The Nigerian Insurers Association (NIA) has said it is planning an accident insurance cover for Nigerians in transit in partnership with the Federal Government. This was disclosed by the Director-General, NIA, Mrs Yetunde Ilori, in the association’s 2022 annual report.

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According to her, “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.”

The Chairman, NIA, Mr Segun Omosehin, during the association’s 52nd annual general meeting in Lagos, said despite the economic downturn being experienced in the country, the Nigerian insurance industry continued to take its pride of place in the economic space.

Notwithstanding the challenges, he said, insurance companies continued to discharge their obligations as financial intermidiators and restorers of business in line with their mandate.

In 2022, he said, the volume of business written by member companies grew to about N726.2bn, which was estimated to be an increase of 33.9 per cent over premium income of N569.1bn recorded in 2021.

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.”