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NIA to curtail states’ incursion into 3rd party motor insurance

By Rosemary Onuoha
The Nigerian Insurers Association, NIA, has commenced moves to curtail the incursion of state governments into the third party motor insurance business for the purpose of revenue generation.

Chairman of NIA, Mr. Eddie Efekoha disclosed this at a press briefing in Lagos yesterday.

He said, “One trend we have seen is that   many states have decided to use third party motor insurance   as their internally generated revenue measure as way of raising money for their government. We have partnered with some of these state governments or state directorates or agencies as the case may be in order to moderate and streamline all of these. These are some of the reasons why we are back to the drawing board to do some things. These are problems we have seen and therefore we see the need to devise a solution. We will go through the various stakeholders including the regulator to sort it out.”

Efekoha also disclosed that the number of vehicles currently registered on the Nigerian Insurers Industry Database, NIID has risen by two million to over five million from three million last year.

The NIA chairman stated that the target of the insurance industry is to register all the over 11.5 million vehicles that ply Nigerian roads on the platform.

The NIID is a platform of the NIA aimed at getting more vehicles and Nigerians into the insurance net and boosting the culture of insurance among citizens of the country. The platform provides protection to Nigerians against the activities of insurance fraudsters.

The NIID is an information technology-based system that facilitates easy collation and dissemination of statistical and other information relating to insurance on one hand, and also serves as a vehicle for easy identification of genuine insurance documents by relevant authorised persons.

Some of the benefits of the NIID include monitoring and authenticating insurance transaction documents; reducing red tape and corruption by integrating with the vehicle registration system of the Federal Road Safety Corps (FRSC), police and other relevant government agencies; ensuring easy access to statistical data for effective decision making.

 

 


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