Ganiyu Musa. PHOTO: Innovation Village
The Nigerian Insurers Association (NIA) has engaged Lagos and other states on the enforcement of motor insurance through its licensing offices.
There are ongoing discussions with Kaduna, Niger, Kogi and Ogun states to ensure that motorists get genuine insurance policies at the point of renewing their vehicle particulars at licensing offices across the states.
Disclosing this at the weekend, the Chairman of NIA, Ganiyu Musa, said the industry was losing much to insurance racketeers and non-insurance of vehicles. He said the association, on behalf of the insurance industry, was engaging five states to change the narrative with plans to extend to others.
He said: “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 the 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 had third party motor policies as of April 26, 2021.”
Musa, who is also the Group Managing Director, Cornerstone Insurance Plc, disclosed that the association is partnering the Federal Roads Safety Corps (FRSC) and the police to give them access to the Nigerian Insurance Industry Portal (NIIP), such that they can assess whether apprehended vehicles carry fake or genuine insurance certificates.
“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 NIIP to enable vehicle owners to purchase their third-party motor vehicle insurance coverage from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states, and we are hopeful that other states will key into the project before the end of the year,” Musa said.