How motor insurance works in Nigeria, as NEM leads market share

The Nigerian security manufacture has reached a watershed moment, signaling N2.30 trillion successful Gross Premium Written (GPW) astatine the adjacent of the 4th fourth of 2025. According to the latest show bulletin released by the National Insurance Commission (NAICOM), the assemblage achieved a 47.3 per cent year-on-year maturation rate, with centrifugal security emerging arsenic a captious operator of this expansion, accounting N252.8 billion, 16.1 per cent of the non-life segment’s premium.

Vehicle ownership successful Nigeria requires a absorption connected fiscal safety. Motor security provides the indispensable shield against roadworthy risks specified arsenic accidents, theft, fire, and flood, arsenic good arsenic third-party liabilities, riots, strikes, and civilian commotion.
This ineligible declaration ensures an proprietor avoids monolithic out-of-pocket expenses aft an incident.

The Nigeria Insurance Industry Reform Act (NIIRA) 2025 (specifically Section 84) mandates circumstantial security levels for each car connected nationalist roads.

Motor security functions done hazard sharing; a conveyance proprietor pays a premium into a ample excavation managed by an security company. When an mishap occurs, the insurer uses these funds to screen repairs oregon replacements.

The declaration commences connected the ...