Nigeria’s top 10 motor insurance underwriters in 2024

The latest figures from the Nigerian Insurers Association (NIA) Digest reveal the leading players in Nigeria’s motor insurance market over the past five years, highlighting significant growth and competitive trends among the country’s top insurers.

NEM Insurance Plc has emerged as the dominant player, consistently recording the highest motor insurance premiums. In the 2024 financial year, the company posted N23.483 billion in comprehensive premiums, N2.148 billion in third-party premiums, and N156.8 million in Third Party Fire & Theft policy cover, bringing its total gross premium to N25.8 billion.

This performance marks a substantial increase from N20.1 billion in 2023 and N10 billion in 2020. With this continued strong performance, NEM Insurance Plc has solidified its leadership in Nigeria’s auto insurance market for over a decade. The company first rose to the number one position in motor insurance in 2015 and has since maintained a growing lead over competitors.

Mutual Benefits Insurance and Leadway Assurance have also demonstrated steady growth. In 2024, Mutual Benefits recorded N14.05 billion in comprehensive premiums and N157.08 million in third-party premiums, totalling N14.2 billion, while Leadway Assurance achieved N11.05 billion in total premiums.

Other notable insurers in the motor insurance sector include Custodian & Allied Assurance Limited with N10.48 billion, and Consolidated Hallmark Insurance Limited with N7.02 billion, both ranking among the top five leaders in 2024.

Additionally, AIICO Insurance Plc, Coronation Insurance Plc, Sovereign Trust Insurance Plc, Axamansard Insurance Plc, and Zenith Insurance Limited have shown varying growth trajectories over the five-year period.

The data highlights significant evolution in Nigeria’s motor insurance sector. From 2020 to 2024, comprehensive premiums across leading insurers have more than tripled, with NEM Insurance leading this surge. This growth is driven by stronger regulatory enforcement and increasing awareness of the benefits of vehicle insurance among Nigerians.

Top Motor Insurance Companies in Nigeria by Premium Generated in 2024 (NIA Digest):

NEM Insurance Plc –N25.79 billion
Mutual Benefits Insurance Plc – N14.21billion
Leadway Assurance Limited – N11.05 billion
Custodian & Allied Assurance Ltd – N10.48 billion
Consolidated Hallmark Insurance Ltd – N7.02 billion
Sovereign Trust Insurance Plc – N6.45 billion
AIICO Insurance Plc – N6.44 billion
Coronation Insurance Plc – N5.61 billion
Axamansard Insurance Plc – N5.36 billion
Zenith Insurance Limited – N5 billion

Analysts note that the motor insurance sector remains one of the most competitive segments within Nigeria’s insurance industry, with NEM Insurance clearly setting the pace. The consistent year-on-year growth by top players reflects rising vehicle ownership and improved regulatory compliance, signaling continued expansion in the years ahead.