Nigerian insurers association plans accident insurance cover for travellers

The Nigerian Insurers Association (NIA) has unveiled plans to partner with the Federal Government, for an accident insurance cover designed to protect Nigerians on transit.

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During the association’s 52^nd Annual General Meeting held in Lagos state, the Director-General of NIA Yetunde Ilori, announced the collaboration, adding that the initiative aims to reduce untimely deaths and make insurance compulsory for all passengers while on the move.

“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,” she said.

Chairman of the NIA Segun Omosehin, noted that despite the country’s economic challenges, insurance companies have continued to fulfill their responsibilities as financial intermediators and business restorers, in line with their mandate.

Omosehin said member companies’ volume of business written surged from the N569.1bn recorded in 2021, to approximately N726.2bn in 2022, marking a remarkable increase of 33.9 per cent.

He added that the NIA was proactively collaborating with the National Insurance Commission and other key stakeholders in the financial services and technology sectors to drive insurance business growth and elevate its contribution to the national GDP.

The association is optimistic that these strategic initiatives will boost insurance penetration and density in the country.

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