individuals, SMEs, corporates, and farmers via 11+ branches and digital channels.

Ownership category

akta.pro rank

Product category

Non-life General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers (5241)

SIC

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

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

Keywords

• Non-life insurance
• Motor insurance
• Marine insurance
• Commercial insurance
• Insurance underwriting

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: NSIA Insurance generates revenue primarily through insurance premiums collected from policyholders across multiple insurance product lines including motor, marine, fire, engineering, aviation, travel, agriculture, oil and gas, and general accident insurance. Premiums are collected as one-time or annual payments depending on policy type.
2. Motor Insurance: Third-party motor insurance (legally required minimum), Third Party Fire & Theft, Advanced Third-Party, and Comprehensive motor coverage generating premium revenue with minimum statutory coverage requirements
3. Commercial/Business Insurance: Corporate insurance products for businesses including construction all-risk, erection all-risk, marine hull/cargo, fire & special perils, industrial all-risk, business interruption, and liability insurance (public, product, employers, workmen's compensation)
4. Agricultural Insurance: Specialized coverage for farms including poultry, livestock, fish farms, plantations, and crop insurance with premium rates based on risk exposure and farm management standards

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

NSIA Insurance Limited is a non-life insurance company that underwrites and distributes a comprehensive portfolio of general insurance products across Nigeria. Its offering spans motor, marine, fire, general accident, engineering, aviation, travel, agricultural, and oil and gas insurance — sold to both individual consumers and corporate clients through branch offices, an online portal, mobile apps, brokers, and phone channels.

Product overview

NSIA Insurance is a non-life insurance company offering a comprehensive portfolio of insurance products and services. The company operates as a purely non-life insurer providing coverage across multiple categories including Motor Insurance (Third-Party, Third Party Fire & Theft, Advanced Third-Party, and Comprehensive), Marine Insurance (Hull and Cargo), General Accident Insurance (Personnel/Group Accident, Goods-in-Transit, Public Liability, Product Liability, Workmen's Compensation, Personal Liability, Employers' Liability), Fire Insurance (Fire & Special Perils, Industrial All-Risk, Business Interruption, Householder/Homeowners), Engineering Insurance (Construction All Risks, Erection All Risks, Plant All Risks, Machinery Breakdown, Boiler & Pressure Vessel, Computer & Electronics), Aviation Insurance, Travel Insurance, Agric Insurance (Poultry Farm, Livestock, Fish Farm, Plantation Fire, Crop, Farm Property & Produce), and Oil & Gas Insurance. The company provides these products through multiple distribution channels including mobile apps, online portals, and a network of branch offices across Nigeria.

