The National Insurance Commission (NAICOM) will soon announce a new price for Third Party Motor Insurance.

The Chairman, Nigeria Insurers Association (NIA) Committee on Publicity, Ebelechukwu Nwachukwu told the media that the take-off would be in January 2022.

Nwachukwu, Managing Director, NSIA Insurance Ltd., said the Insurers Committee was working on the review of the motor policy. The report will be submitted to NAICOM in November.

“By Jan. 1, 2022, the regulator should be able to announce a scientific new price for the third party insurance policy that will also include the ECOWAS Brown Card”, she noted.

Nwachukwu disclosed that insurers met with ECOWAS representatives on how to process, issue the brown card with motor insurance and how it will work in Nigerian.

At the meeting, NAICOM highlighted risks it would use to measure insurance firms when it visits for the Risk-Based Supervision (RBS).

NAICOM Set To Announce New Price For 3rd Party Motor Insurance
They are Credit risk, Liquidity risk, Market risk, Insurance risk, Operational risk, Legal regulatory risk, Compliance risk and Strategic risk.

Nwachukwu further confirmed that NAICOM did a test run of the RBS in five insurance companies.

“Highlighting the risk is good for the underwriters so that we can go back in-house to ensure that our reports are standard regarding reporting RBS to the regulator”, the official said.

The Insurers Committee comprises NAICOM and Chief Executive Officers (CEO) of Insurance companies in Nigeria.

SOURCE:https://brandspurng.com/2021/10/11/naicom-set-to-announce-new-price-for-3rd-party-motor-insurance/

We wont run

Hmm

You want to increase the price of the useless 3rd party paper that covers nothing on Nigeria?

It can only be increment
Nothing in Nigeria ever comes down as regards money

C

Adakou01:
Who cares

asin

It's getting harder living here

Mad people, everything on the increase. Vehicle's paper renewal, driver's license and now insurance. Na waoo

New New price everywhere Gas that 7k last week is now 7800

Ok

Last last this change go touch all of us

Here we go.

Buhari and his goons turning the screw on Nigerians.
Enjoy your change.

3rd party insurance is free money for the insurance companies na how many claims do motorists make in a year wey dem wan increase the money again

Meaning cost of car renewal papers renewal would increase

BrandSpurNG:


SOURCE:https://brandspurng.com/2021/10/11/naicom-set-to-announce-new-price-for-3rd-party-motor-insurance/

Another increment and burden on the people, Yet will can not demonstrate.

Wetin u wan increase again is 5k for car third party insurance enough

Another way to drain Nigerians,
What's the essence of the 3rd party that Nigerians can't claim indemnity over, I'm sure nobody in Nigeria had ever claimed it before.

foxxydude:
3rd party insurance is free money for the insurance companies na how many claims do motorists make in a year wey dem wan increase the money again

They just want to impoverish Nigerians the more nothing else

Na fuel we de wait..
Na only 2 things go involve if them dare increase am

Some ogas have sat down and decided on how to make quick money . Trust me someone will cash out if they implement this . Na their way .

Esseite:
You want to increase the price of the useless 3rd party paper that covers nothing on Nigeria?

it does ....just contact your agent or insurer if accident happens

foxxydude:
3rd party insurance is free money for the insurance companies na how many claims do motorists make in a year wey dem wan increase the money again

pray it happens then see if you will not be indemnified

Fingers crossed