All Posts in "NIA"

NIA, FSRC consolidate ties on motor insurance 

By Favour Nnabugwu

 

 

The Nigerian Insurers Association in in partnership with the Federal Road Safety Crops, FRSC to consolidate on the ties between the bodies.

The Chairman of the Nigerian Insurers Association (NIA), Mr. Olusegun Omosehin in line with the theme of his tenure – “Expanding the Frontiers of Insurance Through Partnership and Stakeholders’ Engagement’ led a delegation of some members of the Governing Council to pay a working visit to the Corps Marshal, Federal Road Safety Corps (FRSC), Mr. Dauda Ali Biu in Abuja

The visit was aimed at strengthening the long-standing relationship between the NIA and the FRSC and to explore other areas of mutual collaboration between the two bodies.

Addressing the Corps Marshal and his team, the NIA helmsman congratulated him on his appointment and acknowledged the good work of the FRSC in curbing road accidents through periodic checks on the road which is positively impacting motor vehicle administration in Nigeria.

He expressed the support of the Association to the FRSC and urged the leadership to intensify their campaign for safety on the roads by emphasizing the need for motorists to obtain the necessary insurance policies in line with then relevant laws of the land.

The chairman assured that “the NIA will continue to be a strong ally and do all within its powers to support the Corps Marshal and his team.

“Our appeal is that the FRSC should continue to help ensure the validation of genuine insurance in line with the law”. he added.

He promised that NIA will collaborate with FRSC to address the concern to have victims of motor vehicle accidents adequately compensated through continued access to the Nigerian Insurance Industry Database platform that would aid verification of insurance documents presented by motorist to FRSC field officers which should include passenger liability cover.

In his remarks, the Corps Marshal thanked the NIA delegation for the visit and enjoined the Association to maintain more frequent interaction and extend same to other enforcement agencies as well to ensure total eradication of fake insurances, adding that creating more awareness on benefits of insurance to the public will encourage more vehicle owners to embrace insurance.

The Director General of the Association, Mrs. Yetunde Ilori in her brief remarks, thanked the Corps Marshal for the opportunity to visit and discuss matters of mutual interest between the two institutions and promised that the Association would work hard to deliver on the expectations.
She urged the FRSC to continue its good work of restoring sanity on our roads.
At the end of the parley, the leadership of NIA and FRSC agreed to consolidate on the long-standing relationship through regular interactions.

Patoma Admin by — July 26, 2023 in Insurance 0
Naicom, PenCom, NIA, LASPEC, Soyewo for NAIPCO conference Oct 14

By Favour Nnabugwu

 

The annual conference of the National Association of Insurance and Pension Correspondents, NAIPCO, which is harp on the impact of Covid-19 on financial inclusion; opportunities for insurance and pension sectors comes up Thursday, October 14, 2021 at Oriental Hotel, Lekki, Lagos.

The theme of the conference will examine the multiplier effects of Covid on the financial sector of the economy and the disruptions created in the economy and how to mitigate it for all.

The keynote speaker is the former Director General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, while the pioneer Director General, National Pension Commission (PenCom) and Chairman, Polaris Bank Limited, Mr. Ahmad Muhammed;  Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas; Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar are special guests of honour. The chairman/chief executive officer, Prestige Insurance Brokers Limited, Prince Feyisayo Soyewo, will chair the event.

Similarly,  Chairman, Nigerian Insurers Association (NIA), Mr Ganiyu Musa; Chairman, Pension Fund Operators Association of Nigeria (PenOp), Mr. Wale Odutola, among others set for the event.

According to the NAIPCO chairman, Mr. Chuks Okonta, experts from both the insurance and pension industries and the extended financial service sector will gather to deliberate.

Chairman, 2021 NAIPCO conference planning committee, Mr. Modestus Anaesoronye, also said the awards which form part of the event would be given to individuals and companies who have distinguished themselves in the insurance and pension sectors in the last financial year.

The annual NAIPCO conference deliberates and proffers solutions to issues that affect the insurance and pension markets in Nigeria, Africa and the global stage.

Patoma Admin by — September 11, 2021 in Insurance 0
Insurers engage Kaduna, Ogun, 3 others states on motor insurance policy

By Favour Nnabugwu

The  insurance companies under aegis of the Nigerian Insurers Association, NIA, has begun discussion with Kaduna, Ogun and there other states on motor insurance policy so as to increase the premium income of the insurance industry through enforcement of motor insurance through their licensing offices.

NIA has also gone far with Lagos, Niger and Kogi States to ensure that motorists get genuine insurance cover at the point of renewing their vehicle particulars at licensing offices across the aforementioned states.

Confirming this to Journalists during a press briefing in Lagos last week, the chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles, disclosing that, the association, on behalf of the insurance industry, is engaging five states with plans to extend to other states as the time progresses.

According to him, “We are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state. We are also engaging Niger, Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria, only about 2,939,767 Third Party Motor policies are in force as at Apr 26, 2021.”

Musa, who is also the group managing director/CEO of Cornerstone Insurance Plc, disclosed that the association is also partnering the Federal Roads Safety Corps(FRSC) and the police to give them access to the Nigerian Insurance Industry Portal(NIIP), such that, when a vehicle is apprehended, they can assess whether such vehicle carries fake or genuine insurance certificates.

Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies. The Association has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.”

On the Marine Module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the National Trade portal and all insurance certificates required for import and export are generated from the Portal. This, no doubt, signals the end of fake Marine Insurance Certificates at the Ports.”

Patoma Admin by — May 11, 2021 in Insurance 0