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Keep off 3rd party insurance policies for vehicles, NCRIB warns VIOs

The leadership of the Nigerian Council of Registered Insurance Brokers (NCRIB) and Chief Executive Officer of CBO Insurance Brokers, Dr Bola Onigbogi, has called on Vehicle Inspection Officers (VIOs) across the states to stop issuing third party insurance policies for vehicles.

According to him, such services are exclusive business of insurance operators as the duty of VIOs remains checking the level roadworthiness’ of vehicles on highways.

Addressing media executives ahead of her investiture as the new president of NCRIB, Mrs Onigbogi said “At the NCRIB, we are working on that matter because it is not the VIO’s business to sell third party insurance. We cannot blame them for this; they are doing that probably because they are trying to help motorists so that they could at least take the third party insurance policy as required. But in an ideal situation, it should be left to the insurance companies.”

“At 0.3 per cent of insurance penetration in Nigeria, you can see that most members of the public are ignorant of what insurance can do for them. We want to embark on image rebuilding for the industry. We want the insuring public to appreciate the need to take policies at every sphere of their lives.

“You see, insurance is the only business that exists for other forms of business to thrive. We want to take it to that stage where other Nigerians will appreciate the value of insurance,” Onigbogi added.