The insurance industry has revealed plans to increase the adoption of the Nigerian Insurance Industry Portal (NIIP) to address the counterfeiting of third-party vehicle insurance.

This was disclosed at the 2023 Chartered Insurance Institute of Nigeria – Offices Representatives Committee (CIIN-ORC) Workshop by the Director-General of the Nigerian Insurers Association (NIA), Yetunde Ilori.

She said insurance companies selling motor policies have to sell electronically through the platform to weed out paper documents that promote counterfeiting.

According to the NIA’s DG, the industry has engaged 36 governors through the Governor’s Forum. She said the electronic platform would be across the country.

Ilori was concerned about the huge funds the industry loses yearly to the menace of counterfeiting of insurance policies, saying the menace has to stop so that the industry can contribute maximally to the economy.

She also warned underwriting firms selling policies below statutory approved rates and maintained that the new initiative would halt the faking as all policies sold would be monitored electronically.

The chairman of NIA Olusegun Omosehin, said at the 2023 Insurance Meets Tech conference that the insurance industry was working with state governments to block premium leakages through the deployment of electronic covers.

He, however, said the deployment of e-covers and other measures taken by the operators would shoot insurance gross premium to N1 trillion, which has been an age-long target of the industry.