The Nigerian Insurers Association (NIA) have commenced moves to collaborate with the government of Kaduna, Niger, Kogi and Ogun States to ensure motorists have genuine insurance cover, thereby helping the insurance industry to generate more income.
The association partnered Lagos State in the past through their licensing offices.
The chairman of NIA, Mr. Ganiyu Musa, who confirmed this development at press briefing in Lagos, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.
He disclosed that the association plans to partner with the other state government, in this, regard, in due course.
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 of Cornerstone Insurance Plc, disclosed that the association is also partnering with 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 stopped on the road, they can check 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.”
