NIID: NIA loses about N82.44m to fake insurance

Chairman NIA, Eddie Efekoha

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Chuks Udo Okonta

The Nigerian Insurers Association (NIA) in 2015 made N20.61 million from the Nigerian Insurance Industry Database (NIID), an indication that about N82.44 million was loss as a result of the 12 million uninsured vehicles on the nation’s roads.

The NIA in its 2015 annual report and accounts stated that it got N92.65 from data upload in 2015, adding that after deductions a surplus of N20.61 was recorded.

According to the Director-General of the NIA, Sunday Thomas, several features have been added to the NIID which is in its fifth of operations. He identified the features as: Notification of stolen vehicles; notification of claims and inspector log report.

He noted that in a bid to enhance the verification process, the association has commenced discussions on the implementation of a faster, more robust and responsive verification gateway, adding that the implementation would soon commence.

Thomas said the collaboration entered into with government agencies had resulted in more value addition on the system and yielded results such as; provision of crash reports for the Federal Road Safety Corps; moves to integrate NIID with Nigerian Police computerized tinted glass permit system and integration of the NIID with Nigerian Customs trade system for enforcement of marine insurance.

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