The insurance industry statistic has revealed that underwriting companies in the country generated a total sum of N418.76 billion from motor policy business in 10 years.
The Nigerian Insurers Association (NIA) data shows that operators generated the fund between 2010 and 2019. According to the NIA breakdown, underwriters posted N42.04 billion from motor business in 2010, N44.65 billion in 2011, N44.81 billion in 2012 and N39.85 billion in 2013.
They also raised N42.91 billion in 2014, N39.84 billion in 2015, N40.39 billion in 2016, N39.29 billion in 2017, N40.07 billion in 2018 and N44.91 billion in 2019.
Over the year’s operators and concerned stakeholders worked to ensure all vehicles are properly insured to boost premium generation.
The government made it mandatory for all vehicles to have at least third-party motor insurance certificates.
Yet, the number of vehicles with fake certificates has continued to soar as it is said to have recently hit 9.04 million.
According to the NIA, only 2.72 million vehicles on Nigerian roads have valid insurance covers as of February.
Data by the National Bureau of Statistics (NBS) estimated Nigeria’s vehicle population at 11.76 million.
The NIA had in February 2016 said that about 4.3 million vehicles had been registered on its database.
The Insurance Act 2003 mandates all motorists to have a minimum of the third-party motor insurance policy in place.
According to the Act, “no person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer registered under this Act.”
Determined to raise motor insurance premium, the NIA in October 2019, introduced a campaign tagged, ‘wetin you carry?’. It was meant to educate motorists on the need to secure their vehicles with genuine insurance policies.
Speaking on the development, the Director-General, NIA, Yetunde Ilori noted that the association desires to make every Nigerian own the campaign slogan.