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Annual Loss Of N160Bn To Fake Motor Insurance Worrisome- NCRIB

The President of the Nigerian Council of Registered Insurance Brokers, NCRIB,  Mr. Rotimi Edu, has called for appraisal of insurance practice in Nigeria with the view to addressing key challenges leading to large scale revenue loss.

Edu, who was addressing first edition of the Members Evening in 2022, on Tuesday said that it is however, disheartening to note that an industry which had been contributing less than one per cent to the gross domestic product, in spite of its huge potentials, loses such whopping amount of money to fake vendors who contribute nothing to the growth of the nation.

He observed that some of these fake racketeers have their offices in some local government secretariat across the nation, carrying out their unethical acts unabated. Aside from loss of revenue and premium, that should accrue to the industry, these criminals create for us bad image.

“Most of the unattended claims in Motor Insurance are victims of fake certificates. It is saddened to note that most motorists go about their daily businesses with certificate of moribund and deformed insurance companies, just because there is no proper enforcement. Some of these insurance policies flying around Local Government are just putting money into people’s pocket. I am certainly aware that the Nigerian Insurers Association deployed technology to curb proliferation of fake certificates. But I am of the opinion that enforcement is still at low ebb.” he lamented.

The President therefore appealed to Government to wade into the situation and curb the perpetrators.

“Also, my plea goes to Vehicle InspectionService (VIS) to see this as a clarion call. Your organization can as well increase your enforcement strategies to include Insurance Certificate in such a way that any motorist without genuine Motor Insurance Certificate should be made to face sanctions as stipulated in the law. Our economy continues to drag because we are not paying attention to the issue of insurance.” Edu added.

He appreciated the African Alliance Insurance Plc team for its unrelenting determination to further deepen relationship with Registered Insurance Brokers, as evidenced by the resolve to host the landmark edition of NCRIB Members’ Evening. “Also, I like to congratulate Mrs. Joyce Ojemudia for numerous achievements recorded since her appointment as the Managing Director of this progressive firm. I have no doubt today that African Alliance Insurance Plc has again, etched its name in the golden book of Registered Insurance Brokers in Nigeria.”

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