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| Vehicles in Nigeria |
Chuks Udo Okonta
With vehicles in Nigeria estimated to be about
11.5 million and only 1.65 million properly insured, the insurance industry
loses over N500 billion yearly to fake vehicle policies, Inspen can report.
According to insurance practise, third party vehicle
policy is sold at N5000, while comprehensive goes for 10 per cent of the value
of the vehicle.
Insurance industry’s 2011 digest published by
the Nigerian Insurers Association (NIA) puts motor vehicle premium for 2011 at
N44.65 billion.
Director-General NIA, Sunday Thomas, said insurers
are working hard to reduce the menace of fake policies through Nigerian
Insurance Industry Database (NIID), adding that the number of insured vehicles
is far cry from what is expected.
He said: "So far close to 1.65
million vehicles have been uploaded, which is still a far cry from what we expected.
Our target is to upload all the vehicles in the country.
"One of the major objectives of the NIID is able to capture the data
of transactions within the market. In the past, this has been very difficult to
get. We had people bouncing different figures all around, we want to put an end
to that, and we need some time to do that.
"We will continue to update the record. There has not been any
structured policy in the past, to get figures of numbers of vehicles. We only
transact in terms of the financial reports not the typical present of number of
vehicles. We are looking to a situation where we would be able to say this is
the number of lives and vehicles insured in Nigeria.
"If you ask me today about the number of insured vehicles in the
country, I would tell you that they are about 1.65 million, because that is
what I can account for and have on my system."
Lagos
State is said to have the highest number of vehicles, which is put at over 2.8
million representing 24.94 per cent of total vehicles in the country.
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