The Nigerian Insurers Association, 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 said 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 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 the challenges we have seen and therefore we see the need to bring up a solution. We will go through the various stakeholders including the regulator to sort it out. He also said that the number of vehicles currently registered on the Nigerian Insurers Industry Database, NIID has increased 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.
Read more at: http://www.vanguardngr.com