The Inspector General of Police, Kayode Egbetokun, has once again demonstrated his commitment to ensuring the safety and well-being of Nigerians. In a recent meeting with the Commissioner for Insurance, Olusegun Omosehin, the IGP announced plans to establish a team to oversee the enforcement of compulsory insurance in the country.
This move is a significant step towards improving the insurance sector and protecting citizens from potential financial losses. The IGP has shown a willingness to collaborate with other stakeholders in achieving this goal, emphasizing the importance of partnerships in making progress.
The meeting with the Commissioner for Insurance was prompted by the low compliance rate of compulsory 3rd party insurance in the country. It is quite alarming that only a quarter of vehicles on the road have valid motor insurance, leaving the majority of road users at risk of facing financial burdens in the event of an accident.
The IGP stated that the Nigeria Police Force will provide full support in the enforcement of compulsory 3rd party insurance, which is mandated by law. This move aligns with the NPF’s duty to protect and serve the citizens of Nigeria, not only in matters of crime prevention but also in matters of financial security.
In addition to this, the meeting also highlighted the upcoming implementation of the ECOWAS Brown card in 2023. This will allow insured vehicles to travel across the West African sub-region, providing wider coverage for drivers and vehicle owners. The Commissioner for Insurance also mentioned an increase in the benefits attached to 3rd party insurance, with coverage now extended to N3 million.
Moreover, the CFI stressed the importance of digitization in verifying the validity of vehicle insurance. The Lagos State government is already implementing this system, and the IGP has expressed interest in adopting it nationwide. This will not only streamline the process of insurance verification but also prevent fraud and ensure that only valid insurance policies are in circulation.
The initiatives taken by the IGP and the Commissioner for Insurance are commendable and are a step in the right direction towards a stronger and more efficient insurance sector in Nigeria. This move will not only benefit citizens but also contribute to the overall development and growth of the country’s economy.
It is a clear indication of the Nigeria Police Force‘s dedication to protecting the citizens and promoting a culture of compliance and accountability. We can all look forward to a safer and more secure future with the collaborative efforts of the police force and other stakeholders in improving the insurance sector in Nigeria.
