The increasing wave of car snatching in the country has thrown insurance companies into panic, even as the bandits appetite for Toyota and Honda automobiles continue to grow.Insurers are becoming increasingly restless over the negative impact that the robbers preference is having on their claims portfolios.Our correspondent gathered that Lagos State was the most attractive market for car snatchers, accounting for the largest number of car thefts and consequently, the largest underwriting claims filed by owners of stolen vehicles.The underwriters, who have had to deal with the enormous claims, are, however, devising means to minimise the hole these are having on their operations.The Managing Director, Sovereign Trust Insurance Plc, Mr. Wale Onaolapo, said the company paid N357.5m in claims on motor insurance in 2010, with Toyota Corolla topping the list and followed by Honda brand.Insurance companies have, however, been employing the services of tracking device providers to recover some of these cars whenever they are snatched, as the owners usually call the insurer in order to track the vehicles, he said.Onaolapo explained that in a situation whereby an insurance company was able to recover the car after the claims had been paid, the insurer would take over the vehicle, unless the owner could return the claims paid.The Managing Director, Law Union and Rock Insurance Plc, Mr. Yinka Bolarinwa, who disclosed that the firm paid N146m claims on motor insurance in 2010, also noted that Toyota topped the car theft list.He, however, said, We have been employing the tracking device to recover the cars, but we first consider the safety of the policy holders before we employ any type of tracking device.The Managing Director, Goldlink Insurance Plc, Mr. Femi Okunniyi, noted that claims paid on motor insurance accounted for the largest share of all claims under the general insurance business.According to him, the company paid N542.1m on motor insurance in 2010, with jeeps topping the list, followed by Toyota and Honda brands.He also said that most of the claims were reported in Port Harcourt, Rivers State.The General Manager, Operations, Leadway Assurance Company Limited, Mr. Olakunle Oyegunle, noted that while the company paid claims totalling N1.4bn on motor insurance in 2010, Toyota brands like Prado topped the list of stolen vehicles with most of the thefts reported in Lagos.The Managing Director, AIICO Insurance Plc, Mr. David Sobanjo, said that out of the N579.9m paid as claims on motor insurance by the firm in 2010, Toyota products like Corolla and Camry took the lions share on the stolen cars list.He said because of the large number of vehicles in Lagos, the state naturally came tops in the stolen vehicle chart.Mutual Benefits Assurance Plc, according to its Deputy General Manager, Technical, Mr. Babatunde Lawal, paid claims totalling N296.3m on motor insurance in 2010, with most thefts recorded on Toyota and the Honda brands. The highest number was also in Lagos.The Managing Director, Anchor Insurance Plc, Mr. Ademayowa Adeduro, said Toyota and Honda products like Hilux and CRV topped the list of stolen vehicles claims, with most of the cases recorded in Lagos.The Assistant General, Administration and Human Resources, Niger Insurance, Mr. Tony Ojeme, also noted that Toyota vehicles topped the list of claims paid in 2010. Most of the cases were reported in Lagos State.The insurance experts said that Toyota products were attracting the attention of snatchers because there was a ready market for them. Many Nigerians prefer them due to their suitability for the countrys roads and the fact that the parts are readily available.
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