Insurance

Leadway Assurance leads motor insurance business with N18.08bn in 5 years

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Chuks Udo Okonta

Leadway Assurance Company Limited for the past five years has made N18.08 billion from motor insurance, making it the lead underwriter in the business.

According to a report obtained from the Nigerian Insurers Association (NIA), the company recorded N3.70 billion in 2010, N3.71 billion (2011), N3.88 billion (2012), N3.24 billion (2013) and N3.50 billion (2014).

The firm was followed by NEM Insurance Plc, which raked in N14.16 billion within the period under review. Making, N2.34 billion; N2.88 billion; N3.15 billion; N2.66 billion and N3.13 billion.

Staco Insurance Plc, came third with N11.23 billion. Making N2.23 billion; N2.51 billion, N2.65 billion; N1.85 billion and N1.99 billion.

Axa Mansard Insurance Plc, within the period also made N9.96 billion. Recording, N1.87 billion; N2.30 billion; N2.66 billion and N3.13 billion.

According to the report, the industry recorded N42.91 gross premium income and N40.41 net written premium in 2014.

Chairman of the NIA, Eddie Efekoha, said about five vehicles are insurance presently in the country, a figure provided the Nigerian Insurance Industry Database (NIID). He maintained that the association is collaborating with State Governments to deepen motor insurance, stressing that most state government had resolved to enhance their revenue through motor registration and insurance.

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