The Nigerian government and the insurance sector in the country loses a total of N50 billion yearly, as stated by the CEO of Botsurance, Samuel Adekanmbi.
Adekanmbi stated this in an interview with PUNCH, noting that the fraudulent unauthorised insurance providers make the insurance sector lose about N50 billion yearly.
He said that the most-affected was vehicle insurance, as only 20 percent of cars had valid insurance cover.
He explained, “Available data suggest that the Nigerian government and the country’s insurance industry lose at least N50bn annually due to the activities of fraudulent unauthorised insurance providers.
“Of that figure, vehicle insurance is the most affected; only 20 per cent cars have valid insurance cover.
“Our platform aims to protect unsuspecting Nigerians in the unserved, underserved, vulnerable and low-income communities with genuine and affordable insurance products.
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“With the growth of Botsurance (which is facilitated by automated processes organised in efficient systems), fraudulent insurance issuers and fake insurance certificates in Nigeria will soon become history.”
