NAICOM, Transport Ministry Explore Ways To Uplift Sectors
To curb losses associated with road accidents within the country and the Ecowas region, both the National Insurance Commission (NAICOM) and Transport ministry are in a pact to work together.
Consequently, the two have agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.
This is to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.
The issue forms the high point of the meeting between both parties at the NAICOM headquarters in Abuja today.
Minister of State, Transportation Sen. Gbemisola Ruqayyah Saraki led the delegation from the Ministry to NAICOM to discuss with the Commissioner for Insurance (CFI), Sunday Thomas.
While speaking, the Minister informed the meeting that the Federal Ministry of Transportation has embarked upon a transformation programme of the road transportation sector that will have tremendous impact on the lives and wellbeing of the Nigerian people.
She noted that insurance is a critical aspect of Transportation hence the need to collaborate with NAICOM to ensure a success of the programme.
The CFI, Thomas assured the Minister of the readiness of the Commission to collaborate with the Ministry to ensure adequate insurance coverage in the sector.
He informed the Minister that the Commission is ensuring order in the insurance sector particularly, in the vexed issue of fake insurances in the road transportation sector saying the Commission has now developed technology for verification of insurance policies.
It would be recalled that the commission has stepped up its activities in order to deepen the industry.
Motor Insurance is one of the popular policies in the industry but the activities of fake insurers and the cut-throat competition by the operators are taking toll on the sub-sector.
The effort to rev up activities has pushed the commission into invoking sections of its enabling laws on compulsory insurance of which the motor insurance is one.
Nigeria boasts of over 200 million population and almost every household has at least a car. Regrettably, income from the class of business has not matched up with the volume of vehicles on Nigerian roads.
Comments are closed.