Only 1.65 million vehicles in Nigeria with valid third party motor insurance policies were captured in the Nigerian Insurance Industry Data Base (NIID) in two years.

NIID is an electronic platform where valid third party motor insurance policies are uploaded and can be accessed on demand real time across the country. The idea is to track fake insurances anywhere in Nigeria.

The initiative is also to serve as source of historical data for analysis and benchmarking, thereby providing qualitative analysis of industry performance.

But the 1.7m is a far cry from 12 million registered vehicles plying the Nigerian roads, the Head of IT and Coordinating Manager, NIID,  Mrs Bola Omole, disclosed this at a seminar organised by the Nigerian Insurers Association (NIA) for journalists in Ijebu-Ode, Ogun State.

She noted that the initiative took off in 2011 with 300,000 policies registered but that figures now clock about 1.7 million and counting but quickly added that the success isn't good enough with about 12 million vehicles in Nigeria.

She explained that the Nigerian Insurers Association (NIA) is committed to deepening the data base and that the advocacy is gaining traction across the country.

She also noted that NIA has received huge support from Vehicle Inspection Officers (VIOs) and the police but asked for more support if the intention of the policy must be maximised.

She said the mobile gadgets given to the Ogun State Vehicle Inspection Officers (VIOs) to verify motor insurance papers in the state, have helped increase patronage in recent times. 

She noted that the association is presently talking with Kwara and Lagos states to deploy mobile devices to help track genuine policies and expose fake ones in the states.  

Director-General of NIA, Sunday Thomas, said by the first quarter of 2014, the NIID will be extended to marine and property insurance.  

NIA boss explained that NIA started deployment of the electronic devices with Abeokuta, because insurance in the country is traceable to the city.

He also indicated that the state also is one of the states to first indicate interest in the project.