10 Insurance  Firms Take  Lion Share of Motor Insurance  in Five Years 

Ebere Nwoji

Ten notable insurance companies took the lion share of motor insurance business in Nigeria in the past five consecutive years.

This was revealed by the umbrella body of insurance underwriters, the Nigeria Insurers Association (NIA)  in the latest edition of its  annual publication  “Insurance Digest,” 2024.

The publication said among these 10 top firms in the motor insurance business, NEM insurance took the leadership position by 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 represents a significant  increase from N20.1 billion in 2023 and N10 billion in 2020. NIA in the publication affirmed that with this continued strong performance, NEM Insurance  has solidified its leadership in Nigeria’s auto insurance market for over a decade.

It said the company first rose to the number one position in motor insurance in 2015 and has since maintained a growing lead over competitors.

Other insurance firms which also demonstrated steady growth within the period include 

Heirs Insurance, Sovereign Trust Insurance, Mutual Benefits Insurance and Leadway Assurance. 

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.

Also, 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 highlighted  significant evolution in Nigeria’s motor insurance sector showing that from 2020 to 2024, comprehensive premiums across leading insurers have more than tripled, with NEM Insurance leading this surge.

Apparently, this growth may have been driven by stronger regulatory enforcement and increasing awareness of the benefits of vehicle insurance among Nigerians.

Below is the performance of the ten firms as generated by the NIA 2024 digest:  NEM Insurance Plc –N25.79 billion, Mutual Benefits Insurance Plc– N14.21billion, Leadway Assurance Limited – N11.05 billion, Custodian & Allied Assurance Limited – 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 and Zenith Insurance Limited – N5 billion

Despite the over 200 per cent increase in premium payable on  motor insurance, it has remained  one of the most competitive segments within Nigeria’s insurance industry.

This has been attributed to awareness on value and importance of motor insurance among motorists and increase on number of vehicles plying Nigerian roads as well as regulatory compliance.