‘Nigeria’s Insurance Sector Can Fetch N50bn Annually’

The nation’s insurance  sector can generate over N50 billion premium income annually if all vehicles have genuine insurance,the Nigerian Insurers Association,has said

Chairman of NIA, Mr. Ganiyu Musa,  who disclosed this recently,expressed regrets over what the sector  is losing to insurance racketeers and non-insurance of vehicles.

He said only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 percent are uninsured.

He said discussions are ongoing with the states to ensure that motorists get genuine insurance cover at the point of renewing their vehicle particulars at licensing offices, even as plans to extend to other states is in the offing.

Musa added : “We are also working closely with the state vehicle inspection service on enforcement of Third Party Motor Insurance in the states. “Out of the estimated 13million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as of April 2021″.

Musa said  that the Association is also partnering 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 apprehended, they can ascertain if such vehicle carries fake or genuine insurance certificate.