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Quick Summary
On 19 October 2026, a fire at Bodija foodstuffs market in Ibadan destroyed 15 shops and millions of naira in goods – a tragedy that could have been softened with proper insurance. Most market traders rely on basic fire cover, but Custodian and Allied Insurance Limited offers a comprehensive SME Insurance bundle that includes fire, burglary, goods-in-transit, occupiers’ liability, and more. This 2026 guide breaks down Custodian’s products, pricing, claims process, and how it stacks up against competitors like Mutual Benefits and AXA Mansard – so you can decide if it’s the right protection for your business.
Quick Answer: What Custodian and Allied Insurance Offers Market Traders
Custodian and Allied Insurance Limited (a subsidiary of Custodian Investment Plc, listed on the NGX) provides a flexible SME Insurance policy that bundles six covers: Fire & Special Perils, Burglary, Goods-in-Transit, Group Life & Personal Accident, Motor Insurance, and Occupiers’ Liability. With N152.7 billion in total assets and N100.89 billion in insurance revenue (2025 annual report), it is one of Nigeria’s most financially robust insurers. For individual market traders who want end-to-end protection from a single policy, Custodian is a top choice – though group plans through market associations may be cheaper.
Key Takeaways
- Custodian’s SME Insurance covers fire, burglary, goods-in-transit, occupiers’ liability, group life, and motor – far beyond basic fire cover.
- With N152.7 billion in assets and a clean regulatory record, Custodian has the capacity to pay large claims.
- Pricing is not published; you must request a quote. Expect premiums of 0.1%–0.5% of sum insured for fire cover.
- Mutual Benefits Assurance has a stronger market-trader footprint via group plans (e.g., Ladipo Market), while AXA Mansard offers a more digital experience.
- Occupiers’ liability insurance is compulsory by law (Section 65, Insurance Act 2003) – Custodian includes it in the bundle.
- Keep an updated inventory and receipts to speed up claims.
1. Introduction
On Monday, 19 October 2026, fire razed 15 shops at Bodija foodstuffs market in Ibadan, destroying property worth millions of naira. Source: Punch NG This is not an isolated incident – market fires happen with alarming regularity across Nigeria, from Onitsha to Kano, from Lagos to Port Harcourt. Yet most market traders carry no insurance beyond, at best, a basic fire policy that covers little else.
The hard truth: a fire-only policy leaves you exposed. What about the goods stolen overnight when security is thin? What about the goods damaged while being transported from Mile 12 to your shop? What about the customer who trips and hurts themselves in your stall? That is where Custodian and Allied Insurance Limited comes in with a comprehensive SME Insurance package that goes far beyond basic fire cover.
Custodian and Allied Insurance Limited (a wholly-owned subsidiary of Custodian Investment Plc, listed on the NGX) offers a bundled SME Insurance product covering Fire & Special Perils, Burglary, Goods-in-Transit, Group Life & Personal Accident, Motor Insurance, and Occupiers’ Liability Insurance – all in one flexible policy. Source: Custodian SME Insurance page This article provides a 2026 update with real financials from Custodian’s 2025 annual report, a product-by-product breakdown, direct comparison with competitors like Mutual Benefits Assurance Plc and AXA Mansard, and an honest verdict on who should buy – and who should stay away.
2. Company Overview: Who Is Custodian and Allied Insurance Limited?
Custodian and Allied Insurance Limited was incorporated on 16 March 2007 as Crusader General Insurance Limited. Following a merger, it was renamed in March 2013. Today, it is a wholly-owned subsidiary of Custodian Investment Plc, one of Nigeria’s leading financial services groups, listed on the Nigerian Exchange (NGX). Source: 2025 Annual Report
Financial Strength as at 31 December 2025
| Metric | Value |
|---|---|
| Insurance Revenue | N100.89 billion |
| Profit Before Tax | N26.17 billion |
| Total Assets | N152.71 billion |
| Total Equity | N66.77 billion |
These numbers place Custodian among the top-tier composite insurers in Nigeria by revenue and profitability. The company is licensed by the National Insurance Commission (NAICOM) under the Insurance Act, and it maintains the required solvency margin – though NAICOM does not publicly disclose individual insurer solvency ratios, Custodian’s clean regulatory record and strong equity base indicate compliance.
Market positioning: Custodian is best known for motor insurance, home insurance, life assurance, and business insurance. It operates through a network of branches and agents across the country, and also distributes via bancassurance arrangements with banks in the Custodian Investment group.
