By ABDUL-KHALIQ OLALEKAN
Nigeria insurance industry lost N82.44 million to fake insurance racketeers in the 2015 financial year, Business 247 Online News has learnt.
The Nigerian Insurers Association (NIA) in the 2015 financial year made N20.61 million from its initiative, the Nigerian Insurance Industry Database (NIID) revealed that about N82.44 million was lost as a result of the 12 million uninsured vehicles on Nigerian roads.
The NIA, in its 2015 annual report and accounts, stated that it got N92.65 million from data upload in 2015, adding that after deductions, a surplus of N20.61 million was recorded.
Speaking on this development, Director-General of the NIA, Dr. Sunday Thomas, said several features have been added to the NIID which is in its fifth year of operation. He identified the features as: Notification of stolen vehicles; notification of claims and inspector log report, among others.
He noted that in a bid to enhance the verification process, the association has commenced discussions on the implementation of a faster, more robust and responsive verification gateway, adding that the implementation would soon commence.
Thomas said the collaboration entered into with government agencies had resulted in more value addition on the system and yielded results such as; provision of crash reports for the Federal Road Safety Corps (FRSC); moves to integrate NIID with Nigerian Police computerized tinted glass permit system and integration of the NIID with Nigerian Customs trade system for enforcement of marine insurance.