Coming on the heels of the Inspector General of Police, Kayode Egbetokun, lining the Police behind the enforcing third party motor insurance specifically February 1 2025, the Chairman of the NIA, Mr. Kunle Ahmed, in a statement released today commends the looming nationwide enforcement.
Speaking with the fusion of all insurance companies, Ahmed said, “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.”
Thumping with contentment, Ahmed said “The enforcement of third-party motor insurance is not only a compliance issue, it is a vital strategy for ensuring financial protection for victims of road accidents and the car owners. The third-party insurance policy also provides compensation for property damage and medical care for injured third parties, which further contributes to building confidence in the insurance sector.
Calling on all vehicle owners to take full advantage by obtaining their third-party motor insurance policies through licensed and authorised insurers, NIA Chairman remarked, “As the enforcement takes effect, I want to assure the insuring public and other stakeholders that our 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.”
According to him, the enforcement is a game-changer for the industry, as it would encourage greater public trust in insurance, reduce uninsured risks, and stimulate economic activity. Besides, he said 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.
