Nigeria’s motor insurance segment has emerged as one of the most dynamic battlegrounds in the industry, with fresh figures from the Nigerian Insurers Association (NIA) Digest showing how leading underwriters are reshaping the market through scale, consistency, and aggressive premium growth.
At the centre of this momentum is NEM Insurance Plc, which once again set the pace in 2024, reinforcing its status as the industry’s undisputed motor insurance leader. The company posted a total motor premium of approximately ₦25.8 billion, driven by ₦23.483 billion from comprehensive motor policies, ₦2.148 billion from third-party cover, and ₦156.8 million from Third Party Fire and Theft insurance.
The performance marks a steady climb from ₦20.1 billion in 2023 and just ₦10 billion in 2020, highlighting NEM’s ability to sustain growth across market cycles. Having occupied the top spot since 2015, the insurer has not only maintained its lead but also expanded the gap between itself and competitors.
Behind NEM, a cluster of insurers is intensifying competition in the middle tier of the market. Mutual Benefits Insurance Plc strengthened its presence with total motor premiums of about ₦14.2 billion, largely on the back of comprehensive motor underwriting. Leadway Assurance Limited followed closely, recording ₦11.05 billion, underlining its continued relevance in one of the industry’s most volume-driven lines of business.
The contest remained tight among the next set of players. Custodian & Allied Assurance Limited ranked fourth with ₦10.48 billion, while Consolidated Hallmark Insurance Limited completed the top five with ₦7.02 billion. Other insurers, including Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc, and Zenith Insurance Limited, featured in the top 10, reflecting steady but differentiated growth patterns over the five-year review period.
Beyond individual performances, the NIA data reveals a broader structural shift in Nigeria’s motor insurance market. Between 2020 and 2024, comprehensive motor premiums among leading insurers more than tripled, signalling stronger compliance, improved enforcement of compulsory insurance laws, and rising vehicle ownership across the country.
Industry analysts note that motor insurance remains one of the most competitive and strategic segments of Nigeria’s insurance sector. As enforcement deepens and public awareness grows, the sustained year-on-year expansion recorded by top insurers suggests the market is poised for further growth, with scale, technology, and underwriting discipline likely to define the next phase of competition.
Top Motor Insurance Companies by Premium Generated in 2024 (NIA Digest):
NEM Insurance Plc – ₦25.79 billion
Mutual Benefits Insurance Plc – ₦14.21 billion
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
AXA Mansard Insurance Plc – ₦5.36 billion
Zenith Insurance Limited – ₦5.0 billion
If you want, I can also:
tighten it further for print layout,
reframe it as a recapitalisation-era performance story, or
add a policy/regulatory angle to appeal to regulators and analysts.
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