With the Nigerian government cracking down on uninsured vehicles, road users are being urged to comply with the mandatory third-party motor insurance policy. Leadway Assurance is championing this cause, highlighting the critical benefits of compliance in ensuring road safety, financial protection, and overall accountability.
As the enforcement of this policy takes full effect, Mrs. Kikelomo Fischer, Chief Risk Officer at Leadway Group, emphasized the urgency of vehicle owners securing valid insurance. This directive, backed by the National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF), aligns with Section 68 of the Insurance Act of 2003, which mandates third-party insurance for all vehicles on Nigerian roads. However, despite the legal requirement, compliance remains alarmingly low, with only 30% of vehicle owners currently insured.
According to Fischer, this policy isn’t just about obeying the law—it’s about safeguarding lives and property. Car accidents happen daily, often leaving victims with financial burdens due to the lack of insurance coverage. A valid third-party motor insurance policy ensures that accident victims receive compensation while also protecting drivers from unexpected liabilities.
Recognizing the challenges of obtaining insurance, Leadway Assurance has introduced a hassle-free system that allows vehicle owners to secure their policies in just two minutes via their website or WhatsApp platform. This innovation is expected to increase compliance by making the process more convenient and accessible.
Beyond individual responsibility, Fischer stressed the need for collective action. She called on government agencies, private organizations, and the general public to raise awareness about the importance of insurance compliance. According to her, this is a defining moment in Nigeria’s journey toward safer roads, and it requires a joint effort to create a culture of accountability and protection.
Leadway Assurance, a top player in Nigeria’s insurance industry, continues to lead initiatives that promote financial security and safety. By simplifying the process of obtaining insurance and educating the public on its importance, the company is driving positive change and ensuring Nigerian roads become safer for all.
