Nigerian Insurance Sector: Top 10 Firms Dominate Motor Insurance Market

In the Nigerian insurance sector, the Nigerian Insurers Association (NIA) revealed that ten prominent insurance companies secured the lion's share of the motor insurance market over the last five years. Nem Insurance emerged as the top performer, posting a comprehensive premium of N23.483 billion in 2024, with a significant increase from N20.1 billion in 2023.

Other leading firms in the motor insurance sector include Mutual Benefit Insurance, Leadway Assurance, Custodian Allianz Assurance, Consolidated Hallmark Insurance, Sovereign Trust Insurance, AIICO Insurance, Coronation Insurance, AXA Mansard Insurance, and Zenith Insurance. Despite a 200% increase in motor insurance premiums, the sector remains competitive within Nigeria's insurance industry, attributed to the growing number of vehicles on Nigerian roads and regulatory compliance efforts.