Nigeria: Third Party Motor Insurance – Insurers Lose N530 Billion Revenue As Accident Cases By Uninsured Vehicles Soar

Continued negligence of the compulsory third party motor insurance policy among road users in Lagos and other parts of the country despite efforts to curb this by insurers through the Nigeria Insurance Industry Data Base (NIID), is starting to have a multiplier effect on Nigerians and huge revenue loss to insurers, THISDAY investigation has revealed.

While both insurance operators and law enforcement agents continuing their fight against fake motor insurance certificate sellers and its associated problem of road accident without compensation to the third party, the greatest problem currently confronting the duo are increasing number of uninsured motor cycles popularly

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