Differentiator

Problem solved

Functional benefit

Products and services

• Third-Party Motor Insurance Minimum legally required motor insurance cover in Nigeria that protects vehicle owners against liabilities for injury, death, or property damage caused to third parties while using a licensed vehicle. Subject to statutory minimum coverage requirements (₦3,000,000 third-party property damage).
• Third Party, Fire & Theft Insurance Extends third-party motor coverage to include loss of or damage to the policy owner's vehicle and accessories resulting from fire, external explosion, self-ignition, lightning, burglary, housebreaking, or theft. Minimum ₦1,000,000 third-party property damage cover.
• Advanced Third-Party Motor Insurance A budget-friendly motor insurance tier providing broader protection than basic third-party insurance, including accidental own damage cover, medical expenses, legal fees, towing, and coverage for windscreen and flood damage.
• Comprehensive Motor Insurance The broadest level of motor cover available, protecting vehicles and accessories against loss or damage from accidents, fire, theft, and other unforeseen events, with optional extensions for riot, strike, civil commotion, flood damage, and excess buyback.
• Marine Hull Insurance Provides cover against loss of or damage to vessels caused by accidents and risks encountered at sea, including hull & machinery, protection & indemnity, war risk, SRCC, laid-up cover, voyage insurance, and loss of hire coverage.
• Marine Cargo Insurance Financial protection against loss or damage to goods transported by sea, available as Clause A (all risks cover) or Clause C (restricted cover), arranged on single transit or open cover basis for international and domestic shipments.
• Personnel/Group Accident Insurance Comprehensive employee-welfare policy providing financial protection for accidental death, disability, or injury on a 24-hour basis with benefits expressed as multiples of annual salary.
• Goods-in-Transit Insurance Coverage for goods being transported by road, rail, air, or inland waterways, available as single transit or open cover (annual basis) arrangements.
• Public Liability Insurance Protects organizations against legal liability arising from accidental injury to third parties or damage to their property in connection with business operations.
• Product Liability Insurance Coverage for legal liability arising from death, bodily injury, loss, or property damage caused by products supplied, manufactured, or distributed by the insured.
• Workmen's Compensation Insurance Covers employer's legal liability to employees for injury, disability, or death arising out of and in the course of employment, including medical expenses and statutory compensation.
• Personal Liability Insurance Protection against legal liability arising from bodily injury or property damage caused to third parties in a personal or non-business capacity.
• Employers' Liability Insurance Covers an employer's legal liability for compensation claims made by employees due to injury, illness, or death sustained during the course of employment, beyond statutory workmen's compensation limits.
• Fire & Special Perils Insurance Broad coverage against fire, lightning, domestic explosions, flood, storm, tempest, earthquake, riots, strikes, malicious damage, impact, subsidence, and landslip for both movable and immovable property.
• Industrial All-Risk Insurance Comprehensive cover against physical loss or damage to industrial assets including buildings, plant, machinery, equipment, and stock from fire, theft, explosion, flood, storm, impact, and other accidental causes.
• Business Interruption Insurance Ensures business financial protection after insured physical damage, covering loss of gross profit, wages and salaries during interruption, and auditors' fees for claim documentation.
• Householder/Homeowners Insurance Safeguards home and contents against unexpected events including fire, flooding, burglary, accidental damage, with coverage for permanent fixtures, third-party liability, and temporary accommodation.
• Construction All Risks Insurance Peace of mind during construction protecting works in progress from unexpected damage, accidents, and common construction risks, including third-party injury or property damage coverage.
• Erection All Risks Insurance Covers machinery, plant, and steel structures during installation, commissioning, and testing, protecting against physical loss or damage with third-party liability coverage.
• Plant All Risks Insurance Comprehensive protection for plant and machinery such as bulldozers, tractors, cranes, and graders against sudden and unforeseen physical loss or damage while in operation, at rest, or undergoing maintenance.
• Machinery Breakdown Insurance Financial protection for plant machinery and mechanical equipment against sudden and accidental damage from internal causes such as electrical faults, mechanical failures, or structural defects.
• Boiler & Pressure Vessel Insurance Covers damage to boilers and pressure vessels resulting from explosion, collapse, or mechanical failure, including third-party property damage and bodily injury.
• Computer & Electronics Insurance Comprehensive all-risks protection for computers and electronic equipment against sudden loss or damage, including material damage and consequential loss coverage for revenue and data restoration.
• Aviation Insurance Coverage for aircraft hull damage, passenger liability, third-party liability, cargo, and aviation-related operational risks for private and commercial aircraft operators.
• Travel Insurance International travel insurance with comprehensive benefits including medical emergencies, dental emergencies, medical evacuation, lost baggage, trip cancellations, and passport replacement across three plan options: Schengen, Worldwide Excluding USA/Canada/Australia/Japan, and Worldwide.
• Poultry Farm Insurance Coverage for birds against death from fire, lightning, windstorm, flood, uncontrollable disease, and accident, with premium rates based on risk exposure, biosecurity, and farm size.
• Livestock Insurance Insurance for cattle, sheep, goats, rabbits, and pigs against death caused by fire, lightning, windstorm, flood, accident, and outbreak of uncontrollable disease.
• Fish Farm Insurance Coverage for fish against death and fish pond against collapse from fire, lightning, windstorm, flood, uncontrollable disease, and accident.
• Plantation Fire Insurance Coverage for cocoa, sugar cane, palm oil, and other plantation farms against loss from fire, lightning, flood, windstorm, and aircraft perils.
• Crop Insurance Coverage for food crops and cash crop farms against loss from fire, lightning, flood, windstorm, pest/diseases, and aircraft perils.
• Farm Property & Produce Insurance Coverage against loss or damage to farm property and agricultural produce from fire, burglary, lightning, flood, windstorm, explosion, aircraft, earthquake, and machinery damage.
• Oil & Gas Insurance Specialized coverage for upstream, midstream, and downstream operations including rigs, pipelines, refineries, storage facilities, equipment, third-party liability, environmental pollution, and business interruption.

Quantifiable outcome

• 48-hour claims payment promise across all classes of business
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• AIICO Insurance Plc: Large Nigerian insurance company with life and non-life lines including motor, fire, marine, and engineering. Comparable product portfolio and NSIA's CEO previously served as Divisional Head at AIICO.
• AXA Mansard Insurance Plc: One of Nigeria's largest non-life and life insurance providers offering motor, marine, fire, and general accident products through branch and digital channels. Closely comparable to NSIA in product breadth and Nigerian retail/corporate focus.
• Custodian Insurance Plc: Nigerian non-life insurance provider under the Custodian Group offering motor, marine, fire, oil & gas, and engineering products. Direct competitor to NSIA in the corporate and retail non-life market in Nigeria.
• SUNU Assurances Nigeria Plc: Nigerian non-life insurance subsidiary of Pan-African SUNU Group offering similar motor, fire, marine and general accident products. NSIA's current MD/CEO was previously CEO of SUNU Assurances Nigeria, and the two are direct competitors within the Pan-African insurance space.
• Coronation Insurance Plc: Nigerian non-life insurer offering motor, marine, aviation, fire, and general accident products to retail and corporate clients. Overlaps with NSIA's full non-life product suite and similar target segments.
• Leadway Assurance Company Limited: Major Nigerian composite insurer offering motor, marine, fire, oil & gas, and general accident coverage with an extensive branch network. Direct competitor to NSIA in both retail and corporate non-life segments in Nigeria.
• Sovereign Trust Insurance Plc: Nigerian non-life insurance company offering motor, marine, fire, oil & gas and general accident products through branches nationwide. Directly comparable in product range and target market to NSIA Insurance.
• Tangerine General Insurance (formerly Law Union & Rock): Nigerian general insurer offering motor, fire, marine, engineering and bond products with strong corporate focus. Comparable non-life product breadth; NSIA's Head of Operations previously served as CTO at this firm.
• Old Mutual Nigeria General Insurance: Nigerian general insurance arm of Old Mutual offering motor, marine, fire, and personal accident products. Comparable broad non-life product set; NSIA's CFO previously led senior finance at Old Mutual Nigeria General Insurance.

Broad incumbents

• Sanlam Insurance Nigeria: Pan-African insurance giant (South African roots) with significant Nigerian operations across life and non-life lines. Larger, broader incumbent competing across multiple of NSIA's product segments rather than specializing in the Nigerian non-life niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nsia-insurance-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 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 NSIA INSURANCE LTD