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Top 10 Motor Insurance Underwriters In Nigeria: NIA

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Top 10 Motor Insurance Underwriters In Nigeria: NIA

Top 10 motor insurance underwriters in Nigeria: NIA. In the report, NEM Insurance Plc maintained its leadership position, recording the highest motor insurance premiums in 2024.

The Nigerian Insurers Association has released its 2024 Digest, ranking the top 10 insurance companies by motor insuranceb 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, 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, and Custodian and Allied Assurance Ltd with N10.48 billion.

Top 10 Motor Insurance

Top 10 Motor Insurance

 

 

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.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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