The Nigerian Insurers Association
(NIA) says over 2.5 million motor insurance certificates have been captured on
the Nigerian Insurance Industry Database (NIID). The Association’s
Director-General, Mr Olorundare Thomas, told the News Agency of Nigeria (NAN)
in Lagos on Saturday that the figure was a significant increase in the motor
insurance portfolio of companies belonging to its members.
Thomas said that the NIID had
gained recognition amongst the populace as the mechanism to ascertain genuine
motor insurance covers.
Statistics in respect of motor
insurance business provided by member companies, revealed an increase of more
than 50 per cent over the 2012 figure, especially in the third Party Motor
Insurance. This is attributable to the NIID’s initiative, which has entered its
third year of operation.
The NIID is enjoying the support
of Federal and State agencies in the enforcement and compliance with the
minimum Third Party Motor insurance requirement for vehicle owners,” he said.
Thomas said that over 70 per cent
of people responded positively to NIA research on the publics’ awareness of
NIID as a means of verification of motor insurance certificate. The
Director-General said that the Federal Road Safety Corps (FRSC) had been
instrumental to the level of success attained in the implementation of the
NIID.
“FRSC has ensured the enforcement
of genuine motor insurance cover by making it a pre-requisite for the issuance
of Proof of Ownership Certificate during the renewal of motor licence,” he
said. Thomas said that the Association had established a well-equipped Data
Centre which would serve as a Secondary backup and a Disaster Recovery Centre
for the primary host.
He said that the NIID initiative
had adopted Information Technology (IT) infrastructure to match the demand of
doing business online. Thomas said that the Association would continue to
improve on the NIID to sustain its positive response to the menace of fake
insurance documents in the country.
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