NIA Plans Marine Insurance Module

Nigerian Insurers Association has said that it is putting modalities in place to ensure a smooth take-off of the marine insurance module of the Nigerian Insurance Industry Database (NIID) in the first quarter of 2014.

The module when launched would eliminate fake marine insurance policies that are in circulation in the industry.

The Director-General of NIA, Mr. Sunday Thomas, who said this reiterated that the motor module of the NIID has been in operation for over three years now and has succeeded in reducing the volume of fake motor insurance policies in circulation.

Thomas commended the performance of the motor module since it’s introduction, as that achievement has resulted to implementation of the marine module.

The Director-General said NIA is partnering with security agencies like, Vehicle Inspection Office (VIO), Federal Road Safety Corps (FRSC) and police to ensure the successful implementation of the policy in the country.

The Head, NIID, Mrs. Bola Omole, who presented a paper on insurance database said that the database in 2013 has uploaded 1.65 million vehicle insurance policies compared to 300,000 it uploaded in December 2011.

Omole identified lack of government buy-in, lack of enforcement and low awareness as some of the challenges confronting the performance of the NIID project.

She, however, called on the government at all levels to enforce these laws that have been established by an Act, adding that it is the duty of government to enforce laws.