BY NKECHI NAECHE-ESEZOBOR--The number of insured vehicles uploaded into the Nigerian Insurance Industry Database (NIID) dropped by 18.97% to 3.11 million as at the end of December, 2023.
The chairman of the Association, Mr. Segun Omoshein disclosed this during a press briefing to look at the performance of the industry in 2023 and expectations/ forecasts for the industry in 2024 held last week in Lagos.
According to him the number of insured vehicles uploaded into the NIID declined from 3.70 million in 2022 to 3.11 million in 2023
It would be recalled that the National Insurance Commission (NAICOM), had in December 2022 reviewed the premium rate for motor insurance in Nigeria to become effective 1st January 2023.
Read Also: NIA Mourns Herbert Wigwe, Wife, Son
In the new directive, private vehicles that were paying N5, 000 premium for N1 million Third Party Property Damage (TPPD) limit, are now to pay N15, 000 premium for N3 million TPPD, while owner good vehicles are to pay N20, 000 premium for N5 million claims limit, and staff busses are to pay N20,000 premium for N3 million claims limit.
For commercial trucks and general cartage, they are to pay N100,000 premium for N5 million TPPD limit; Tricycles N5,000 for N2 million TPPD limit, and Motor Cycles N3,000 for N1 million TPPD limit.
Speaking further on the acceptance of the new rate, he said ” in it terms of upload we have not seen surge rather is being almost the same level of upload.”
He added that as an industry “we are more interested in pushing the policy count and being able to get more people come into the platforms so that we can account for the genuine third party policies that are issued in the market. This is the major area of focus and that we have seen a major progress for us as an industry.”
He said the increment in premium could have impacted the numbers, but noted that 2023 was a tough year for everyone including those who had to pay for insurance.
The NIA boss added that following the increase in premiums for motor insurance, the association embarked on more awareness creation and enforcement of the law.
According to him one of the major problem we have as an industry is the enforcement of these insurance policies. People don’t take the appropriate insurances and they don’t get penalized for it. The people that benefits from it are the police offices on the road that checks, and when they check they know how to punish you for not having the right insurance.
The NIID, which was jointly launched by the Nigerian Insurers Association and the National Insurance Commission in 2013, aimed to curb fake certificates in the country.
“The policyholders whose vehicle insurance details had been uploaded on the NIID can check their motor insurance policy status by visiting www.askniid.org or by sending SMS to the USSD code *565*11# on any mobile phone with with or without Internet access,” according to the NIA.
On collaboration, he said “we have a collaboration efforts with FRSC aimed at issuance of proof of ownership as such that the Association platform becomes already made source of data for them.
