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NAICOM, CBN approves NIA's decision to digitise marine insurance policy

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The National Insurance Commission ( NAICOM ) and Central Bank of Nigeria ( CBN) have authorised the Nigerian Insurers Association ( NIA) to digitise marine insurance certificate .

The Chairman of the NIA, Tope Smart, disclosed this in Lagos , adding that the move will provide more income for the industry and contribute to the nation’ s Gross Domestic Product ( GDP) .

He said the initiative will also help the industry to recover all lost income prior to the approval and that the sector is also adopting the use of technology to drive insurance business which will improve its growth.

The NIA chief , who is also Group Managing Director of Nem Insurance Plc , said the association will partner  with other industry bodies to grow the market and improve the industry this year . .

The NIA boss said expressed optimism that there will be a greater achievement and the industry will grow.

Speaking On the number of vehicle properly insured in the country, he said 2 . 5 million vehicles have been  captured on the Nigerian Insurance Industry Database (NIID ) , while the actual number of upload on the platform is over three million .
Smart  urged the law enforcement agencies to assist the insurance industry by ensuring that insurance laws are obeyed.

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