‘9.5 million uninsured vehicles affecting industry’s penetration’ | The Guardian Nigeria News - Nigeria and World News

📆 12/01/2021 00:19:00
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There are indications that only about 2.53 million out of the 12 million registered vehicles on Nigerian roads have genuine motor insurance, leaving about 9.5 million uninsured.

Some of these 9.5 million vehicles that are not insured use fake motor insurance papers, while the others do not have certificates at all.

The insurance industry is losing billions of naira on motor insurance to fake policy hawkers who sell only papers to motorists. Other uninsured motorists, it was learnt, prefer to bribe their way out with law enforcement agents in the case they are accosted on the roads.But insurance operators, led by NIA, said they are set to tackle the menace of fake motor insurance papers on Nigerian roads by launching a campaign tagged: ‘Wetin U Carry’, where vehicle owners can confirm the authenticity of their insurance papers by dialing *565*11# on their phones.

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