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By Henry Uche, Lagos
In a bid to make Nigerians understand the need to embrace the new Third Party Motor Insurance rates as well as improve insurance uptake, the Insurance Committee has unveiled a campaign simplified in Igbo, pidgin, Hausa and Yoruba languages.
Addressing insurance journalists in Lagos recently, the Chairman of the Publicity Subcommittee, Akinjide Orimolade, told reporters that the pan- Nigerian campaign tagged ‘Small Premium, Big Coverage’ which would kick start on 24 July 2023, would last for three months.
Akinjide Orimolade who doubles as the Managing Director of Stanbic IBTC Insurance affirmed that the campaign would explore social media, print media, radio jingles and television commercials to pass the message across Nigerians.
The egulator, National Insurance Commission (NAICOM) had in a circular approved the new rate in December 2022 which took effect from 1st January 2023, hence the need to boost public acceptability.
According to the circular, the comprehensive motor insurance policy premium rate shall not be less than 5% of the sum insured after all rebates/ discounts.
Some insurance companies have since commenced implementation of the new rates and consumer education had continue to dominate discussions at various fora.
The third-party motor insurance new premium rate is now N15,000 while the claims limit is N3 million.
“Own goods third party cover attracted N20,000 premium with N5 million compensation.
“Staff bus attracted N20,000 premium with N3 million compensation.
“Commercial (trucks, general cartage) attracted N100,000 premium with N5 million compensation.
“Special types attracted N20,000 premium with N3 million compensation.
“Tricycle attracted N5,000 with N2 million compensation.
“Motorcycle attracted N3,000 with N1m compensation.”
Orimolade called on Nigerians to embrace in order to take advantage of the numerous values it offers.
