The National Insurance Commission and Central Bank of Nigeria authorise the Nigerian Insurers Association to digitise marine insurance policy

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The Chairman of Nigerian Insurers Association (NIA), Tope Smart disclosed that the institution has been authorised by the National Insurance Commission (NAICOM) and Central Bank of Nigeria (CBN) to digitise the marine insurance certificate.

Smart revealed that initiative is aimed at generating more income for the industry and contributing to the nation’s Gross Domestic Product (GDP).

The Chairman also noted that the initiative will also help the industry recover all lost income prior to the approval and that the sector is also adopting the use of technology to drive insurance business, as technology plays an important role in the growth of any business and economy.

Smart, who is also the Group Managing Director of Nem Insurance Plc, said the association will this year, collaborate with other industry bodies to grow the market and improve the industry. He noted that the bodies will speak in one voice and ensure people’s oriented policies are introduced to promote the industry and the economy.

Smart said the sector has been responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims. He revealed that about 2.5 million vehicles are actively captured on the Nigerian Insurance Industry Database (NIID), while the actual number of upload on the platform is over three million.

The NIA Boss called on law enforcement agencies to support the insurance industry by ensuring that there is strict enforcement of insurance laws.

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