To increase the premium income of the insurance industry, insurance operators, under the auspices of the Nigerian Insurers Association (NIA) has engaged Lagos State on the enforcement of motor insurance through their licensing offices.
Similarly , there are on-going 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.
Corroborating this development in Lagos, the Chairman, NIA, Mr. Ganiyu Musa, said the industry was embittered about what it is losing to insurance racketeers and noninsuring of vehicles.
He disclosed that the association, on behalf of the insurance industry, was engaging five states with plans to extend to other states as the time progresses.
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 atates, 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 2.93 million Third Party Motor policies are in force as at April 26, 2021.”
Musa, who is also the Group Managing Director/CEO of Cornerstone Insurance Plc, disclosed that the association was 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