According to the association's 2022 annual report, Mrs. Yetunde Ilori, the Director-General of NIA, revealed this upcoming initiative. The aim is to provide appropriate insurance coverage to protect individuals during their travels and ensure enhanced safety and security for Nigerian citizens in transit.
She said, “The Nigerian Insurers Association and Global Sight Services are working with the Nigerian government, through the Federal Road Safety Corp on group personal accident for all passengers in transit.
“It is aimed at reducing the rate of untimely death and to ensure that insurance is made compulsory for all passengers while on transit.”
Mr. Segun Omosehin, the Chairman of NIA, affirmed the Nigerian insurance industry's resilience and significance in the economic landscape during the association's 52nd annual general meeting held in Lagos.
Despite the prevailing economic challenges in the country, he emphasized that the insurance sector continued to maintain its crucial role as financial intermediaries and facilitators of business restoration, in alignment with its mandate.
In 2022, the member companies of NIA collectively wrote a substantial volume of business, amounting to approximately N726.2 billion. This figure represented a remarkable 33.9% increase over the premium income of N569.1 billion recorded in 2021, reflecting the industry's growth and adaptability even amidst the economic downturn.
He said, “The association is working closely with the National Insurance Commission and other stakeholders within the financial services and technology segments to promote the business of insurance, and increase its contribution to the national GDP.
“It is expected that some of these initiatives will lead to increased insurance penetration and density.”
