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Only 2.5m Of 12m Vehicles In Nigeria Have Genuine Insurance, Others Are Fake - Cornerstone Insurance

According to Cornerstone Insurance PLC,  only about 2.5m of 12m registered vehicles in Nigeria have genuine insurance. This revelation was made during a campaign to sensitise the drivers on the need to acquire third-party insurance policy as well as expose its benefits to them.

The campaign by Cornerstone Insurance became necessary in order to break the ignorance among motorists on the necessity of obtaining genuine third party insurance policy as well as access its numerous benefits.

According to Pelumi Akindumusire, the Ikeja branch manager of Cornerstone Insurance plc, Ikeja Lagos, “out of the 12 million registered vehicles in Nigeria, only 2.5 million have genuine insurance cover”.

“It is not as if those motorists do not possess insurance certificate, but that, the policy they have is fake and that is why the Insurance industry has looked for a way to use the Nigeria Insurance Industry Database (NIID) to address the challenge,” Akindumusire said.

He also added that the industry also partners with the men of the Vehicle Inspection Services (VIS) and Federal Road Safety Commission (FRSC) to monitor fake insurance policy-holders.

Editor's Note

Personally, I'm even surprised that up-to 2.5m vehicles have insurance in Nigeria. The word "insurance" when mentioned in Nigeria automatically means fraud and scam. If you think is an exaggeration, ask any motorist.

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