Fake marine policies to ease out next year —NIA

on   /   in Insurance and You 12:27 am   /   Comments

By Rosemary Onuoha

The Nigerian Insurers Association, NIA, said it is putting modalities in place to ensure a smooth take-off of the marine insurance module of the Nigerian Insurance Industry Database, NIID, by first quarter of 2014.

The marine module of the NIID aims to eliminate fake marine insurance policies that are in circulation in the maritime industry.

The Director-General of the Association Mr. Sunday Thomas stated this at a one day seminar organised by NIA for National Association of Insurance Correspondents, NAICO, in Ijebu-Ode, Ogun State.

It will be recalled that the motor module of the NIID has been in operation for over three years now and it has reduced the volume of fake motor insurance policies in circulation.

Thomas applauded the performance of the motor module since it was introduced into the country, adding that the success achieved so far from the first module has led to the implementation of the second module in marine business.

He noted that the Association is collaborating with security agencies such as the Vehicle Inspection Office, VIO, Federal Road Safety Corps, FRSC and the Police to ensure the successful implementation of the project in all parts of the country.

The Head, NIID, Mrs. Bola Omole in her paper on insurance database said that the database in 2013 has uploaded 1.65 million vehicle insurance policies as against 300,000 it uploaded   in December 2011.

She explained that since the deploying of 25 gadgets to Ogun State for verification there has been high patronage of genuine motor insurance policies by the people.

She, however, identified lack of government buy in, lack of enforcement and low awareness as some of the challenges confronting the performance of the NIID project.

She urged government at all levels to enforce this laws that have been established by an Act, adding that is the duty of the government to enforce laws.

Omole added that lack of adequate awareness about the project has also contributed to the low performance of the NIID, adding that most vehicle owners are not aware of the existence of NIID.

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