Only eight million vehicles out of the estimated 17 million
on Nigerian roads have genuine insurance cover, according to the Nigerian
Insurers Association.
Figures obtained by our correspondent from the association
indicated that the number of genuinely insured vehicles had risen from three
million that was recorded in the Nigerian Insurance Industry Database in 2015.
“The NIID system has captured over eight million motor
insurance certificates in its six years’ of operation. The NIID has run
consistently without hitch in the last 12 months,” the Acting Director-General,
NIA, Mrs. Lawumi Idowu, said.
According to her, the motor module has effectively changed
the face of insurance business in Nigeria as incidences of fake motor insurance
certificates have drastically reduced.
She explained that the features were constantly being
enhanced to meet users’ requirements and expectations.
Idowu also said that the association decided to establish a
unified platform for the sale of third party motor insurance business, which
would accommodate all the NIA members and serve as the authentic platform to
sell third party motor insurance in Nigeria.
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