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Buy genuine insurance, NIA urges motorists

Stories by Rosemary Onuoha,

The Nigerian Insurers Association, NIA has appealed to motorists to make sure they buy genuine insurance certificates from insurance companies, brokers or accredited agents.

insurance-pixThe Association charged motorists to resist the temptation of patronising touts, and other unauthorised sources as they do not sell genuine motor certificates and cannot be guaranteed any benefit in the event of a loss.

Chairman of NIA, Mr. Godwin Wiggle who stated this at a press briefing held at the NIA secretariat in Lagos stated that members are adapting to the changing dynamics of insurance operations as a lot have happened to redefine the shape of insurance business by way of NAICOM regulations, guidelines and circulars.

According to Wiggle, the Association is not resting on its oars but constantly engaging NAICOM and other regulators whose oversight functions impact on their business to ensure smooth transition and hitch free implementation.

Highlighting some of the achievements of the Association in the past one year, Wiggle said that, the Association continued to make giant strides in the implementation of the Nigerian Insurance Industry Database (NIID) even as the Association is not relenting in its efforts to extend the areas to be covered by the device.

Wiggle said, “More verification devices were distributed to member companies to enhance their marketing activities.   As a fall-out of the public acceptance of the device, the number of uploads has increased significantly over the past few years. As at May 2015, over 3million vehicles have been uploaded by the 41 member companies underwriting motor insurance business. The Association will continue its drive to extend the states covered by the NIID device in order to bring more motor vehicles into the NIID net.”

On the marine module of the NIID, Wiggle said that following the observed leakages in marine business, the NIID was extended to curb the fraud of fake marine certificates. The marine module of the NIID has become fully functional and member companies have started uploading their marine certificates.

He said, “The Association has sustained engagement with the relevant stakeholders such as CIBN, NCRIB, Nigerian 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. I am indeed delighted to report that till date, over 7,000 marine policies had been uploaded. This attests to the general acceptability of this project and the need to support it in the interest of the industry and the national economy.”

On the Energy and Allied Insurance pool of Nigeria, EAIPN, Wiggle said, “In furtherance of the Association’s desire to further take advantage of the Nigerian Content Act 2010, curb capital flight, build local capacity in oil and gas underwriting and increase retention of oil business locally, the Energy And Allied Insurance Pool of Nigeria promoted by the Association has become fully operational. The Technical Management Board led by a past chairman of the association, Mr. Wole Oshin has been inaugurated while Africa Re has been appointed as the Pool Manager.  Twenty (20) member companies have so far subscribed to the Pool.

On the relationship with NAICOM, Wiggle said, “The Association made input into the various guidelines and circulars released by NAICOM to enhance greater market discipline, promote ethical conduct and position the market to cope with the changing dynamics of business and in line with global best practices. Our Association will increase its interface with all relevant government regulatory agencies to ensure that members are treated fairly and in line with the law.”



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