Webinar Insights on Strengthening Third-Party Motor Insurance Adoption in Nigeria

Every day, up to 12 million cars ply Nigerian roads. Many of the drivers of these vehicles do not have third-party motor insurance, while a significant portion of the ones that do are spotting fake third-party motor insurance policy documents.

This action is rationalized by the aim to sail through police checkpoints seemingly compliant with the mandatory third-party motor insurance law. The ripple effect of not having it becomes apparent when the unexpected happens on the road.

Coronation Insurance hosted a webinar titled Third-Party Motor Insurance: Key Facts Every Driver Should Know to bridge the knowledge gap drivers have about the essence of a third-party motor insurance policy.

Skilfully moderated by Erigbemi Sadeju, M&C Team Member, Coronation Insurance Plc, the webinar began with a nudging opening remark by the MD/CEO of Coronation Insurance Plc, Olamide Olajolo.

It was followed by a practical keynote speech delivered by Rosemary Okonkwo, Head of Training, Nigerian Insurers Association. She spoke in detail about some of the dangers of not having a third-party motor insurance policy that drivers fail to consider.

“We have all seen dramatic and violent scenes unfold on the road after accidents. Especially the minor ones. People start screaming at each other and exchanging blows. After that, they still have to pay to fix the damage done and many people cannot conveniently afford the repairs.’’  Rosemary Okonkwo shared.

The panel session was next, and it was packed with strong insights from Ayodele Kumolu-Johnson, Head of Motor Sales, Coronation Insurance Plc, and Vaughan Gbenga, Head of Pre-Inspection and ICT Division, Vehicle Inspection Service (VIS).

The discussion touched on how the VIS leverages technology to spot fake third-party motor insurance policies, how the policy saves the day in extreme situations, and industry wide measures to aid third-party motor insurance adoption nationwide.

Questions from attendees were also addressed by the panellists, and they were advised to consider third-party motor insurance as a crucial part of financial planning rather than a mere document to present at checkpoints.

Coronation Insurance remains committed to fortifying Nigerians with the knowledge they need to thrive in every sphere of their life through insurance literacy initiatives like this.

To learn more about us and our products, watch the webinar here https://www.youtube.com/watch?v=kO1Q229Y4R4 or contact us via email at info@coronationinsurance.com.ng or call 02-01-2275475 | 02-01-2275476.