Nigeria loses N530bn yearly to motor insurance evasion | The Guardian Nigeria News


Only 1.2m of 11.8m vehicles have third-party insurance

Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance.

The implications are that the nation’s insurance industry may be losing about N530 billion due to the unwillingness of motorists to register their vehicles, statistics available to The Guardian have shown.

The development, according to stakeholders is worsened by the inability of insurance companies to honour claims on the third party insurance that is predominant in the country.

Some insurance shareholders, however, argued that unless the companies obey the rules guiding the industry, vehicle owners might continue to shun motor insurance policies.

According to them, ‘’it is actually pathetic that Nigeria continues to lose money that would have actually impacted on the economy in several ways, especially in job creation, as vehicle owners presently prefer not to take insurance policies but

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Strategic Intervention Material (SIM)

Small business owners can especially see why we all need to be economists in this changing economy. Your customers are overwhelmed with marketing slogans, pitches, and images.

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Business development encompasses a number of activities, techniques, and strategies designed to improve efficiency and increase productivity in a business organization or firm. This anti-Muslim movement will undoubtedly hurt the company’s business since it is mainly served at Indian restaurants, and its Indian heritage has always been emphasized in all advertising campaigns. In fact, several Indian and Arab businesses in Europe and other continents were attacked and their products were boycotted. martine roch While there is no easy solution to this issue, and in recent years, Cobra Beer has attempted to infuse more British feelings to its dominant Indian heritage (Broad, 2014), the company expects to experience some negative impacts on its image. These high-level goals will almost … Read the rest