For market traders, the key takeaway is that Custodian is a financially robust insurer – you want an insurer that can actually pay a large claim if a fire clears your entire stock. With N152.7 billion in assets, Custodian has the capacity.
3. Insurance Products for Market Traders
Custodian offers several products relevant to a market trader, but the star is the Custodian SME Insurance policy. Let me break down each component.
Custodian SME Insurance (the bundle)
This is a flexible combined policy designed for small and medium enterprises. According to the product page, it includes the following classes of cover, which you can pick and choose:
| Cover Class | What It Protects | Why a Market Trader Needs It |
|---|---|---|
| Fire & Special Perils | Stock, buildings, fixtures, machinery against fire, lightning, explosion, earthquake, aircraft, riot, storm, flood, bush fire etc. | The most obvious – a fire can wipe out months of inventory. |
| Burglary & Housebreaking | Stock and cash stolen after forced entry | Night theft from locked shops is common in many markets. |
| Goods-in-Transit | Goods being transported by road, rail, or inland waterway | If you buy goods from suppliers or send to customers, damage/loss en route is covered. |
| Group Life & Personal Accident | Death or permanent disability of employees or the trader | Provides financial support to family if the worst happens. |
| Motor Insurance | Delivery vehicles (third party or comprehensive) | For any vehicle used to move goods. |
| Occupiers’ Liability | Injury to third parties (customers, visitors) on the business premises | Compulsory by law for any building open to the public under Section 65 of the Insurance Act 2003. Many traders don’t know this. |
Standalone Fire/Special Perils Insurance
If you only want fire cover without the bundle, Custodian offers a standalone Fire/Special Perils policy that covers buildings, furniture & fittings, plant & machinery, and stock-in-trade against 11 named perils: fire, lightning, explosion, earthquake, aircraft, riot, strike, malicious damage, storm, flood, and bush fire. Flood cover is included – a big plus for traders in flood-prone markets.
Goods-in-Transit (GIT) Insurance
Standalone GIT insurance covers loss or damage to goods while in transit by road, rail, or inland waterway. Two options: All Risks or Restricted cover. Essential for traders who move stock between markets or from suppliers.
Occupiers’ Liability Insurance
This is compulsory for any shop or stall the public can enter. Custodian bundles it in the SME policy. If a customer slips on a wet floor or gets hit by a falling display, this covers your legal liability.
Real-world application
Imagine you are a trader at Bodija Market in Ibadan. You could bundle:
- Fire cover for your shop contents (N2 million worth of goods)
- Burglary cover for overnight theft
- GIT for goods coming from Sango or Ilorin
- Occupiers’ liability to stay legally compliant
That is a comprehensive risk transfer – far better than a basic fire policy.
Exclusions to note: Like all policies, Custodian’s excludes war, nuclear risks, wear and tear, and intentional damage. Read the policy document carefully.
4. Pricing in Nigerian Naira
Here is the honest truth: Custodian does not publish standard Naira premiums for any of these products. Pricing depends on several factors:
- Sum insured (how much stock, building, etc. you want to cover)
- Location (high-risk markets cost more)
- Risk profile (security, fire extinguishers, etc.)
- Specific covers selected
However, based on industry norms (which Custodian follows), here are typical premium ranges for market traders:
| Cover | Typical Premium (% of sum insured per year) | Example: N1 million cover |
|---|---|---|
| Fire & Special Perils (contents) | 0.1% – 0.5% | N1,000 – N5,000 |
| Burglary | 0.2% – 0.4% | N2,000 – N4,000 |
| Goods-in-Transit | Varies by value + distance | Get a quote |
| Occupiers’ Liability | Flat rate based on size/footfall | Likely N2,000 – N10,000 |
| Bundle (SME Insurance) | Negotiated discount compared to standalone | Potentially 10–20% off |
Important: These are estimates only – not Custodian’s actual rates. To get a real quote, visit Custodian’s products page and request a quote online or speak to an agent. You will need to provide details of your business and desired sums insured.
Comparison with Mutual Benefits Assurance Plc: Mutual Benefits, with 85 branches (55 in rural areas), has partnered with the Ladipo Market Traders Association to cover over 20,000 traders under a group insurance plan that likely offers lower per-person premiums. If you belong to a market association, group insurance through Mutual Benefits or similar insurers may be cheaper. But if you want a fully customised individual policy, Custodian’s SME Insurance gives you more flexibility.
