Only 36 percent of vehicles plying Nigerian roads are currently insured as records indicate that most of the vehicles run on fake insurance certificates.
Chairman of Nigerian Insurers Association, NIA, Mr. Eddie Efekoha, who disclosed this said that only about 4.5 million vehicles out of 12.5 million plying Nigerian roads are registered on the Nigerian Insurance Industry Database, NIID, which captures all legitimately insured vehicles in Nigeria. He stated that fake motor insurance is still controlling a huge chunk of the market.
Speaking at an insurance consumer forum organised by the National Insurance Commission, NAICOM, in Lagos, Efekoha said that a situation whereby most insurance companies have offices only in Lagos, Abuja and Port-Harcourt is a contributing factor to the thriving fake motor policy business. The NIA chairman stated that fake insurance thrives in states where insurance companies are absent, however, the target of the industry is to register all vehicles that ply Nigerian roads on the platform.