Coronation Insurance Plc.
“Can a 1958-founded Nigerian underwriter become the embedded-insurance rail behind West Africa's banks and fintechs?”
Founded1958
HQ119 Awolowo Road, Ikoyi, Lagos, Nigeria
IndustryFintech / Insurtech
The story
Founded in 1958 as WAPIC, one of Nigeria's oldest insurance underwriters, the company was rebranded to Coronation Insurance under the Coronation Group umbrella. The group has since pushed the insurer toward embedded and digital distribution — launching self-service retail, claims and marine portals in 2024-2025 to sell insurance directly through banks, fintechs, and agents rather than traditional brokers. The bancassurance partnership with Access Bank is the anchor embedded-distribution channel, alongside experimentation with cross-border remittance corridors via Access Holdings and M-PESA.
Last 12 months
Product timeline
1958
Founded as West African Provincial Insurance Company (WAPIC), licensed to underwrite all classes of insurance· banking
2019
Rebranded from Wapic Insurance to Coronation Insurance following Coronation Group ownership· pivot
2024
Coronation Group, Access Holdings, Safaricom and M-PESA Africa announce remittance corridor partnership between East and West Africa· banking
2025
Launched Coronation Retail Portal, Claims Portal and Marine Insurance Portal to embed insurance into everyday financial platforms· pivot
2026
Coronation Insurance and Coronation Life Assurance cleared new NAICOM recapitalization capital hurdles with fresh fund raise· banking
Regulated entities
3
regulatory licences held by Coronation Insurance Plc.
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Coronation Insurance Plc. was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
3 layers disclosed in Coronation Insurance Plc.’s embedded-finance stack
Payments / PSP
Insurance
in the full report
Investing
in the full report
Accounting gap: none
6 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.