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A abstracts sourced from the Nigerian Insurers Affiliation (NIA) shows that there are about 16 actor cartage on anchorage beyond the country, with alone four actor of them accepting 18-carat Third Affair cover. This, leaves 12 actor cartage uninsured or affectation affected allowance papers.



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Third Affair Agent Allowance comes at a anchored amount of N5, 000 for abreast acclimated saloons and SUVs, while commercially acclimated cartage are answerable N7, 500.On a anniversary basis, it was apparent that the Nigerian allowance industry loses a accumulative of

N106 billion to allowance racketeers, through affected Third Affair motor allowance and abyssal burden insurance, and about N8million through uninsured automobiles in the country, alike as underwriters are accident about N40 billion on a anniversary base to eight actor uninsured tricycles and motorcycles in the country.

This is abreast hundreds of billions of naira the industry is appropriately accident on absolute motor insurance, which demands that 10 per cent of the amount of a agent be paid as anniversary premium.Further analysis shows that best of the motorists accustomed affected allowance affidavit do admission them at some agent licensing offices, an bureau that is beneath the ambit of Agent Inspection Offices (VIO), alike as there are racketeers who bazaar affected allowance decidedly to bartering agent drivers at their parks, barn and accepted bus-stops.



The affected allowance papers, it was learnt, are actuality awash for amid N300 to N1000, and they buck names of allowance firms that don’t exist. Best drivers go for affected allowance because it is bargain as able-bodied as to abstain the acrimony of the law administration agents, as they accept little or no ability of the allowances of affairs aboriginal allowance cover.

Other uninsured motorists, it was learnt, adopt to allurement their way out with law administration agents should in case they accommodated them on the roads.

A Lagos driver, who batten to LEADERSHIP Sunday said, he got his allowance affidavit (which are fake) at the old licensing appointment forth GRA, Ikeja, Lagos, during face-lifting of his agent documents, pointing out that he and best of his colleagues do get it at a amount of amid N300 to N1000.When asked the name of his insurer, he said: ‘The name on my allowance affidavit is Pacific Insurance.’ Our contributor after apparent that there was no name of such allowance aggregation on the account of the registered 58 allowance companies in the country.

When questioned on the accusation that affected allowance affidavit are actuality issued in some licensing offices, the VIO spokesperson, Lagos State, Mr. Gbolahan Toriola, said, the VIOs in Lagos Accompaniment do not disregard such act, and that any of its agents begin business and affairs affected allowance will be anon penalized.

“So, if anybody has issues with a activity that he or she acquired in any of our licensing offices, he or she should go aback to that appointment and analyze the staff. In Lagos state, we don’t disregard that.

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What we appetite is for bodies to obey the law. The agents bent will face antidotal activity and will be dismissed,” he acicular out.

To abate the cardinal of affected agent allowance particulars Toriola, he said the bureau in Lagos has partnered Nigeria Insurers Association, NIA, to admission its Nigerian Allowance Industry Database (NIID), abacus that, through the database, motorists can affirm whether the allowance they acquired is a affected or a 18-carat one.

The chairman/CEO, Boff & Aggregation Allowance Brokers Limited, Mr. Babajide Olatunde-Agbeja, is black that the allowance industry is accident billions of naira on a anniversary basis, because motorists debris to admission 18-carat insurance, advertence that if the industry can get this huge fund, it will access its addition to GDP, accept added funds to access allowance awareness, appoint in added CSR projects.

The industry loses about N40 billion on a anniversary base to uninsured tricycles and motorcycles as around all of them accept no third affair motor allowance awning which is awash at N5,000 per policy, alike admitting these agency of busline are covered beneath the Third Affair Motor Allowance Act.

The acumen for the connected carelessness of allowance awning by tricycles and motorcycles, allegation show, is because the law administration agencies are too allowing on their owners and operators; as they alone focus on cartage for allowance enforcement.

Even the few tricycles and motorcycles that apparently accept insurance, allegation show, accept affected allowance papers.

A bartering bike abettor who shuttles amid Abule-Egba breadth of Lagos Accompaniment and Giwa breadth of Ogun State, confided in our contributor that he and his colleagues do not bother about allowance affidavit because they had never been abashed by any official over it.

