Insurance Commission of Nigeria has declared the period 2005-2009, due to rampant fake auto insurance, premium income loss of Nigerian insurance industry up to 631 billion naira (about 4.2 billion). Among them, the 2005-2007 three years, leave the insurance losses in the proportion of gross premium income up 90%, from 2008 to 2009 due to increased efforts to control after investigation reduced to 60%.
It is reported that during the period 2005 to 2009 Nigerian National Insurance premium income was 16.4 billion, 17.1 billion, 243 billion, 32 billion and 416 billion naira.
