Leadway, Mansard, AIICO Lead Nigeria’s Insurance Sector by Market Share

MoneyCentral has ranked Nigeria’s Insurance sector by market share of revenues of companies at the end of 2024, showing Leadway, Mansard and AIICO as the leaders.

The Nigerian Insurance Industry Reform Bill, 2025, signed by President Bola Ahmed Tinubu, mandates a substantial increase in minimum capital requirements of insurers, with the minimum for Composite Insurers set at N25.0 billion up 400% from the previous N5.0 billion levels.

This largely affects composite Insurers like AXA Mansard, AIICO Insurance, Cornerstone, LASACO and Mutual Benefit, among others.

Analysts say the new reforms are expected to reshape the competitive landscape of the Nigerian Industry, with the recapitalisation directive likely to pose challenges for the relatively smaller operators.

Of course, a large chuck of premium of insurance companies have come from the Non-Life business as there has been an inflow of cash from the Nigeria National Petroleum Corporation (NNPC) as the International Oil Companies also contributed to earnings of firms under our coverage.

Leadway leads Nigeria’s Insurance Sector Market Share table, followed by Mansard, AIICO Insurance, NEM Insurance and Custodian Investment to make up the top-5.

Relative new comer Heirs Insurance is also taking market share as it muscled its way into the top 10.

The table below gives investors an easier glimpse of the story.

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