Nicon Insurance

Name

Nicon Insurance

Legal name

Nicon Insurance Limited

Website

https://niconinsurance.com.ng

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: Nicon Insurance generates revenue primarily through insurance premiums collected from policyholders across multiple insurance lines including life, motor, fire, marine, accident, and specialized insurance products.
2. Reinsurance Ceded Premiums: The company offers reinsurance services, accepting premium from other insurers for risk-sharing arrangements including fire surplus, engineering surplus, marine hull surplus, and various excess of loss covers.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Nicon Insurance Limited underwrites and distributes a comprehensive suite of insurance and financial protection products across multiple lines including motor, fire, marine, life assurance, general accident, oil & gas, aviation, engineering/construction, pension/savings, special products, and reinsurance. The company also offers consumer-facing retail insurance and savings products such as Motor Third Party, Burglary Private Dwelling, Travel Insurance, and Target Savings Insurance through its online portal, branch network, and agent/broker channels.

Product overview

Nicon Insurance offers a broad portfolio of insurance and financial products across multiple lines of business, including Marine, Fire, Motor, General Accident, Special Products, Pension, Life Insurance, Car Engineering, Oil & Gas, Aviation, and Re-Insurance. The company also provides consumer-facing products such as Motor Third Party Insurance, Burglary Private Dwelling Insurance, Target Savings Insurance, and Travel Insurance, sold through its online portal, agents, and broker networks across Nigeria's 36 states and 6 geopolitical zones.

Differentiator

Problem solved

Functional benefit

Products and services

• Marine Insurance Marine insurance covering Marine Hull and Machinery, Marine Cargo Insurance Policy, Ship Repairer Legal Liability Policy, and Port Operators Legal Liability. Targeted at shipping companies, port operators, cargo handlers, and maritime businesses.
• Fire Insurance Fire and allied perils coverage including Fire and Special Perils, Household Combined Policy, Consequential Loss/Business Interruption, Package Policy, NICON/NAICOM Compulsory Owner/Occupier Insurance, and Sprinkler Leakage Insurance. Targeted at residential and commercial property owners.
• Motor Insurance Motor vehicle coverage including Motor Third Party, Motor Third Party Fire and Theft, Motor Comprehensive, and Motor Fleet Policy. Targeted at individual vehicle owners and corporate fleet operators.
• General Accident Insurance Broad accident and liability coverage including Group Personal Accident, Personal Accident Insurance, Public Liability/Product Liability, Professional Indemnity, Money Insurance, Burglary Business/Burglary Private, Good-In-Transit, All Risk Insurance, Travel Insurance, and Builder Liability Insurance. Targeted at individuals, groups, and businesses needing liability and accident protection.
• Special Products Insurance Specialized insurance schemes including Students Welfare Insurance Scheme (SWIS), Welfare Insurance, and other miscellaneous covers. Targeted at student welfare schemes and other niche segments.
• Pension Retirement and pension products including Group Life Assurance Scheme and Deposit Administration. Targeted at employers and organizations providing employee pension benefits.
• Life Insurance Comprehensive life assurance products including Whole Life Assurance (with and without profit variants), Endowment Assurance, Term Assurance, Selecta, Education Endowment, Mortgage Protection, NICON Early Cash Assurance (NECA), Personal Investment Life Assurance (PILA), NICON Individual Pension Plan (NIPP), and Education Guarantee Plan. Targeted at individual savers, families, and mortgage borrowers.
• Engineering Insurance Engineering and construction risk covers including Contractors' All Risks (CAR), Machinery Breakdown (MBD), Plant All Risks (PAR), Electronic Equipment Insurance (EEI), Erection All Risks (EAR), Deterioration of Stock (DOS), Boiler Pressure Vessel (BPV), and Bonds/Guarantees. Targeted at construction firms and engineering projects.
• Oil & Gas Insurance Specialized energy sector coverage including Physical Damage Policy, Marine Hull Machinery Equipment Insurance, Operators Extra Expense, Legal Liabilities, Crude Oil Floating Storage, Construction/Erection All Risk, and Boiler and Machinery Breakdown policies. Targeted at oil & gas companies and energy sector operators.
• Aviation Insurance Aviation sector coverage including Crew Personal Cover, Air Operators Legal Liability, Aircraft Hull All Risk, Passenger Legal Liability, and Third Party Legal Liability. Targeted at airlines, aircraft operators, and aviation businesses.
• Reinsurance Reinsurance treaty and excess of loss covers across Fire Surplus, Engineering Surplus, Marine Hull Surplus, Bond Quota Share, Professional Indemnity Surplus, Fire Risk Excess of Loss, Marine Cargo Excess of Loss, Motor/WCA/GTP Excess of Loss, General Accident Excess of Loss, Personal Accident CAT Excess of Loss, and Occupiers Liability Excess of Loss. Targeted at other insurance companies requiring reinsurance capacity.
• Motor Third Party Insurance Motor vehicle third-party liability coverage indemnifying the insured against death or bodily injury to any person and damage to third-party property up to a limit of N1,000,000, covering claimant costs and expenses with insurer approval. Targeted at individual vehicle owners to satisfy Nigerian legal requirements.
• Burglary Private Dwelling Insurance Burglary insurance for private dwellings covering loss or damage to property caused by theft consequent upon actual forcible and violent entry, including damage to premises and property of family and domestic servants. Targeted at individual homeowners and households.
• Target Savings Insurance Savings-linked insurance product with a minimum annual investment of N60,000, flexible premium payment options (monthly, quarterly, half-yearly, or annually), minimum one-year term with rollover option, guaranteed 5% interest from the second year, and 50% of total investment provided as free life cover up to N600,000. Targeted at individual savers seeking combined savings and life cover.
• Travel Insurance Travel insurance providing personal assistance coverage including payment of medical expenses abroad up to C30,000, hospitalization, repatriation or medical transport, companion accommodation up to C70/day (max C700), round-trip transportation for relatives, hotel extension, cash advance up to C700 for lost luggage, emergency medication shipment, and 24/7 medical advice for travel outside Nigeria. Targeted at Nigerian travelers going abroad.

