Government’s agencies, insurers to recoup N45bn from counterfeit operators

FRSC Boss, Boboye Oyeyemi. PHOTO: nigeriannewsservice.com

The Federal Government has revealed plans to work with the insurance industry to recover about N45billion lost to fake insurance operators nationwide, particularly on Third Party Motor Insurance Policy that has been a major challenge to the industry where 90 per cent of insurance papers registered at licensing offices across Nigeria are fake.

To this end, the Federal Roads Safety Corps (FRSC), has concluded arrangement to harmonise its portal with the insurance industry to track about N8.5million registered vehicles with fake Third Party Motor insurance policies or without insurance paper at all in a bid to compel these motorists to get genuine insurance cover.

It was gathered that such collaboration will also be extended to comprehensive motor insurance, where the industry is said to be losing about N10billion yearly, and will be instrumental in the recovery of stolen vehicles in the country, thus reducing the spate of car theft.

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