Harboursandport.com: Lagos – January 20, 2024: As the February 1st deadline for the enforcement of third party motor insurance by the Police Force approaches, the Nigerian Insurers Association, NIA, has tasked vehicle owners nationwide to obtain their third-party motor insurance policies through licensed and authorised insurers.
It will be
recalled that the Inspector General of Police (IGP) announced recently that enforcement
of the Third-Party Motor insurance Policy will take effect February 1, 2025.
In a
statement, Chairman of NIA, Mr. Kunle Ahmed stated that the initiative aligns
with the provisions of Section 68 of the Insurance Act 2003 and a significant
step towards strengthening compliance, ensuring road safety, and protecting
motorists and third parties on Nigerian roads.
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| NIA Chairman, Kunle Ahmed |
Ahmed said:
“The enforcement of third-party motor insurance is not only a compliance issue;
it is a vital strategy for ensuring financial protection for victims of road
accidents and the car owners. The third-party insurance policy also provides
compensation for property damage and medical care for injured third parties,
which further contributes to building confidence in the insurance sector. The
NIA recognises the immense potential of this enforcement to drive positive
change in the insurance industry and the broader economy. With millions of
vehicles on Nigerian roads, this move is expected to increase the number of
genuinely insured vehicles, reduce the prevalence of fake insurance policies,
and create a more robust safety net for motorists and road users alike.”
Ahmed
explained that the initiative also aligns with his administration's agenda to
prioritise increasing awareness of the benefits of insurance, fostering
innovation within the industry, and enhancing partnerships with key
stakeholders to strengthen Nigeria's insurance ecosystem.
He further
remarked: “As the enforcement takes effect, I want to assure the insuring public
and other stakeholders that our members are fully prepared to provide seamless
access to third party motor insurance policies through authorized channels,
ensuring that every Nigerian motorist can protect their risk and comply with
the law. We will work closely with our members to ensure efficient service
delivery, innovative products, and improved customer experiences.
“The NIA
believes this enforcement is a game-changer for the industry, as it will
encourage greater public trust in insurance, reduce uninsured risks, and
stimulate economic activity. The NIA has also set up initiatives to collaborate
with the National Insurance Commission (NAICOM) in increasing public awareness
and sensitisation efforts to educate Nigerians about the benefits of genuine motor
insurance policies. The NIA calls on vehicle owners nationwide to take full
advantage of this opportunity by obtaining their third-party motor insurance
policies through licensed and authorised insurers. We can build a safer, more
accountable, and better-protected road network for all Nigerians.”
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