Nigerian Insurers Association (NIA) has said the 200 per cent increment in third-party motor insurance premiums will facilitate claim payment.
The Chairman of NIA, Olusegun Omoshein, stated this at a media briefing in Lagos.
He said contrary to the perception of many Nigerians, the review would help the industry function more effectively.
The reason some underwriting firms do not settle claims is because of a lack of funds, he argued.
“When the insurance companies do not settle claims because they do not have money, you have a lot of people hawking fake insurance certificates. But when insurers begin to take responsibility to issue policies, which they will settle, the faking will be reduced,” he said.
Omoshein called on all the industry’s players to fight against fake insurance papers to rewrite the insurance perception.
The NIA chairman also said that the association was planning to host the 43rd yearly general meeting and education conference of the West African Insurance Companies Association (WAICA), a three-day event slated for May 7 to 9, 2023.
The event will have over 140 delegates from five Anglophone countries in West Africa.
