Director-General, Nigerian Insurers Association, Mr. Sunday Thomas, has revealed that about 75 per cent of insurance certificates obtained by importers in the maritime sector are fake.
“I am not even sure we are getting up to 25 per cent premium of what we should be getting from the marine sector if we relate it to the value of goods that are being imported; we have an estimated figure of 75 per cent leakage in that sector,” he said according to Punch.
He lamented that touts had been spreading fake insurance certificates in the industry as insurance was part of the requirements by importers at the seaport.
Thomas, however, noted the electronic system, known as Nigerian Insurance Industry Database, NIID, would henceforth help the customs to verify authentic certificates.
The NIID, which he described as a joint initiative of all insurance firms under the NIA, had been repackaged and restructured for the marine sector.
“What we are doing right now is we are test running it; by the end of this month, we want to fully deploy it for the first three months and see the performance and the value added to the system,” he said.
According to Thomas, stakeholders that will work with the association to achieve the set objectives are banks, the Nigeria Customs Service, clearing agents, and importers.
He said that the association would sensitise them and create the necessary awareness for the NIID.
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