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The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has pleaded with motorists to take up insurance policies for their vehicles to generate income for insurance companies.
The President of ASSBIFI, Mrs. Oyinkan Olasanoye, made the appeal in an interview, in Lagos, on Wednesday.
She lamented that a lack of interest by motorists in the country to take up vehicle insurance policies was denying the insurance huge revenue accruable to the sector every year.
Olasanoye said that if up to 64 per cent of vehicle owners in the country could insure their vehicles, the impact would be felt positively by the insurance industry and the economy.
“Getting many motorists to embrace insurance will create employment, boost businesses and add revenue to the national economy.’’
The ASSIBIFI chief noted that many motorists usually opted for fake insurance papers in their bid to avoid paying for genuine insurance policies.
”There is no doubt that fake motor insurance policies still control a huge part of the market.
“Some people believe that insurance companies do not pay compensation, therefore, they feel there is no need to undertake genuine insurance policies.”
She disclosed, however, that insurance companies had started setting up units in law enforcement offices, traffic management offices and other strategic places to encourage people to buy insurance policies.
Only 4.5 million vehicles out of the 12.5 million vehicles plying Nigerian roads are registered in the nation’s insurance data base.
