Leadway Assurance

Leadway Assurance: Complete Guide to Nigeria’s Leading Insurance Company (2026)

In Nigeria’s dynamic financial services landscape, Leadway Assurance stands as a beacon of reliability and innovation. Founded in 1970 by Sir Hassan O. Odukale, this insurance giant has grown from humble beginnings to become Nigeria’s first insurance company to surpass N100 billion in total premium collection.

Whether you’re looking for motor insurance, life coverage, health plans, or specialized business protection, understanding what Leadway Assurance offers can help you make informed decisions about protecting your assets and loved ones.

The Inspiring Story Behind Leadway Assurance

A Bold Beginning (1970-1971)

The story of Leadway Assurance is one of courage, vision, and unwavering determination. In 1970, Sir Hassan O. Odukale had a dream: to create an insurance company that would serve Nigerians with integrity and excellence.

But there was a significant obstacle. The Central Bank of Nigeria required a statutory deposit of N50,000, a substantial sum at the time. Undeterred, Sir Hassan made a decision that would define his legacy: he mortgaged his own home to secure the required capital.

This act of faith paid off. Leadway Assurance began operations in 1971, initially focusing on direct motor insurance. The company’s commitment to customer service and reliable claims settlement quickly earned it a reputation for trustworthiness.

Growth and Milestones

• Late 1970s: Expanded into life insurance for comprehensive family protection
• 1980s: Transitioned to corporate market through broker collaborations
• 1994: Mr. Oye Hassan-Odukale became Managing Director and CEO
• 2013: Established 16 locations and 22 agency offices nationwide
• 2023: Historic milestone – N104.4 billion in total premiums collected

Leadway Assurance Today: By the Numbers

As of 2026, Leadway Assurance boasts impressive financial credentials:

Financial Metric	Amount (2022-2023)
Total Assets	Over N535 billion
Shareholders’ Funds	N67.8+ billion
Total Premium Collection (2023)	N104.4 billion
Claims Paid (2023)	N67.1 billion

These figures demonstrate not only the company’s financial strength but also its commitment to honoring claims promptly, a critical factor when choosing an insurance provider.

Complete Product Portfolio

1. Motor Insurance

Private Motor Insurance:

• Third-Party Coverage: Meets legal requirements
• Comprehensive Coverage: Protects against theft, accidents, fire, and natural disasters
• Windscreen Protection: Glass damage coverage

Commercial Motor Insurance:

• Fleet management solutions
• Coverage for trucks and delivery vans
• Customizable plans based on usage

Benefits:

• Fast claims processing
• Nationwide network of approved repair shops
• 24/7 emergency assistance
• Competitive premiums

2. Property Insurance

Residential Property Insurance:

• Protection against fire, theft, and natural disasters
• Coverage for building structure and contents
• Alternative accommodation during repairs
• Personal liability coverage

Commercial Property Insurance:

• Office buildings and warehouses
• Business equipment and inventory
• Business interruption coverage

3. Life Insurance

Term Life Insurance:

• Affordable coverage for a specified period
• Death benefit paid to beneficiaries
• Optional riders for critical illness

Whole Life Insurance:

• Lifetime coverage with cash value accumulation
• Investment component for wealth building
• Loan facilities against policy value

Group Life Insurance:

• Employer-sponsored coverage
• Competitive group rates
• Simplified enrollment

4. Health Insurance (Leadway Health)

Leadway Health is the HMO subsidiary, recognized as “HMO of the Year” in 2023.

