L-R: Mr Lanre Ojuola, Director, Operations Nigerian Insurers Association (NIA); Mrs Yetunde Ilori, Director-General (NIA); Mr. Olusegun Omosehin, Chairman (NIA) and Mrs. Bola Omole, Director, Project (NIA), at the media parley with members of the Nigerian Association of Insurance and Pension Editors (NAIPE), on Tuesday, February 13, 2024, in Lagos.

 

By Ngozi Onyeakusi—The Chairman of the Nigerian Insurers Association, (NIA) Mr. Segun Omoshein has disclosed that the number of insured vehicles on Nigerian roads dropped from 3.70 million in 2022 to 3.11 million in 2023.

Briefing the media on the performance of the industry in 2023 and expectations abd forecasts for the industry in 2024, he noted that the insured vehicles uploaded into the Nigerian Insurance Industry Database (NIID) dropped by 18.97 per cent to 3.11 million as at the end of December, 2023.

According to him, industry did not witness surge of upload on the NIID as expected, rather, it has been almost the same level.

He added that 2023 was tough year for everyone including those who had to pay for insurance hence the decline in insured vehicles.

He noted that the volatile nature of Nigeria’s economic environment and emerging risks is having negative effects on Nigerians’ appetite for insurance services, keeping insurers on their toes in search of initiatives for building public trust to win mass patronage and in search of offshore reinsurance backing for huge claims from emerging risks.