By Sola Alabadan
As part of efforts to make more motorists embrace insurance, the Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Olorundare Thomas visited the Director, Road Transport Service, FCTA, Dr. Bello Abdul-Lateef on Wednesday in Abuja.
The visit aimed at formally exploring areas of collaboration between the two government agencies to prevent situations where some people will be paying lower than the approved premium rates, as well as to bring an end to the issuance of fake Third Party Motor Insurance in the country.
Dr. Abdul-Lateef informed that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
He added that his agency is now leveraging technology to curb such issues and that 98 percent of its processes are now automated.
In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.
The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.
Thomas stressed that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
