Nigeria’s insurance regulator, the National Insurance Commission (NAICOM), has raised third-party insurance coverage for motorists from N5,000 to N15,000 yearly.

According to a circular addressed to insurance companies, as seen by Nairametrics, the new policy becomes effective from January 2023

Third-Party Property Damage: Part of the circular which was signed by NAICOM’s Director of Policy and Regulation, Mr Leo Akah, said:

“Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the Commission hereby issues this circular on the new motor insurance premium rates effective from Jan. 1, 2023.”

The circular added that for any third-party property damage (TPPD), the limit of claims an insured can enjoy on a policy for the private vehicle will now be N3 million for the new premium of N15,000. In the same vein, the limit for own goods would be N5 million, with a new premium of N20,000.

The commission added that the Insurance premium rate payable on staff buses is now N20,000 and its TPPD would be N3 million.

Other commercial vehicles: Similarly, commercial vehicles, trucks and general cartage now have a TPPD limit of N5 million with an N100,000 premium rate while ‘special types’ now have a TPPD limit of N3 million and a premium of N20,000.

For Tricycles, the TPPD limit is now N2 million with a premium of N5000 while motorcycles now have a TPPD limit of N1 million and a premium of N3000.
The commission also noted that the Comprehensive insurance policy premium rate shall not be less than 5 per cent of the sum insured after all rebates or discounts.

unite4real:
If you have loose change, go and buy insurance shares now unless the increase is upturned.
Make a choice not to lament if you cannot change the situation. Seek how to benefit from this information

PHIPEX:
This is ridiculous, third part insurance that's a free money to the insurance companies. Am yet to see anyone that made a claim on 3rd party insurance.

Many of these insurance companies are surviving because of this free money, they can't justify this increase.

unite4real:
If you have loose change, go and buy insurance shares now unless the increase is upturned.
Make a choice not to lament if you cannot change the situation. Seek how to benefit from this information

lwisee:
Nigeria’s insurance regulator, the National Insurance Commission (NAICOM), has raised third-party insurance coverage for motorists from N5,000 to N15,000 yearly.

According to a circular addressed to insurance companies, as seen by Nairametrics, the new policy becomes effective from January 2023

Third-Party Property Damage: Part of the circular which was signed by NAICOM’s Director of Policy and Regulation, Mr Leo Akah, said:

“Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the Commission hereby issues this circular on the new motor insurance premium rates effective from Jan. 1, 2023.”
The circular added that for any third-party property damage (TPPD), the limit of claims an insured can enjoy on a policy for the private vehicle will now be N3 million for the new premium of N15,000. In the same vein, the limit for own goods would be N5 million, with a new premium of N20,000.

The commission added that the Insurance premium rate payable on staff buses is now N20,000 and its TPPD would be N3 million.

Other commercial vehicles: Similarly, commercial vehicles, trucks and general cartage now have a TPPD limit of N5 million with an N100,000 premium rate while ‘special types’ now have a TPPD limit of N3 million and a premium of N20,000.

For Tricycles, the TPPD limit is now N2 million with a premium of N5000 while motorcycles now have a TPPD limit of N1 million and a premium of N3000.
The commission also noted that the Comprehensive insurance policy premium rate shall not be less than 5 per cent of the sum insured after all rebates or discounts.

https://nairametrics.com/2022/12/24/naicom-increases-third-party-motor-insurance-by-200-to-n15000/

lwisee:
Is there a way we can reject this, the N5000 we've been paying before is like a free money, nobody goes back to claim it even if you him someone's car.
We don't have a working system
We got no one to run too

Can we take them to court?

Falana that I thought is on the side of the masses doesn't care anymore.

Not pleased with this news.

Comrades brace up, 2023 might come with tougher challenges and our government isn't helping matters.

iHateFraudsters:
What's the point of all these insurances?

When someone hits my car, I'll be the one to fix it.

Abi the word "insurance" get another meaning for Nigeria?

iHateFraudsters:
What's the point of all these insurances?

When someone hits my car, I'll be the one to fix it.

Abi the word "insurance" get another meaning for Nigeria?

Nwatachoba1:


My friend wanted to insure his business

Den I met him with the insurance staff, the woman was saying there's 5yr plan, and this is the amount you get paid for damages etc

Den I asked, what happens after 5yrs,if within the 5yrs nothing happens to the business, what den is going to happen to the money he has been paying?

Her reply was *it is gone* like he pays monthly (according to her) if something happens within the 5yr period, he gets money running into millions to start again, but if 5yrs elapse without any damage,den he will forget the money... I shock o

I con think say na scam

Jarchi:


Where insurance wan see the millions dem go pay am?
Bad no go happen to us no be the prayer of person whey dey pay insurance money.

hedonido:


Don't be funny. They certainly wouldn't pay higher dividends to shareholders because the so-called premium got tripled. The increment is to be enjoyed by the owners, managers, industry influence peddlers, and regulators.

PHIPEX:
This is ridiculous, third part insurance that's a free money to the insurance companies. Am yet to see anyone that made a claim on 3rd party insurance.

Many of these insurance companies are surviving because of this free money, they can't justify this increase.

hedonido:


Don't be funny. They certainly wouldn't pay higher dividends to shareholders because the so-called premium got tripled. The increment is to be enjoyed by the owners, managers, industry influence peddlers, and regulators.

lwisee:
Is there a way we can reject this, the N5000 we've been paying before is like a free money, nobody goes back to claim it even if you him someone's car.
We don't have a working system
We got no one to run too

Can we take them to court?

Falana that I thought is on the side of the masses doesn't care anymore.

Not pleased with this news.

Comrades brace up, 2023 might come with tougher challenges and our government isn't helping matters.

unite4real:
If you have loose change, go and buy insurance shares now unless the increase is upturned.
Make a choice not to lament if you cannot change the situation. Seek how to benefit from this information