Less than a quarter of the 13 million vehicles on Nigerian roads are insured, the Nigerian Insurers Association (NIA) said.
Mr Ganiyu Musa, Chairman, NIA, disclosed this at a news conference in Lagos on Thursday.
He said only 2,939,767 Third Party Motor insurance policies were in force as at April 26, 2021.
“We are also working closely with the state Vehicle Inspection Service on enforcement of Third Party Motor Insurance in the states.
” We are engaging Kaduna, Kogi and Ogun states, and remain hopeful that other states will see value in the platform and embrace it.
Musa also spoke on the review of the Consolidated Insurance Act 2020.
He expressed satisfaction that the act would align the industry with the global best practices and as well promote insurance business in the country.
Musa noted that the current insurance legislation is outdated, thereby making it impossible to do things that needs to be done .
He disclosed that the association had commenced discussions with the Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law in line with the compulsory insurance initiative.