Out of 17 million Nigerian vehicles, only 8 million vehicles are insured

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Only eight million vehicles out of the estimated 17 million on Nigerian roads have genuine insurance cover, according to the Nigerian Insurers Association.

Figures obtained by correspondent from the association indicated that the number of genuinely insured vehicles had risen from three million that was recorded in the Nigerian Insurance Industry Database in 2015.

“The NIID system has captured over eight million motor insurance certificates in its six years’ of operation. The NIID has run consistently without hitch in the last 12 months,” the Acting Director-General, NIA, Mrs. Lawumi Idowu, said.

According to her, the motor module has effectively changed the face of insurance business in Nigeria as incidences of fake motor insurance certificates have drastically reduced.

She explained that the features were constantly being enhanced to meet users’ requirements and expectations.

Idowu also said that the association decided to establish a unified platform for the sale of third party motor insurance business, which would accommodate all the NIA members and serve as the authentic platform to sell third party motor insurance in Nigeria.