Nigeria: NIA Commends IGP in Enforcement of Third Party Motor Insurance

23 January 2025
This Day (Lagos)
By Ebere Nwoji

The Nigerian Insurers Association (NIA), has commended the Inspector General of Police (IGP) and the Nigeria Police Force for the recent announcement on a nationwide enforcement of the Third-Party Motor Insurance Policy, effective February 1, saying it would stand as game changer in compulsory motor insurance sales in the country.

The association said the initiative aligned with the provisions of Section 68 of the Insurance Act 2003 and a significant step towards strengthening compliance, ensuring road safety, and protecting motorists and third parties on Nigerian roads.

NIA Chairman, Mr. Kunle Ahmed, reacting to the announcement said it was a welcome development and a timely and commendable action by the Nigeria Police Force. He further emphasised the importance of enforcing the policy to improve risk management, industry innovation and fostering economic growth.

According to him, the enforcement of third-party motor insurance is not only a compliance issue; but a vital strategy for ensuring financial protection for victims of road accidents and the car owners.

He said the third-party insurance policy also provided compensation for property damage and medical care for injured third parties, which further contributed to building confidence in the insurance sector.

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