Ten insurance companies accounted for the bulk of Nigeria’s motor insurance business over the past five years, according to the latest Insurance Digest 2024 published by the Nigeria Insurers Association (NIA).
The report named NEM Insurance as the market leader, having consistently posted the highest premium volumes in the motor segment. In the 2024 financial year alone, the company recorded N23.48 billion in comprehensive motor premiums, N2.15 billion in third-party premiums and N156.8 million in third-party fire and theft cover, bringing its total motor premium income to N25.8 billion.
This marks a sharp rise from N20.1 billion in 2023 and N10 billion in 2020, reinforcing NEM’s dominance of Nigeria’s auto insurance market. The NIA said the company first climbed to the top spot in 2015 and has maintained a widening lead ever since.
Other insurers that recorded strong and steady growth during the period include Heirs Insurance, Sovereign Trust Insurance, Mutual Benefits Insurance and Leadway Assurance, underscoring growing competition in Nigeria’s motor insurance segment.
