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77% of vehicles on Nigeria’s roads uninsured NIA
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By Rosemary Iwunze
The Nigerian Insurers Association, NIA, has said that only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 per cent are uninsured. NIA also lamented that the sector can generate over N50 billion premium income annually if all vehicles have genuine insurance.
Accordingly, the NIA said that it is collaborating with Lagos, Kaduna, Niger, Kogi, and Ogun states governments on enforcement of motor insurance through their licensing offices. Chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.
Views: Visits 9 By Rosemary Iwunze The Nigerian Insurers Association , NIA, has said that only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 percent are uninsured. NIA also lamented that the sector can generate over N50 billion premium income annually if all vehicles have genuine insurance. Accordingly, the NIA said that it is collaborating with Lagos, Kaduna, Niger, Kogi and Ogun states governments on enforcement of motor insurance through their licensing offices. Chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.
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Published 7 May 2021
The Nigerian Insurers Association has said insurance companies have so far paid N4bn claims from the estimated losses from #EndSARS protests in October last year.
The Chairman, NIA, Mr Ganiyu Musa, disclosed this during a virtual press briefing in Lagos on Thursday.
He said, “The number of insured ac that were affected at the last count was about 2,000 insured losses and the industry has settled over N4bn claims in respect of the #EndSARS protest.
“Once they are documented and completed, we have the commitment of our members that claims will be paid timely.
#EndSARS: Insurance companies paid N4 billion claims – Insurers’ association
The Nigeria Insurers Association (NIA) says about 2,000 insured businesses were affected by the violence that erupted during #EndSARS protests last year. 2 min read
The Nigerian Insurers Association (NIA) said Thursday that insurance companies have paid N4 billion as claims as a result of last year’s #EndSARS-related violence.
Addressing journalists in Lagos, Ganiyu Musa, Chairman, NIA, said about 2,000 insured businesses were affected by the violence.
Mr Musa also assured customers that all genuine claims resulting from the protests would be paid.
He said insurance operators were still collating claims stressing that every genuine claim would be settled.