The above managing director, LASACO Assurance Plc, Mr. Olusola Ladipo-Ajayi, acclaimed that the disability of law administration agents to accomplish the acquirement of allowance by bike and motorcycle owners had connected to abjure allowance operators billions of Naira yearly.

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He acclaimed that allowance companies array acceptable articles for Keke NAPEP and Okada riders, but that the abridgement of administration had fabricated the parties not to patronise the products.LEADERSHIP Sunday can additionally acknowledge that of the 1.1 actor cargoes that access the country on a anniversary basis, about 300,000 of them buck affected allowance coverage.

Although, there is no anchored exceptional for abyssal burden insurance, as the amount is bent by the account of the appurtenances in a cargo, there are break that the atomic admired burden is account N10 million. To this end, insurer demands 0.2 per cent of the N10 million, advice to N20,000 per policy, hence, the country is accident over N6 billion to the 300,000 cargoes affectation affected allowance annually.

The estimated 300,000 cargoes that buck affected insurance, apery 30 per cent of the absolute cargoes in the country, according to experts, is worrisome, unless desperate accomplish are taken to abode the issue.

In Lagos state, affected insurers, affair affected abyssal certificates to barter at above centres area aircraft activities are agitated out in Apapa and its environs.

Further allegation acknowledge that one can get an Institute Burden Clauses ( ICC) “C” abyssal allowance cover, which is the minimum abyssal cover, for N2,500 not absorbed the absolute allowance value.

Information has it that best of these affected certificates buck the names and logos of registered allowance companies, alike admitting the 18-carat insurers would apperceive annihilation about thedirty deals.

Others out accurately array affected names to public, while they advertise their affected covers at a bargain price.Cargo allowance is classified into three categories, such as; ICC ‘A’ which has the best accident covered with ICC ‘B’ and ICC ‘C’ accepting beneath allowance coverage, with an importer accepted to accept which one best apparel him.

Speaking with our contributor on these developments, the director-general, NIA, Mr Sunday Thomas said, NIA, in a bid to access 18-carat allowance acceptance amid motorists, had partnered with Federal Anchorage Safety Corps(FRSC) and VIOs in some states, such as Ogun and Lagos states, with affairs to extend it to all the states as time goes on.

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Thomas said, the insured cartage captured on association’s database is still amid 3.5 to 4 million, advising motorists to stop patronising affected insurers, who will alone accord them abandoned cardboard that cannot be acclimated to action claims, back the charge arises.

He said the concrete action actuality witnessed on Nigerian anchorage because of accessory agent accidents, could be abhorred if the two parties accept third affair allowance as they aloof charge to barter their insurances to adjustment the damaged car at no cost.

On non-insurance of motorcycles and tricycles, Thomas attributed the development to low allowance acquaintance in the country, pointing out additionally that abridgement of administration is a above problem.He accepted that Keke NAPEP and motorcycles were covered in the Third Affair Motor Agent Allowance Act.

Thomas apprenticed law administration agencies, absolute FRSC and VIOs, amid others, to abetment the allowance industry to apparatus the allowance activity as the industry cannot accomplish it by itself.

Reacting to affected abyssal insurance, he said the affiliation has broadcast its NIID to abduction abyssal insurance, in a move to end affected allowance in the amphibian area of the economy.

Currently, he said, his association, through the NIID, has captured 50,000 cargoes on its database, acquainted that the capturing was still ongoing.

When concluded, he said, the NIID, which is an cyberbanking arrangement that identifies aboriginal allowance certificates, would advice the community to verify accurate certificates and after catch bottomward on those affectation affected allowance papers.

The NIID is an advice technology-based arrangement to facilitate accessible accumulating and broadcasting of statistical and added advice apropos to allowance while allowance to analysis activities of affected documents.

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While the NIID aperture is the alone axial almanac of all insured cartage in the country to ensure that alone insured cartage are apprenticed on the roads, the website is acclimated by the badge and added agencies to accomplish motor allowance law and now, abyssal insurance.

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Last Updated: January 26th, 2018 by admin