The Nigerian Insurers Association (NIA) has published shocking figures that show only 15% of Nigerian cars currently on the road have adequate motor insurance. That’s a scary 85% of Nigerian motorists driving around without car insurance!
The NIA recently announced that it had records of only 2.5 million cars as insured on its database; the remaining 14 million were registered as Uninsured. NIA's Director General, Sunday Thomas, raised this issue while speaking on the threats to the survival of the nation's insurance industry.
To help insurance companies, the NIA has now added modules on claims reporting, stolen vehicles reporting and auditors' platform to the NIID portal. The Claims module enables the insurance companies to report and upload the claims paid so that once the NIA flags it; it will broadcast to other companies to avoid double and fraudulent claims.
As you would expect, the stolen vehicles module is used to upload information on stolen vehicles and once NIA approves it, the association will alert other companies. The auditors’ module enables the auditors to view policies uploaded on the website to ensure that it correlates with the revenue reported by the respective insurance companies.
Uninsured Car Detection
To help identify genuine insured motorists, the NIA has provided the Ogun State Vehicle Inspection Officers (VIO) with mobile devices to verify insurance information. The NIA is also in discussion with the Kwara State government with the idea of deploying the mobile devices to the state so that the law enforcement agencies can verify genuine motor insurance policies.
Customers’ victims of fraudulent paperwork
Many Nigerian Motorists are tricked into paying for false insurance policies. The NIA has encouraged motorists to visit www.askniid.org to verify the genuineness of their motor insurance policy, highlighting out that if any vehicle is not on the NIID portal, the vehicle is not insured.