Association Partners FG On Accident Insurance For Nigerians 

An Insurance body, Nigerian Insurers Association (NIA), has disclosed that it is planning an accident insurance cover for Nigerians in transit.
The insurance group further disclosed that such policy that is being designed for the travellers will be in partnership with the Federal Government.
Director-General of NIA, Mrs Yetunde Ilori, disclosed this in a release from the association obtained on Monday.
”The Nigerian Insurers Association and Global Sight Services are working with the Nigerian government, through the Federal Road Safety Corp on group personal accident for all passengers in transit.
“It is aimed at reducing the rate of untimely death and to ensure that insurance is made compulsory for all passengers while on transit”, she stated.
Also in the release, Chairman of the association, Mr Segun Omosehin, said the Nigerian insurance industry has continued to take its pride of place in the economic space, inspite of the economic challenges being experienced in the country.
Notwithstanding the challenges, he said, insurance companies continue to discharge their obligations as financial intermidiators and restorers of business in line with their mandate.
“In 2022, the volume of business written by member companies grew to about N726.2bn, which was estimated to be an increase of 33.9 per cent over premium income of N569.1bn recorded in 2021.
“The association is working closely with the National Insurance Commission and other stakeholders within the financial services and technology segments to promote the business of insurance, and increase its contribution to the national GDP.
“It is expected that some of these initiatives will lead to increased insurance penetration and density in the country”, he explained.

By: Corlins Walter