The insurance committee has unveiled a campaign in Igbo, pidgin, Hausa and Yoruba languages to make Nigerians understand the need to embrace the new Third Party Motor Insurance rates as well as improved insurance uptake.
Chairman of the publicity sub-committee, Akinjide Orimolade, while addressing insurance journalists recently, said the pan-Nigerian campaign, tagged, ‘Small Premium, Big Coverage,’ which would kickstart today, would last for three months.
Orimolade, who doubles as the Managing Director of Stanbic IBTC Insurance, disclosed that the campaign would make use of social media, print media, radio jingles and television commercials to pass the message to Nigerians.
The National Insurance Commission (NAICOM) had, in a circular, approved the new rate in December 2022, which took effect from January 1, 2023, hence the need to boost public acceptability.
The circular stated that the comprehensive motor insurance policy premium rate shall not be less than five percent of the sum insured after all rebates/discounts.
It is pertinent to note that some insurance companies have since commenced implementation of the new rates and consumer education have continued to dominate discussions at many functions.
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 N1million compensation,” the circular read.
The chairman of the publicity subcommittee called on Nigerians to embrace the policy in order to take advantage of the numerous values it offers.
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