The planned nationwide enforcement of the Third-party Motor Insurance Policy, effective February 1, 2025 is expected to limit the volume of fake insurance certificates, increase subscription to genuine insurance and increase insurance adoption in the country.
The insurers, under the auspices of the Nigerian Insurers Association (NIA), stated this in a statement made available to LEADERSHIP yesterday, adding that, “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.”
The chairman of NIA, Kunle 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.
As the enforcement takes effect, he assured the insuring public and other stakeholders that its members are fully prepared to provide seamless access to third party motor insurance policies through authorised 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, he pledged.
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,” he stressed.
This initiative, he said, aligns with the provisions of Section 68 of the Insurance Act 2003 as it is a significant step towards strengthening compliance, ensuring road safety, and protecting motorists and third parties on Nigerian roads.
