WorldStage– The Nigerian Insurers Association (NIA) has released its 2024 Digest with NEM Insurance, Mutual Benefits Insurance Plc and Leadway Assurance ranked the top of the 10 insurance companies by motor insurance underwriting and highlighting sustained growth and rising competition in the segment.
The data, which tracks performance over the last five years, highlighted sustained growth and increasing competition in the country’s motor insurance segment.
In the report, made available to newsmen on Thursday in Lagos, NEM Insurance Plc maintained its leadership position, recording the highest motor insurance premiums in 2024.
The insurer posted N23.483 billion in comprehensive premiums, N2.148 billion in third-party premiums and N156.8 million from Third Party Fire and Theft policies, bringing its total motor premium to N25.8 billion.
The figure represented a significant rise from N20.1 billion recorded in 2023 and N10 billion in 2020.
NEM Insurance first emerged as the leading motor insurer in 2015 and has retained the position for over a decade, widening its lead over competitors.
Mutual Benefits Insurance Plc and Leadway Assurance Ltd. also recorded strong performances during the year.
Mutual Benefits generated N14.05 billion in comprehensive premiums and N157.08 million in third-party premiums, totalling N14.21 billion, while Leadway Assurance recorded N11.05 billion in total motor premiums.
Custodian and Allied Assurance Ltd followed closely with N10.48 billion, while Consolidated Hallmark Insurance Ltd. recorded N7.02 billion, placing both companies among the top five motor insurance underwriters in 2024.
Other insurers that featured prominently in the ranking included Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc and Zenith Insurance Ltd.
These companies posted varying levels of growth over the review period.
The NIA data also showed that comprehensive motor insurance premiums among leading insurers more than tripled between 2020 and 2024, with NEM Insurance accounting for a significant share of the growth.
“The top motor insurance companies by premium generated in 2024 are NEM Insurance Plc with N25.79 billion, Mutual Benefits Insurance Plc with N14.21 billion, Leadway Assurance Ltd. with N11.05 billion, Custodian and Allied Assurance Ltd. with N10.48 billion.
This is followed by Consolidated Hallmark Insurance Ltd. with N7.02 billion, Sovereign Trust Insurance Plc with N6.45 billion and AIICO Insurance Plc with N6.44 billion.
Others included Coronation Insurance Plc with N5.61 billion, AXA Mansard Insurance Plc with N5.36 billion and Zenith Insurance Ltd. with N5 billion.
Industry analysts attributed the expansion to stronger regulatory enforcement, rising vehicle ownership and increased awareness of the importance of motor insurance among Nigerians.
They noted that the motor insurance segment remained one of the most competitive areas of the industry, with consistent year-on-year growth among top players expected to support further expansion in the coming years.
