Top 10 Insurers Control Nigeria’s Motor Insurance Market With Multi-Billion Revenue

Ten leading insurance companies have solidified their dominance in Nigeria’s motor insurance sector, capturing the “lion’s share” of the market over the last five years. According to the Nigerian Insurers Association (NIA) 2024 Digest and early 2026 industry reports, NEM Insurance Plc has emerged as the undisputed leader, maintaining the top spot since 2015.

In 2024 alone, NEM recorded a staggering ₦25.8 billion in total motor premiums, more than doubling its 2020 performance. The data reveals a massive surge in the sector, with total comprehensive premiums across these top firms more than tripling between 2020 and 2024, driven largely by stricter enforcement of the “No Premium, No Cover” policy and the 2023 upward review of premium rates.

The performance of these “Big Ten” highlights a significant gap between market leaders and smaller players. Mutual Benefits Assurance followed NEM with ₦14.2 billion in total motor premiums, while industry veterans Leadway Assurance and Custodian & Allied secured the third and fourth positions with ₦11.05 billion and ₦10.48 billion respectively.

 Other firms rounding out the elite list include Consolidated Hallmark, AIICO Insurance, Coronation Insurance, Sovereign Trust, AXA Mansard, and Zenith General Insurance. Collectively, these firms have leveraged digital innovation and expanded agency networks to dominate both the retail and corporate fleet segments, ensuring that high-value risks remain concentrated among the most financially stable underwriters.

Beyond simple revenue, the five-year trend shows a move toward “Premium Quality.” NIA data indicates that comprehensive insurance has become the primary revenue driver for these firms, often outweighing third-party policies despite the latter being mandatory. For instance, in 2024, NEM’s comprehensive premiums (₦23.5bn) were more than ten times its third-party earnings (₦2.1bn).

This shift suggests that Nigerian vehicle owners are increasingly opting for full protection amid rising vehicle replacement costs. However, this growth also brings higher liabilities; the industry paid out over ₦32.1 billion in motor claims in early 2025, a challenge that the top 10 firms are addressing through automated claims processing and AI-driven fraud detection.

As 2026 unfolds, these market leaders are bracing for the NIIRA 2025 recapitalization deadline, which requires a significant boost in capital buffers. The National Insurance Commission (NAICOM) has indicated that this concentration of the market is likely to increase as smaller firms struggle to meet new financial thresholds, potentially leading to a wave of mergers.

For policyholders, this means the motor insurance landscape is becoming more stable but also more exclusive, as the “Lion’s Share” continues to shift toward a few highly capitalized “mega-insurers” capable of handling the nation’s multi-trillion naira risk portfolio.