Plans Available:

• Individual health plans
• Family coverage packages
• Corporate group enrollment
• Maternity care (selected plans)

Digital Features:

• Mobile app for policy management
• Telemedicine services
• Digital health tracking
• Geo-location for hospitals and pharmacies
• Over 500 healthcare providers nationwide

5. Other Insurance Products

Travel Insurance:

• Medical emergencies abroad
• Trip cancellation coverage
• Lost baggage protection
• 24/7 global assistance

Savings & Investment Insurance:

• Endowment plans with guaranteed returns
• Education savings plans
• Retirement planning
• Annuity products

Business Insurance:

• Marine and aviation coverage
• Engineering insurance
• Oil, gas & power sector protection
• Bonds and guarantees
• Professional indemnity

How to Get Insurance with Leadway Assurance

Step 1: Determine Your Needs

Assess what you need to protect: vehicle, home, family’s future, health, or business operations.

Step 2: Get a Quote

• Online: Visit Leadway Assurance website
• Offline: Visit any office or call customer service
• Through Brokers: Work with insurance agents

Required Documents:

• Valid identification (National ID, Driver’s License, Passport)
• Proof of address
• Vehicle documents (for motor insurance)
• Property valuation (for property insurance)
• Medical questionnaire (for life/health insurance)

Payment Options:

• Bank transfer
• Online payment platforms
• Direct debit
• Cash at Leadway offices
• Mobile money (selected plans)

You’ll receive your insurance certificate, policy schedule, terms and conditions, and claims procedure information.

Claims Process: What You Need to Know

Leadway Assurance paid N67.1 billion in claims in 2023, demonstrating strong commitment to customers.

How to File a Claim

Step 1: Report Immediately

• Call the 24/7 claims hotline
• Provide policy number and incident details

Step 2: Gather Documentation

• Police report (for theft/serious accidents)
• Photos of damage
• Medical bills and receipts (health claims)
• Repair estimates

Step 3: Submit Your Claim

• Online through portal or mobile app
• Email to claims department
• In-person at any office

Step 4: Claim Assessment

Claims adjuster reviews documentation and verifies coverage.

Step 5: Settlement

Payment via direct transfer, to service providers, or by cheque.

Average Processing Times

Claim Type	Processing Time
Health Insurance	24-48 hours
Motor Insurance (minor)	3-5 business days
Motor Insurance (major)	7-14 business days
Property Insurance	7-21 business days
Life Insurance	14-30 business days

2026 Innovations and Future Focus

Digital Transformation

• Enhanced mobile app with AI-powered chatbots
• Blockchain integration for secure claims
• More digital payment options

Women-Focused Insurance (Launched April 2025):

Partnership with PlanB Insurance offering three bundles:

• Bloom: Entry-level for young women and startups
• Flourish: Mid-tier for growing families
• Thrive: Premium for established professionals

Focus Areas:

• Tailored solutions for youth and SMEs
• Agricultural insurance with climate protection
• Merchant insurance (partnership with Paga)
• Financial inclusion in underserved markets

Frequently Asked Questions

1. Is Leadway Assurance reliable?

Yes. With over 50 years of operations, N535+ billion in assets, and N67.1 billion paid in claims (2023), Leadway demonstrates strong financial health and commitment to customers.

2. What is the minimum motor insurance premium?

Premiums vary based on vehicle value, coverage level, and driver profile. Third-party coverage typically starts from N15,000-N25,000 annually. Contact Leadway for accurate quotes.

3. Can I pay premiums in installments?

Yes. Leadway offers flexible payment options including annual, semi-annual, quarterly, and monthly payments depending on the product.

4. Does Leadway Health cover pre-existing conditions?

Coverage varies by plan. Some exclude pre-existing conditions, others cover them after a waiting period (6-12 months). Always disclose conditions during enrollment.

5. How do I renew my policy?

Renewal options include online (website/app), phone, email, or in-person at any office. You’ll receive reminders 30 days before expiration.

Conclusion

Leadway Assurance represents more than just an insurance company, it’s a testament to Nigerian entrepreneurship and commitment to excellence. From Sir Hassan O. Odukale’s bold decision to mortgage his home in 1970 to becoming Nigeria’s first insurer to surpass N100 billion in premiums, Leadway’s journey is inspiring.