The Nigerian Insurers Association (NIA) has published its 2024 industry digest, ranking the leading insurance firms in motor underwriting and underscoring continued expansion and heightened competition within the segment.
The five-year performance review showed steady growth across the motor insurance market, reflecting stronger participation and rising premium volumes among major operators.
According to the report released in Lagos on Thursday, NEM Insurance Plc retained its position as the country’s top motor insurance underwriter in 2024, recording the highest premium income in the category.
The company generated N23.483 billion from comprehensive motor insurance, N2.148 billion from third-party policies and N156.8 million from third-party fire and theft cover, bringing its total motor premium to N25.8 billion.
This marked a substantial increase from the N20.1 billion recorded in 2023 and the N10 billion posted in 2020, highlighting sustained growth over the review period.
NEM Insurance first attained market leadership in motor underwriting in 2015 and has maintained its dominance for more than a decade, steadily widening the gap between itself and competitors.
Mutual Benefits Insurance Plc and Leadway Assurance Ltd. also posted strong results during the year. Mutual Benefits recorded N14.05 billion in comprehensive premiums and N157.08 million in third-party premiums, bringing its total to N14.21 billion, while Leadway Assurance reported total motor premiums of N11.05 billion.
Custodian and Allied Assurance Ltd. followed with N10.48 billion, while Consolidated Hallmark Insurance Ltd. posted N7.02 billion, placing both firms among the top five motor insurance underwriters for 2024.
Other insurers listed in the top ten included Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc and Zenith Insurance Ltd., all of which recorded varying degrees of growth during the period under review.
The data further revealed that comprehensive motor insurance premiums among leading firms more than tripled between 2020 and 2024, with NEM Insurance accounting for a sizeable share of the increase.
Industry analysts attributed the expansion to improved regulatory enforcement, rising vehicle ownership and growing public awareness of the need for motor insurance.
They noted that the motor insurance segment remains one of the most competitive areas of the industry, with sustained year-on-year growth among top players expected to drive further market development in the coming years.