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Chuks Udo Okonta
Nigerian Insurers Association (NIA) and Global Sight Services Limited are working with the Federal Government, through Federal Road Safety Corp (FRSC) to make compulsory a group personal accident for all road passengers in transit.
The Director-General of NIA, Mrs. Yetunde Ilori, said this today in her report presented to members of the association at the 52nd Annual General Meeting (AGM) today in Lagos, adding that the initiative would help reduce the rate of untimely death arising from accidents.
She also said the association is working closely with the Lagos State Vehicle Inspection Service (VIS) on enforcement of third party motor insurance in the state, stressing that out of the estimated 12 million vehicles in Nigeria, only 3,013,205 third party policies are in force.
Mrs. Ilori stated that the NIA and VIS in Lagos State are collaborating on windscreen and head lamp damage insurance extension cover for third party motor insurance policyholders.
Chairman of the association, Segun Omosehin, submitted that the volume of business written by member companies in 2022 grew to about N726.2 billion, which is estimated to be 33.9 per cent over the premium income of N559.1 billion recorded in 2021.
He noted that the association is working closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology segments to promote the business of insurance and increase its contribution to national Gross Domestic Product (GDP), stressing that it is expected that some of these initiatives would lead to increased insurance penetration and density.
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