Note: As of 2026, NAICOM has not announced new compulsory premium tariffs for market insurance. Premiums remain market-driven.
5. Claims Process: How Easy Is It to Get Paid?
The real test of any insurance is the claims experience. Here is how Custodian’s process works for market traders.
Filing a claim
- Report immediately – for fire or burglary, within 24 hours. For GIT, report as soon as damage is discovered.
- Contact Custodian via phone, email, or in-person at a branch. They have a claims department. Digital submission is possible but not as streamlined as fully digital insurers like (say) CompareX.
- Submit documents:
- Completed claim form
- Police report (for burglary/theft)
- Photos of damage
- Inventory of lost/damaged goods
- Purchase receipts (where available)
- Adjuster inspection – Custodian will send an adjuster to verify the loss.
- Settlement – for straightforward motor claims, Custodian aims for 7–14 days. Business claims (fire, burglary) take longer because of the adjustment process.
Claim settlement ratio
Custodian does not publicly disclose its claims settlement ratio by line of business. However, the 2025 Annual Report shows the company maintained adequate insurance reserves (part of total liabilities). No regulatory penalties for delayed claims have been recorded against Custodian in 2026.
Customer feedback
A mixed picture: some customers on social media praise quick motor claims; others report delays on complex fire claims. The lesson: keep an updated inventory and receipts – this speeds up assessment significantly.
Tips for market traders
- Take photos of your stock and shop setup regularly (e.g., weekly) as proof.
- Keep receipts for major stock purchases.
- Renew on time – a lapsed policy means zero cover.
- Read the policy exclusions – e.g., if you store flammable goods without a fire extinguisher, the insurer may reduce payout.
6. Regulatory Compliance: FCCPC and CBN Standards
Custodian operates within Nigeria’s regulatory framework. Here is what you should know:
NAICOM compliance
- Custodian holds a valid composite insurance license under the Insurance Act 2003.
- It files annual returns and meets solvency margin requirements – confirmed in the 2025 Annual Report which states compliance with prudential guidelines.
- No record of regulatory sanctions or enforcement actions in 2025 or 2026.
FCCPC guidelines
The Federal Competition and Consumer Protection Commission (FCCPC) requires insurance providers to:
- Provide transparent terms and conditions
- Offer fair withdrawal/cancellation rights (typically 30-day free look period)
- Maintain effective dispute resolution mechanisms
Custodian’s policy documents include these provisions. No known FCCPC fines or complaints against Custodian as of October 2026.
CBN circulars
For bancassurance products sold through banks, Custodian complies with CBN’s risk-based capital rules and guidelines for direct/indirect marketing of insurance products through bank branches. The Custodian Investment group owns a commercial bank (Custodian Bank – not to be confused with its parent), which strengthens distribution.
Recent industry developments
During the 2026 Insurance Week, the Chartered Insurance Institute of Nigeria (CIIN) intensified market campaigns targeting informal traders. Source: Guardian NG AXA Mansard, Noor Takaful, and Enterprise Life participated. Custodian was not named as a participant in that specific event, but it shows the industry is actively pursuing market traders – a good sign for increasing product availability and awareness.
For more on how to verify an insurer’s license, see our guide: How to Check if a Microfinance Bank or Fintech Is Licensed in Nigeria – the same principles apply to insurance companies.
7. Custodian and Allied vs Top Competitors for Market Traders
Let’s compare Custodian’s offering with the two biggest competitors for market traders: Mutual Benefits Assurance Plc and AXA Mansard Insurance Plc.
