Lagos — The Nigerian Insurers Association (NIA) has released its 2024 Digest, ranking the top 10 insurance companies by motor insurance underwriting and revealing sustained growth and heightened competition in the segment over the past five years.
According to the report, which was made available to journalists on Thursday in Lagos, NEM Insurance Plc retained its position as Nigeria’s leading motor insurance underwriter in 2024, recording the highest premium income in the category.
NEM Insurance posted ₦23.483 billion in comprehensive motor premiums, ₦2.148 billion in third-party premiums and ₦156.8 million from third-party fire and theft policies, bringing its total motor insurance premium to ₦25.8 billion for the year. This represents a significant increase from ₦20.1 billion recorded in 2023 and ₦10 billion in 2020.
The insurer first emerged as the market leader in motor insurance underwriting in 2015 and has maintained the top position for more than a decade, steadily widening its lead over competitors.
Mutual Benefits Insurance Plc and Leadway Assurance Ltd. followed with strong performances. Mutual Benefits generated ₦14.05 billion in comprehensive premiums and ₦157.08 million in third-party premiums, bringing its total motor premium to ₦14.21 billion, while Leadway recorded ₦11.05 billion.
Custodian and Allied Assurance Ltd. ranked fourth with ₦10.48 billion, closely followed by Consolidated Hallmark Insurance Ltd., which posted ₦7.02 billion, placing both companies among the top five motor insurance underwriters in 2024.
Other insurers that featured prominently in the ranking included Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc and Zenith Insurance Ltd., all of which recorded varying levels of growth during the review period.
The NIA data showed that comprehensive motor insurance premiums among leading insurers more than tripled between 2020 and 2024, with NEM Insurance accounting for a substantial share of the expansion.
Industry analysts attributed the growth in the motor insurance segment to stronger regulatory enforcement, rising vehicle ownership and increasing awareness of the importance of motor insurance among Nigerians.
They noted that the segment remains one of the most competitive in the industry and is expected to continue expanding in the coming years, supported by consistent year-on-year growth among major players.
