Motor Insurance Now Accounts For 26% of Nigerian Insurance Industry’s Premium Income

1. The umbrella body for insurance and reinsurance companies in the country, Nigerian Insurers Association (NIA) has disclosed that motor insurance business accounted for about 26 per cent of the industry gross premium income for 2012.

2. Director General of the association, Mr. Sunday Thomas confirmed this in his address at a joint media retreat in Abeokuta, Ogun State.

3. He said motor insurance accounted for about 15 per cent of insurance industry gross premium income in previous years, adding that this rose to 26 per cent in 2012.

4. He confirmed that more Nigerians are buying genuine third party motor insurance since they have realised the folly in buying fake insurance. He advised those still patronising fake insurers to buy genuine insurance policies from registered insurers.

5. Thomas confirmed that as part of moves to shore up the level of compliance with the third party motor insurance law, the association would soon standardise the ratings of motor insurance to further enhance the profitability of the business.

Thisday