More than 7,000 marine policies have already been uploaded on the Nigerian Insurance Industry Database (NIID) as part of efforts to plug the leakages in import business resulting in loss of billions of naira premium accruable to the insurance industry.
Chairman of Nigerian Insurers Association (NIA), Godwin Wiggle, who disclosed this while addressing journalists in Lagos, stated that the NIID was extended to marine business so as to curb rampant fake marine certificates in the country following the observed leakages.
Although the NIA started the NIID with motor insurance module, he stressed that the marine module of the NIID has become fully functional and member companies have started uploading their marine certificates.
He also informed that the association has been engaging the relevant stakeholders such as CIBN, Nigerian Council of Registered Insurance Brokers (NCRIB), Nigerian Customs Service and National Insurance Commission (NAICOM) to seek their support for the initiative. We intend to reach out to other relevant institutions.
Wiggle appealed that there is the need for all stakeholders to support this project in the interest of the insurance industry and the national economy.
As at May 2015, he said over three million motor insurance policies have been uploaded by the 41 member companies of NIA underwriting motor insurance business.
He further assured that the association will continue its drive to extend the states covered by the NIID device in order to bring more motor vehicles into the NIID net.