The Nigerian Insurers Association (NIA) has revealed that over eight million vehicle owners still carry expired insurance policies.
The association disclosed this during 52nd Annual General Meeting in it’s 2022 Annual Report.
The NIA stated that despite the poor record, it still witnessed a 19.63 per cent growth in its Nigerian Insurance Industry Database (NIID) Fund, which rose from N178.93 million in 2021 to N214.05 last year.
The report further explains that since the Central Bank of Nigeria (CBN) integrated the NIA Marine Module into the National Trade Portal, which requires that insurance certificates for import and export should be generated from the portal, there has been significant improvement in marine uploads.
The report partly reads, “This, no doubt, has reduced fake Marine Insurance Certificates at the ports. The goal is to, ultimately, eliminate fake marine insurance at the ports.
“We have commenced discussions with the Lagos State Building Control Agency as part of engagements implementation of Lagos State Building law. We are also working with the State Vehicle Inspection Service on the enforcement of Third-Party Motor Insurance in the State.
“Of the estimated 12 million vehicles in Nigeria, only about 3,013,205 Third Party Motor policies are in force.
“We remain hopeful that other states will see value in the platform and key into the project before the year”, It added.
