Motor insurance contributes about 17% of gross premium income for the general business in the Nigerian insurance market. To increase the premium income and expand the net, insurance operators under the auspices of the Nigerian insurers association (NIA) is engaging the lagos state government through its licensing offices for the enforcement of the third party motor insurance.
Riding on the success recorded with the lagos state government, operators are currently in talks with Kaduna, niger, kogi and ogun states governments to replicate the lagos model where motorists get genuine motor insurance covers especially the third party motor insurance at the point of renewing their vehicle particulars at licensing offices across the states. According to the chairman of the NIA Mr Ganiyu Musa. “out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 third party motor policies are in force as at april 24th 2021.