Insurers Set To Commence Enlightenment For Motor Insurance New Rates

By LOVETH AZODO, Lagos

Towards actualizing the acceptance of the new motor insurance rates by the public earlier prescribed by the National Insurance Commission (NAICOM), the Insurers Committee is set to kickstart enlightenment campaigns July 24, 2023.

The Chairman of publicity sub committee of the insurers committee, Mr Akinjide Arimolade who stated this at a press conference to flag off the publicity campaign in Lagos revealed that the campaign will last for three months.

According to the Chairman, the committee is obligated to interact, engage and apprise the media with information concerning the market to enable them report the industry adequately.

It would be recalled that NAICOM in a circular dated December 22, 2022 stated that effective January 1, 2023, premium on private motor shall be N15, 000, while Third Party Property Damage (TPPD) which is the limit of claims an insured can enjoy on the policy shall be N3, 000.

Also, under the private category, Own Goods premium N20,000 and TPPD of N5, 000 while staff bus will be subjected to a new premium of N20, 000, and TPPD of N3, 000.

For the commercial category, the insurance regulator stated that trucks/general cartage shall attract N100, 000 premium and TPPD of N5, 000.

Arimolade noted that Insurance companies have since commenced implementation of the new rates and consumer education continues to dominate discussions at various fora.

“It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity subcommittee decided to embark on this short but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens.”

“This is a pan Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now,” he explained.

While soliciting for the support of the press, he said “we need your support in this journey and do hope that as partners in progress, you will give this campaign the publicity it deserves.”

“Over the three months period that this campaign is scheduled to last, we expect massive publicity from you and do hope you will give it your best,” he said.