Nigerian Insurers and Government aimed at safeguarding the lives of Nigerians in transit and promoting the insurance industry’s growth, the Nigerian Insurers Association (NIA) has announced plans to introduce an accident insurance cover in collaboration with the Federal Government. This initiative was disclosed during the NIA’s 2022 annual report and is set to address the alarming rate of untimely deaths occurring during transit.
Mrs. Yetunde Ilori, the Director-General of the NIA, unveiled the groundbreaking partnership between the Nigerian government, the Federal Road Safety Corps (FRSC), and Global Sight Services. The project, termed “group personal accident,” seeks to extend insurance coverage to all passengers in transit, making it a compulsory requirement for their safety.
Highlighting the significance of the insurance industry, Mr. Segun Omosehin, the Chairman of NIA, stressed that despite the economic downturn in the country, insurance companies have continued to play a pivotal role in the financial landscape. Emphasizing their responsibility as financial intermediaries and business restorers, insurers have been instrumental in contributing to the nation’s economic stability.
As a testament to the industry’s resilience, member companies reported a substantial growth in business volume during 2022. The collective volume of business written by these companies amounted to an impressive N726.2 billion, representing a remarkable increase of 33.9 percent compared to the N569.1 billion premium income recorded in 2021.
Furthermore, the NIA is actively collaborating with the National Insurance Commission (NIC) and other stakeholders within the financial services and technology sectors to bolster the insurance industry’s prominence. By forging strategic partnerships, the association aims to elevate the insurance sector’s role in the national GDP while enhancing insurance penetration and density across the country.
The introduction of the accident insurance cover for transit passengers is expected to be a game-changer in the nation’s efforts to reduce casualties arising from accidents during travel. The partnership between the NIA, the government, and relevant agencies demonstrates a commitment to prioritize citizens’ safety while promoting financial security through insurance.
As this transformative initiative unfolds, Nigerians can look forward to a safer and more secure travel experience, bolstered by the protection and reassurance provided by insurance coverage. Additionally, the envisioned rise in insurance penetration and density promises to strengthen the nation’s economic fabric, paving the way for a brighter and more prosperous future.
for more news visit https://arritoneconsult.com.ng/blog/wp-admin
for more educational post visit examhood.com.ng