NIA captures 4.3m motor certificates on NIID
THE Nigerian Insurers Association (NIA) has said that over 4.3 million motor insurance certificates have been captured on the Nigerian Insurance Industry Database (NIID).
The Director-General of the Association, Sunday Thomas, said in Lagos that the figure was a significant increase in the motor insurance portfolio of companies belonging to members.
He said that the Database has gained recognition amongst the populace as the mechanism to ascertain genuine motor insurance cover.
According to him, vehicles on Nigerian roads are estimated to be between 16 million and 17 million, but what we have registered in our database is about 4.3 million vehicles.
Statistics in respect of motor insurance business provided by member companies revealed anincrease of more than 50 per cent over the 2012 figure especially in the third party motor insurance.
The NIID is enjoying the support of federal and state agencies in the enforcement and compliance with the minimum third party motor insurance requirement for vehicles owners.
The NIA bass said that over 70 per cent of people responded positively to research on the public awareness of NIID as a means of verification of motor insurance certificate.
Besides, the association has indicated that the marine module of the NIID has uploaded over 7,000 marine policies into the database.
The chairman of the association, GUS Wiggle, said this recently during a media press conference in Lagos, that the marine module of the NIID has become fully functional and member companies have started uploading their marine certificates.
He said “following the success recorded in the motor module of the NIID the association proceeded to the marine which he said has had a lot of leakages, adding that the NIID was ext ended to curb the fraud of fake marine certificates.
He said the association has sustained engagement with the relevant stakeholder such as CIBN, NCRIB, Customs Service and NAICOM to seek their support for the initiative. We intend to reach out to other relevant institutions.
The aim is to plug the leakages in import business resulting in loss of billions of naira premium accruable to the insurance industry, this he said, attests to the general acceptability of this project and the ned to support it in the interest of the industry and the national economy.