Business News

Insurers To Tackle Fake, Consolidate Motor Insurance Policy In 5 States

Published

5 years ago

May 10, 2021

L-R: Director General of NIA Mrs. Yetunde Ilori, Chairman, NIA, Mr. Ganiyu Musa and Mr. Davis Iyasere Deputy Director, Corporate Communications, Human Resources and Administration, NIA at a press conference organised by the Association recently in Lagos..

By LOVETH AZODO, Lagos

As insurance operators work tirelessly towards deepening insurance penetration in the country, insurers have reveal that they are in serious talks with five state on the enforcement of genuine motor insurance through their licensing offices.

The Chairman, Nigeria Insurers Association (NIA), Mr. Ganiyu Musa who disclosed the development at press briefing in Lagos at the weekend revealed that just as the association has engaged Lagos state in the past on same issue, there are ongoing discussions with Kaduna, Niger, Kogi and Ogun States to ensure that motorists get genuine insurance cover at the point of renewing their vehicle particulars at licensing offices across the aforementioned states and to increase the premium income of the insurance industry.

According to him, “we are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state. We are also engaging Niger, Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 Third Party Motor policies are in force as at Apr 26, 2021.”

Musa, who is also the group managing director/CEO of Cornerstone Insurance Plc, disclosed that the association is also partnering the Federal Roads Safety Corps(FRSC) and the police to give them access to the Nigerian Insurance Industry Portal(NIIP), such that, when a vehicle is apprehended, they can assess whether such vehicle carries fake or genuine insurance certificates.

Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies. The Association has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.”

On the Marine Module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the National Trade portal and all insurance certificates required for import and export are generated from the Portal. This, no doubt, signals the end of fake Marine Insurance Certificates at the Ports.”