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Bill to sanction reckless drivers in Nigeria

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Magazine Issue: 
The insurance business in the post-Covid-19 era [3]
Magazine date: 
Mar 2021

NigeriaThe Nigerian insurance companies [4] are awaiting a new law sanctioning reckless drivers.

The text proposed to the parliament provides for a fine of 5 million NGN (13 060 USD) for the holders of fake motor insurance policies. The owners of uninsured vehicles shall also to be penalized.

The Nigerian insurance industry sustains an annual loss of about 48 billion NGN (125.36 million USD) due to false motor insurance policies and uninsured vehicles.

The Nigerian Insurers Association (NIA), estimates that 9.64 million out of 12 million registered vehicles either hold fake insurance policies or are completely uninsured.

Wed, 24/03/2021 - 11:51

Source URL: https://www.atlas-mag.net/en/article/bill-to-sanction-reckless-drivers-in-nigeria

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[3] https://www.atlas-mag.net/en/issue/insurance-in-the-aftermath-of-covid-19
[4] https://www.atlas-mag.net/en/article/top-5-nigerian-insurers-according-to-turnover-in-2019