Insurers in Nigeria have settled claims of 4 billion Nigerian naira ($10 million) to date out of NGN4.5 billion claims related to losses arising from the protests against the brutalities committed by Nigeria’s Special Anti-Robbery Squad in October 2020.
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Published 11 May 2021
The Nigerian Insurers Association said it has engaged the support of five states to enforce motor insurance through its members’ licensing offices.
The association said it engaged Lagos, Kaduna, Niger, Kogi and Ogun states to ensure that the minimum third-party policy was made mandatory at the point of renewing vehicle particulars.
The Chairman, NIA, Mr Ganiyu Musa, said the industry was determined to stop the menace of fake insurance certificate racketeers in the country.
He noted that it had already engaged the support of Lagos State in this regard.
Musa said, “We are also working closely with the state Vehicle Inspection Service on enforcement of third party motor insurance in the state.
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Vanguard News
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.