Lagos - Nigerian insurers may be losing an estimated N58 billion premium annually to fake operators of the motor insurance policy.
Owing to such leakages, only N12 billion from the over N70 billion expected from compulsory motor third-party insurance has been generated by the operators from motor business, reports BusinessDay.
Statistics obtained from Nigerian Insurance Industry Database (NIID) showed that only 2.4 million motor insurance policies have been registered as at July. 2014.
Currently, there are about 14 million motor vehicles registered in Nigeria.
Read more at BusinessDay.
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