| Feature | Custodian & Allied Insurance | Mutual Benefits Assurance | AXA Mansard Insurance |
|---|---|---|---|
| SME-specific product | Yes – Custodian SME Insurance (bundles fire, burglary, GIT, occupiers’ liability, group life, motor) | Yes – group insurance plans for market associations (e.g., Ladipo Market partnership) | Yes – Business Insurance Plan (contents, public liability, GPA, group life, health) |
| Fire & Special Perils | Yes – 11 perils including flood and bush fire | Yes – likely similar coverage (product page not reviewed) | Yes – Contents Cover under Business Insurance Plan |
| Goods-in-Transit | Yes – standalone or in SME bundle | Not specifically advertised for market traders | Included in Business Insurance Plan? Not explicitly listed on website |
| Occupiers’ Liability | Yes – compulsory, in SME bundle | Likely available | Yes – Public Liability Cover |
| Group Life/Personal Accident | Yes – in SME bundle | Yes – group insurance for associations | Yes – Group Personal Accident & Group Life |
| 2025 Insurance Revenue | N100.89 billion | N80.05 billion Source | Not disclosed (company is private) |
| 2025 Total Assets | N152.71 billion | N176.25 billion | Not disclosed |
| Branches | Major cities + brokers/agents | 85 branches (55 rural) Source | Major cities + digital |
| Digital claims submission | Limited (phone/email/branch) | Limited | More advanced – online portal |
| Market-specific partnership | No public partnership | Yes – Ladipo Market (20,000+ traders) Source | Participated in CIIN market campaign |
| Regulatory compliance | Clean record | Clean record (exceeded NAICOM recapitalisation: N10bn Life, N15bn General) | Clean record |
Key observations
- Mutual Benefits has the strongest market trader footprint through its Ladipo Market partnership. If you belong to a market association, you may get cheaper group rates from Mutual Benefits.
- AXA Mansard offers a cleaner, more digital experience and includes health insurance in its SME plan – a unique selling point.
- Custodian offers the most comprehensive bundle with GIT and occupiers’ liability standard in the SME policy, plus the highest insurance revenue (N100.89 billion) among the three – a proxy for market scale and capacity to pay large claims.
For a deeper look at motor insurance options, read our comparison: Comprehensive Motor Insurance: Leadway vs. AIICO vs. AXA Mansard.
8. Verdict: Who Should Buy – and Who Shouldn’t
Who should buy Custodian and Allied SME Insurance?
- ✅ Individual market traders with a permanent shop – you need the bundle of fire, burglary, and occupiers’ liability. Bodija fire victims would have received compensation if insured.
- ✅ Traders who move goods in transit – if you regularly transport stock from suppliers or between shops, the GIT cover is essential.
- ✅ Traders who want a single policy instead of juggling multiple insurers – Custodian’s SME Insurance bundles everything.
- ✅ Traders dealing with high-value stock (e.g., electronics, spare parts, textiles) – the potential loss is too big to self-insure.
Who should NOT buy Custodian?
- ❌ Traders who belong to a strong market association that already has a group insurance deal – the group rates from Mutual Benefits at Ladipo Market are likely cheaper per head. Check if your association has a bulk plan before buying individual.
- ❌ Traders who prefer digital-first insurance – Custodian’s claims process is branch/agent dependent. If you want to buy and claim entirely via an app, AXA Mansard or a technology-driven insurer might suit you better.
- ❌ Traders who only want flood cover – while Custodian includes flood in Fire/Special Perils, if flood is your primary concern (e.g., traders in Lagos Island flood zones), a standalone flood policy from another insurer might be more cost-effective.
- ❌ Low-income traders with minimal stock – if your total stock is less than N200,000, the premium for a full bundle may not be worth it. Consider a basic fire-only policy or a group plan instead.
9. Frequently Asked Questions
Is Custodian and Allied Insurance registered with NAICOM?
Yes, Custodian holds a valid composite insurance license from NAICOM and complies with all regulatory requirements as confirmed in its 2025 Annual Report.
Does the SME Insurance cover flood damage?
Yes – flood is one of the 11 perils listed under the Fire & Special Perils cover in the SME Insurance bundle. Source: Product page
Can I insure only my stock without insuring the building?
Yes – the Fire/Special Perils policy allows you to cover stock-in-trade separately from buildings. You can choose to cover only the contents of your shop.
Do I need a BVN or NIN to buy business insurance?
Typically, yes – insurers require a means of identification (NIN, driver’s licence, international passport) for Know Your Customer (KYC) compliance. BVN is not mandatory for general insurance but may be requested for group life policies.
How long does a fire claim take to settle?
Custodian does not publish a standard timeline for fire claims. Based on industry norms, expect 2–4 weeks after the adjuster’s report is submitted, provided all documents are in order.
Is Occupiers’ Liability really compulsory?
Yes – Section 65 of the Insurance Act 2003 makes it mandatory for any building to which the public has access for business purposes. Failure to have this cover can lead to fines and legal liability if an accident occurs.
10. What to Do Next
For more guidance on protecting your business, see our Business Loan Readiness Checklist for Nigerian SMEs and Internal Controls for Nigerian SMEs.