Insurance Company Salary in Nigeria (Is it worth it?) - Nigeria Boom

Insurance Company Salary in Nigeria (Is it worth it?)

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Are you interested in working in an insurance company in Nigeria or are you just interested in knowing the salary scale of insurance companies in Nigeria? Either way, this article on “insurance company salary in Nigeria” would be of relevance to you.

We wish to provide you with an overview of the insurance company's salary in Nigeria. Just keep reading to find out.

Firstly, it is relevant that you have an idea of what an insurance company is all about. This will help you decide whether working in an insurance company is the best fit for you.

Insurance Company salary in Nigeria

Insurance Company

An insurance company is an entity which provides insurance to an individual or group or an organization. An individual or group or organization would purchase insurance from an insurance company to safeguard themselves or their property against the risk of loss, damage, or theft (through disasters such as an accident, flooding, etc.)

 According to, an insurance company is a business that provides coverage, in form of compensation resulting from loss, damages, injury treatment or hardship in exchange for premium payments.

Insurance Company Salary in Nigeria

It is important to note or recognize the difference that comes with the payment of staff in the various insurance companies in Nigeria. As a result, the insurance company salary structure in Nigeria is influenced by some key factors.

Some of the factors include;

1.     Place of Employment

2.     Educational qualification

3.     Experience

4.     Area of specialty.

Let me explain better.

1.     Place of Employment:

It is important to note that there are differences when it comes to the salary structure of insurance companies in Nigeria. This is because various insurance companies in Nigeria have different financial strength or competencies. This also implies that some of these insurance companies in Nigeria would offer better pay than others.

Top Paying Insurance Companies in Nigeria

Below are the top-paying insurance companies in Nigeria;

·        Continental Reinsurance

·        Alico Insurance Plc.

·        African Alliance Insurance Company Ltd.

·        Acen Insurance Company

·        Niger Insurance Plc.

·        A&G Insurance

·        Consolidated Hallmark Insurance

·        Adic Insurance

·        Cornerstone Insurance Plc.

These highest paying insurance companies in Nigeria can pay its top personnel up to N650, 000 per month which can amount to N7, 800, 000 per annum

2.     Educational qualification:

Educational qualification is another important factor that determines how much you get paid in an insurance company. Those with a doctorate degree are professionally certified to earn higher than those with just a master’s degree.

3.     Experience:

Experience is another factor that determines promotions and also the salary offer in any insurance company in Nigeria.

4.     Area of specialty:

Your area of specialty is also a significant or a major factor that will determine how much you would get paid in any insurance company in Nigeria.

Some of the top-paying positions in any insurance company in Nigeria include;

·        Risk management director

·        Risk management supervisor

·        Risk modeling manager

·        Risk manager

·        Insurance manager

·        Insurance operations manager

·        Insurance sales director

·        Loss prevention specialist

·        Policy change director

·        Insurance program manager

·        Insurance project manager

·        Claims manager

·        Actuarial analyst

·        Auditing insurance manager

·        Insurance account manager

Average Insurance Company Salary in Nigeria

The average insurance company salary in Nigeria should be around N350, 000 which is around N4, 200, 000 per annum. Entry-level and junior staff would earn as low as N150, 000 per month which will amount up to N1, 800, 000. Top managers would earn as high as N800, 000 per month which will amount up to N9, 600, 000.           

Note: The salary provided above is only an estimate and is only for a guide. It can therefore be subject to change




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