NAICOM, CBN orders NIA to digitise marine insurance policy

NAICOM, CBN orders NIA to digitise marine insurance policyThe National Insurance Commission (NAICOM) and Central Bank of Nigeria ( CBN) have authorised the Nigerian Insurers Association (NIA) to digitise marine insurance certificate. The Chairman of the NIA, Tope Smart, who disclosed this in Lagos, added that the move is aimed at generating more income for the industry and contributing to the nation’s Gross Domestic Product (GDP).

According to him, the initiative will also help the industry to recover all lost income prior to the approval and that the sector is also adopting the use of technology to drive insurance business,  as technology plays important role in the growth of any business and economy.

The NIA chief, who doubles as Group Managing Director of Nem Insurance Plc, said the association will this year, collaborates with other industry bodies to grow the market and improve the industry.He said the the bodies will speak in one voice and ensure people’s oriented policies are introduced to promote the industry and the economy.

The NIA boss said he is optimistic that this year will be better and the industry will grow, whilst assuring that the government will renew the group life policy. He said the sector has been responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

On the number of vehicle properly insured in the country, he said 2.5 million vehicles are actively captured on the Nigerian Insurance Industry Database (NIID), while the actual number of upload on the platform is over three million.Smart called on the law enforcement agencies to support the insurance industry by ensuring that there is strict enforcement of insurance laws.

The Director-General, Mrs. Yetunde Ilori, noted that the operators are working assiduously on the industry’s unified platform for the sales of third party motor insurance code- named: Nigerian Insurance Industry Portal (NIIP), adding that the portal will be launched before the association’s current Chairman leaves office.

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