Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance.
The implications are that the nation’s insurance industry may be losing about N530 billion due to the unwillingness of motorists to register their vehicles, statistics available to The Guardian have shown.
Speaking with The Guardian on the development, the Managing Director of Arizona Insurance Broker Limited, Obiora Bonaventure said that it was unfortunate that in most cases, the companies made claims difficult for motorists when they fail to make use of reputable brokers in their motor insurance transactions.
Confirming actual figures received in recent times, the National Insurance Commission Deputy Director, ICT, Aribike Abiodun Ladipo said that 1.12 million motor insurance certificates were uploaded to the National Insurance Commission [NAICOM] portal from May 2020 to May 2021. On the exercise, Niger, IGI and Standard Alliance among others were affected. Attesting to the action recently, the NIA Chairman, Ganiyu Musa told journalists that the association has begun some house cleaning..
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