You are here
Home > BUSINESS > Leadway presents low premium products for Nigerians’ daily need

Leadway presents low premium products for Nigerians’ daily need

Please follow and like us:

  • 0
  • Share

The future of insurance industry lies in the retail market embedded in the grassroots. Despite the huge population the country is blessed with, low insurance penetration remains a major issue. The industry has been targeting the upper class, but the market now resides in the middle and the lower classes.

This is why Leadway Assurance Co. Ltd designed tailor made and innovative products that can meet the daily needs of Nigerians. The company believes that this will go a long way in deepening insurance penetration. our visibility through effective use of technology.


Our Products

Hospital Cash: It is designed to provide daily financial benefits for hospitalisation arising from accidental injuries or illness of persons below the ages of 65 years. This plan can be accessed for as low as N500 premium per month.

Home-Flexa: As the name implies, it’s a flexible insurance products that covers personal accident, property loss, property damage, private health plan and family benefit. This product is quite affordable especially for the low-income earners and with a monthly payment of N1, 074.00,  you can claim up to N220,000 benefits within the policy period.

Motor insurance (Leadway Auto Plan): This is a motor plan which offers coverage against loss or damage to vehicles as well as damage to third party vehicles, properties and injury or death as a result of an accident involving the insured vehicle(s). There are different plans, which includes Silver, Gold and Platinum covers.

Leadway BOSS (L-BOSS): This is a  product that protects small and medium-size business against various risks like material damage to business, burglary, employee medical expenses in one single plan; for a premium as low as N92,750 depending on the plan chosen. Nonetheless, flexible premium is allowed i.e. it can be paid annually, semi-annually, quarterly or monthly.

L-Happy: This product protects all your assets including your household members against the risks of fire, theft, personal accident, medical expense etc. on your assets such as; Household building and/or contents, Motor, Personal Accident and Legal Occupier’s liability. It comes in Basic, Bronze, Silver, Gold and Platinum Plan covers with annual limit coverage up to N55 million. Premium can be paid annually, semi-annually, quarterly or monthly basis.


Brief history of Leadway Incorporation

Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971.  The company’s business operation started  in Kaduna from where it spread to other parts of the federation.  At present, Leadway has over 24 Branch Offices with Kaduna serving as the Registered Office and Lagos, the Corporate Office.


The Founder

The Founder, Sir (Dr.) Hassan Olusola Odukale’s vision was to build an insurance company that will serve the interest of insureds; responding to losses promptly and able to compete with other international insurers.  This vision was driven by a team that included some of its past chairman Alhaji Hassan Hadejia (immediate Past Chairman) Alhaji Mohammed Faruku and Pastor Jaiyeola Oni (former General Manager).

Sir (Dr) Hassan O. Odukale insurance business started as an agency representing the interests of Royal Exchange Assurance Nigeria in the northern part of Nigeria. It later transformed to Gaskiya Insurance Brokers before it was re-registered as Leadway Assurance Company Limited.  During this time, Sir Odukale knew little or nothing about the sector. However, by dint of hard work, confidence and honesty Sir Odukale and his partners were able to build a business that has successfully outlived them. The highly honoured insurance practitioner passed on in 1999.  He was a Fellow of Chartered Insurance Institute of Nigeria (1995) and a Paul Harris Fellow.


Business Operations

At the beginning, the company had to survive on the goodwill of many companies including Northern Nigerian Development Company (NNDC), which gave it rent relief and Bank of the North. The Founder, Sir. Odukale also mortgaged his house to raise the N50,000 statutory deposit to Central Bank of Nigeria, (CBN).

One of the major factors that kept Leadway afloat over the years was that Sir Odukale and his successors strategically, shifted the focus of the business from traditional motor and life business to achieve stability and phenomenon growth in other allied insurance businesses, even though motor and Life insurance still constitute a big chunk of its business.

In late seventies the company started operating in Lagos market. The big break from a traditional retail underwriting business to the big corporate underwriter came in the eighties when it started working with brokers. The big break for Leadway was in 1982, when a Broker gave the company the opportunity to participate in the underwriting of some marine insurance businesses. However, one of these policies resulted in a claim of about $1 million.  To the surprise of industry watchers, the claim was promptly paid up. The success of this claim opened a new vista of opportunities for Leadway and drastically changed its business operations as it was able to penetrate into corporate organisations and the lucrative Lagos market.

Leadership Change

In 1994, there was a changed in the mantle of Leadership.  Mr. Oye Hassan- Odukale, became the MD/CEO and in less than 10 years, the company was repositioned to an enviable height through the discovery of other sources of investments outside the insurance sector. These includes investment in quoted government bonds, public and private companies.



Following the wise investment strategies, the company has always witnessed a steady growth.  For instance, the Net Premium Written grew from  N2.4 billion in 2003 to N3.3 billion in 2004, N3.9 billion (2005) and N4.9 billion in 2006.  Likewise, Profits after Tax over the same period moved from N306 million to N520 million in 2006. The Assets Base also witnessed a tremendous growth. From the N5.9 billion mark in 2003 to N16.4 billion in 2006. The company in the 2016 financial year paid N23.06 billion claims to Nigerians.



The company’s recapitalisation exercise did not impose any major threat to the company.  As at 31st December 2006, the company’s Shareholders’ funds was N9.4 billion.  This amount was internally generated through shareholders. The company’s attraction as a good investment was not limited to Nigerians, as International Finance Corporation (IFC) is currently an institutional investor ($13.2 million) in the company. As at 31st December 2012, shareholders fund stands at N11.7billion.

The post Leadway presents low premium products for Nigerians’ daily need appeared first on The Nation Nigeria.

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply