Over the past five years, ten leading insurance companies have consistently captured the lion’s share of Nigeria’s motor insurance market, highlighting both the sector’s growth and the increasing awareness of vehicle insurance across the country.
This insight comes from the 2024 edition of the Nigeria Insurers Association (NIA) annual “Insurance Digest”, which analyzed premium trends and market performance from 2020 to 2024.
NEM Insurance Maintains Leadership
At the forefront is NEM Insurance Plc, which has dominated the motor insurance segment for over a decade. In 2024, the company posted:
- Comprehensive premiums: ₦23.483 billion
- Third-party premiums: ₦2.148 billion
- Third-Party Fire & Theft cover: ₦156.8 million
- Total gross premium: ₦25.8 billion
This represents a substantial increase from ₦20.1 billion in 2023 and ₦10 billion in 2020, demonstrating a strong upward trajectory in its motor insurance business. NIA notes that NEM Insurance first rose to the top in 2015 and has maintained its lead over competitors ever since.
Other Key Performers in Motor Insurance
Other top-performing insurers over the period include:
- Mutual Benefits Insurance Plc: ₦14.21 billion in total premiums
- Leadway Assurance Limited: ₦11.05 billion
- Custodian & Allied Assurance Ltd: ₦10.48 billion
- Consolidated Hallmark Insurance Ltd: ₦7.02 billion
- Sovereign Trust Insurance Plc: ₦6.45 billion
- AIICO Insurance Plc: ₦6.44 billion
- Coronation Insurance Plc: ₦5.61 billion
- Axamansard Insurance Plc: ₦5.36 billion
- Zenith Insurance Limited: ₦5 billion
The 2020–2024 period saw comprehensive premiums across leading insurers more than triple, reflecting stronger regulatory enforcement, improved awareness of the benefits of motor insurance, and the growing number of vehicles on Nigerian roads.
Factors Driving Growth in Motor Insurance
Despite being one of the most competitive segments of Nigeria’s insurance industry, motor insurance continues to expand due to:
- Enhanced regulatory compliance and enforcement by NAICOM
- Increased awareness among motorists about the importance of vehicle coverage
- Rising vehicle ownership and road traffic across Nigeria
- Competitive market practices among top insurers
The surge in premiums underscores a broader trend: motor insurance is becoming an essential component of Nigeria’s financial protection ecosystem, providing security for vehicle owners while boosting growth for insurers.
