Nigerian motor insurance hits N2.3trn market as NEM leads with N35.5bn revenue

Nigeria's insurance industry reached N2.30 trillion in Gross Premium Written by Q4 2025, growing 47.3% year-on-year with motor insurance driving growth at N252.8 billion (16.1% of non-life premiums). NEM Insurance Plc leads the motor market with N35.53 billion revenue and N13.00 billion in claims paid during 2025. Motor insurance is compulsory under NIIRA 2025, requiring at least Third Party coverage verified via NIID at www.askniid.org. Coverage types include: Third Party (legal minimum), Third Party Fire and Theft, NEM's Enhanced Third Party (limited own-damage benefits), and Comprehensive (typically 5% of vehicle value—e.g., N500,000 for a N10m car). Claims require notification within 24 hours, photos, form submission, and surveyor inspection. NEM offers digital access via its e-insurance portal with no excess under specific conditions. Headquartered at 199 Ikorodu Road, Obanikoro, Lagos, NEM earned Almond General Business Insurance of the Year 2025 for its financial strength (N146bn revenue, N178.59bn assets). With vehicle ownership requiring financial safety against accidents, theft, flood and third-party liabilities, understanding these options ensures legal compliance and adequate protection on Nigerian roads. Given NEM's market leadership and standard premium rates, will you verify your existing policy via NIID or consider NEM's Enhanced Third Party option for balanced coverage between affordability and protection?

SOURCE: https://dailypost.ng/2026/04/20/how-motor-insurance-works-in-nigeria-as-nem-leads-market-share/