Quantifiable outcome

• First year gross premium income of N1.6 million (1969)
• +2 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major and core.

• National Properties LimitedmajorStrategic or Co-development Partner · 1 January 1980NICON established a subsidiary investment company known as National Properties Limited (originally Nineteen Properties Limited) to manage NICON's investments in approximately 40 institutions across manufacturing, banking, printing, hotels, general commerce and industries.
• Inland Containers LimitedcoreStrategic or Co-development Partner · 1 January 1980Joint venture between NICON (50%) and two other parties for container receipt, handling, and storage operations. The company owns and operates depots for container handling.
• Daily Times of Nigeria PlcmajorStrategic or Co-development Partner · 1 January 1980In 1980, NICON acquired 60% equity shares of Daily Times of Nigeria Plc at the instance of the Federal Government. This was a significant acquisition during NICON's expansion phase.
• Yorkshire General Life Assurance (renamed Niger Insurance)majorStrategic or Co-development Partner · 1 January 1973In 1973, NICON bought Yorkshire General Life Assurance and changed its name to Niger Insurance, marking an early expansion through acquisition.
• West African Insurance CollegecoreStrategic or Co-development PartnerNICON Insurance was one of the leading and founding members of the prestigious West African Insurance College in Banjul, which has contributed immensely to insurance knowledge transfer mechanism in sub-Saharan Africa.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• AXA Mansard Insurance Nigeria: AXA Mansard is a leading multi-line insurer in Nigeria offering motor, life, and general insurance. Directly comparable to NICON as a diversified Nigerian composite insurer targeting similar retail and corporate segments.
• Leadway Assurance Company: Leadway is one of Nigeria's largest composite insurers with broad life, non-life, and annuity products. It is a direct peer to NICON in multi-line underwriting and branch-based distribution.
• AIICO Insurance Plc: AIICO is a Nigerian composite insurer offering life, general, and health insurance. It competes head-to-head with NICON in retail life savings, group life, and corporate general accident covers.
• Custodian Insurance Nigeria: Custodian is a long-established Nigerian composite insurer offering life and non-life products. Comparable to NICON in heritage, product breadth, and corporate focus.
• Sovereign Trust Insurance Plc: Sovereign Trust is a Nigerian composite insurer with motor, fire, marine, and special risks products. It directly mirrors NICON's product breadth and target segments in the general insurance market.
• Cornerstone Insurance Plc: Cornerstone is a diversified Nigerian insurer operating in general and life insurance. It is comparable to NICON in product mix, branch distribution, and target customer base.
• African Alliance Insurance Plc: African Alliance is a Nigerian composite insurer with strong life and annuity products. It overlaps with NICON in life insurance offerings and corporate pension schemes.
• Royal Exchange General Insurance Company: Royal Exchange is one of Nigeria's oldest composite insurers offering general and life insurance. Comparable to NICON in legacy heritage, multi-line underwriting, and corporate focus.

Broad incumbents

• Sanlam Nigeria (formerly FBN Insurance): Sanlam Nigeria is part of the broader Sanlam pan-African insurance group offering life and general insurance. Comparable as a multi-line Nigerian insurer with a wider parent group backing it.

Others

• Africa Reinsurance Corporation: Africa Re is a pan-African reinsurer headquartered in Lagos. Comparable to NICON's reinsurance treaty book as an ecosystem participant in African risk transfer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NICONInsurers
• Facebookfacebook.com/NICONInsurers
• LinkedInlinkedin.com/company/nicon-insurance-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 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 Nicon Insurance