List of insurance brokers in Nigeria
How many brokers are registered in Nigeria, where the official lists are published, and how to check that the firm you are talking to is one of them.
If you search for a list of insurance brokers in Nigeria, most of what comes back is somebody's top ten. Those lists are usually opinion, sometimes advertising, and almost never complete. The real list exists, it is published by the regulator, and it is longer than any article you will find.
The official lists, and where they live
Two bodies matter here. The National Insurance Commission, NAICOM, licenses insurance brokers and publishes the register of licensed firms. The Nigerian Council of Registered Insurance Brokers, NCRIB, is the professional body, and membership of it is a prerequisite for the NAICOM licence. As of July 2023 there were 451 brokers registered with NCRIB.
- NAICOM publishes its list of licensed brokers at naicom.gov.ng
- NCRIB publishes a members list covering registered firms and their contact details
Those two are the answer to the question. Anything else, including this article, is a summary of them.
Some of the long established firms
Naming a few is useful for a sense of the market, so here are firms that have been at it a while. This is not a ranking and it is not exhaustive.
- Glanvills Enthoven, incorporated in 1957 and one of the oldest brokerages still trading
- YOA Insurance Brokers, established in 1978, the first Nigerian brokerage to hold ISO 9001-2015 certification
- Colenson Insurance Brokers, trading since 1983
- Boff and Company Insurance Brokers, founded in 1991
- Metro Peril Insurance Brokers, incorporated in 1992 and operating since 1993
- Hogg Robinson Nigeria, which works largely in engineering and commercial risk
- ARK Insurance Brokers, licensed by NAICOM and a member of NCRIB
We are on that list, which you should factor into how you read it. A broker writing about brokers is not a neutral party. That is exactly why the regulator's register is the one worth checking.
How to check a broker is real
This takes about five minutes and it is worth doing every single time, including with firms that have been recommended to you.
- Ask for the RC number and the NAICOM licence, then look the firm up on the NAICOM register rather than taking the certificate at face value
- Confirm NCRIB membership, since the licence depends on it
- Check that the premium is going to the insurer and ask which insurer is carrying the risk
- Ask to see the policy document, not a cover note that never turns into one
A broker who is slow to give you a licence number is telling you something. The good ones hand it over before you ask.
What a broker is actually for
A broker does not carry your risk. The insurer does. What the broker does is work out what you need covering, get quotes from insurers who will actually pay, handle the paperwork, and then argue your corner when you claim. That last part is the one people underestimate until they need it.
If a broker only ever appears at renewal, you have the wrong broker. The work happens in between.
