Nigeria’s Insurance Platform Reveals 2.5 Million Vehicles Properly Insured 

Yemisi Izuora

Chairman of the Nigeria Insurers Association, NIA, Tope Smart, has confirmed that

the number of vehicle properly insured in the country, is about 2.5 million as actively captured on the Nigerian Insurance Industry Database (NIID), while the actual number of upload on the platform is over 3 million.

Smart said the industry has being responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

He said the industry needs law enforcement agencies to ensure that there is strict enforcement of insurance laws.

Also, thenDirector-General, NIA, Mrs. Yetunde Ilori, said the industry is working assiduously on the industry’s unified platform for the sales of third party motor insurance code- named: Nigerian Insurance Industry Portal (NIIP), adding that the portal will be launched before the association’s current Chairman leaves office.

Meanwhile, about N450 million was paid as motor accident claims by insurance companies to Dangote Group in 2018.

Data obtained from the Nigerian Insurers Association (NIA) revealed that the amount covers claims for accident and third party losses.

According to the NIA, Cornerstone Insurance Plc made the largest single claims payment of N18 million to Dangote Cement Obajana, on vehicle accidents and NEM Insurance Plc., paid another single claims of N15.82 million on accidental damage in the year.

Other firms with large claims payment included, Axa Mansard Insurance Plc, N12 million on collision and AIICO Insurance Plc., N4million on accident and third party.

The NIA stated that 41 insurance companies posted a gross premium income of N40.07 billion and paid N17.83 billion claims on motor insurance business in 2018.

The association said within a period of five years ranging from 2014 to 2018, insurers recorded N202.51 billion premium from motor insurance. The breakdown revealed that N41.91 billion was achieved in 2014; N39.84 billion, 2015; N40.39 billion, 2016; N39.29 billion, 2017 and N40.07 billion in 2018.

On motor premium generated from states in the federation, the association noted that Lagos state contributed the largest, amounting to N27.22 billion. Abuja came second with N4.51 billion, Rivers, N1.97 billion and Ogun, N1.19 billion.

NEM Insurance Plc, is said to be the leader in the motor business as it posted N4.79 billion premium income and paid N2.47 billion claims in the year.

Chairman, Dangote Group, Alhaji Aliko Dangote, said the group paid over N5 billion as insurance premium in 2016 to insurance companies that insured its insurance portfolio.

He urged insurers to be more proactive in studying the operations of consumers and fashion out generic risk solution models, stressing that there should be stronger insurers with prompt claims paying abilities and consistent customer experience.

Dangote Group remains one of the riches business outfits in the country and has thousands of vehicles plying the nation’s roads daily.

 

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