The Director-General, NIA, Yetunde Ilori, disclosed this in the association’s 2022 annual report.
According to her, “It is aimed at reducing the rate of untimely death and to ensure that insurance is made compulsory for all passengers while on transit.
On his part, the Chairman, NIA, Segun Omosehin, during the association’s 52nd annual general meeting in Lagos, said despite the economic downturn being experienced in the country, the Nigerian insurance industry continued to take its pride of place in the economic space.
He said, “The association is working closely with the National Insurance Commission and other stakeholders within the financial services and technology segments to promote the business of insurance, and increase its contribution to the national GDP.
“It is expected that some of these initiatives will lead to increased insurance penetration and density”.
Also, the NIA has called on the government at all levels to enforce compulsory insurance policies in markets and public buildings across the country.
According to her, incidences such as fire outbreaks and building collapse have been reoccurring across the country, therefore insurance must be enforced to compensate losses.
Ilori expressed optimism that once a state implements the policy and people see the success rate, others would follow suit.