Insurers lose N58bn in 3rd  party policy to quacks

Insurers lose N58bn in 3rd party policy to quacks

The nation’s insurance industry may be losing an estimated N58 billion premium annually from the over N70 billion expected from compulsory motor third-party insurance, BusinessDay investigations have shown. The implication is that only N12 billion is collected as revenue from the few motorists who patronise genuine operators for the licence which is usually demanded by…

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