Cross section of journalists flagged by the Chairman NIA, Ganiyu Musa and DG NIA at the event.
BY NKECHI NAECHE-ESEZOBOR–Poised to deepen insurance penetration and awareness, the umbrella body of insurance underwriters, the Nigerian Insurers Association ( NIA) said is working closely with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states.
The Chairman of the NIA, Ganiyu Musa, disclosed this while giving account of his stewardship for the past two years, that the Association will continue to partner relevant government agencies on the adoption of the adoption of the Nigeria Insurance Industry Database (NIID) and Insurance Industry Portal (NIIP).
He said also disclosed that the association is working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability insurance.
“The Association is also working closely with the state vehicle Inspection service on enforcement of Third-Party Motor Insurance in the States. Kaduna, Kogi, Rivers and
Ogun States have already keyed into the project and more States are already discussing with the Association to finalize arrangements on how they can join.
“Our aim is to achieve national coverage. We remain hopeful that other states will see value in the platform and embrace it.”
On claims incurred as a result of Endsars protest, he said the industry as at December, 2021 paid over N11.1billion claims to insureds.
He said the payments cut across Fire/Burnt Site; vandalization; burglary Attack; loss of cash; theft: malicious damage; looting; business Interruption and death.
He said: “We will continue to encourage our members to pay all genuine claims in line with the extant policies as this will boost the confidence of the insuring public.”
On market Development, he said “The Association will continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the States and it is our expectation that laws on compulsory insurances can be domesticated in other States just as Lagos State has done.”
He said beyond the efforts of the Commission, the Association has also scaled up its market development initiatives through strategic engagements with the various States especially Lagos State, where the following initiatives have been incepted Some of them include: occupiers liability insurance and builders liability insurance.
He also listed some of his achievements to include the completion of the Insurers House project, which commenced in May 2018; NIA’s 50th anniversary and hosting of African Insurance Organization Conference ( AIO) which was held last year in Lagos.
