In this report, OMOBOLA TOLU-KUSIMO writes that more people are making fraudulent claims to cheat their insurers.
Due to spiral inflation and falling income, more insured people are resorting to making spurious claims, The Nation has learnt.
They have perfected various ways to commit fraud, leaving many companies on the edge.
Specifically, the companies have lamented an increase in cases of fake insurance certificates in marine and third-party policies, where billions of naira is lost to fake players.
This led the Nigerian Insurers Association (NIA) to embark on technology called the Nigerian Insurance Industry DataBase (NIID), which has helped to address fake motor policies, but still with a lot of gaps.
Observers said false claims are common in motor insurance policies where at the slightest form of accident, customers want to take advantage of it to fix and maintain their vehicles, which they could not do before the incident.
The Managing Director, Old Mutual Nigeria, Olalekan Oyinlade, who confirmed the rising incidents of fraudulent claims, said they had seen false claims from customers wanting to take advantage of their loss situation to better their condition.
He said: “Yes, it is true that some people are taking advantage of their loss to make extra money. There are accidents, but people are taking advantage of it to maintain their cars, which they could not maintain in a while.
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