NAICOM, Insurers to review third-party motor insurance policy in 2022

Stakeholders in the insurance industry are poised to review the Third Party Motor Insurance policy currently pegged at N5000.00 in January 2022, barring a last-minute shift in policy.

Already, the Nigerian Insurers Association (NIA), in collaboration with the National Insurance Commission (NAICOM), have given a tacit nod to the planned review of third-party motor insurance policy to make it more effective.

The Vice-chairperson of the NIA Committee on Publicity, Mrs Ebelechukwu Nwachukwu, recently said with all stakeholders standing on common ground, it has paved way for immediate discussion between the NIA technical committee and NAICOM to determine the adequacy of the N5000 premium third-party motor insurance policy.

The head of the six-man publicity and communication committee while commenting on the next line of action on the issue said: “The committee has received the permission of NAICOM to review and determine the adequacy of the current premium for the third-party motor insurance policy.

”When you have a third-party policy, it is necessary that you revisit it from time to time, so the technical and actuarial professionals will start working on that”.

She said as the committee commenced work on the review of the third party motor policy premium, the report would be submitted to NAICOM in order to publish a scientific new price that would include the ECOWAS Brown Card.

On the inclusion of the Economic Community of West African States (ECOWAS), into the new plan, Nwachukwu noted that insurers met with ECOWAS representatives to examine how to process, issue and use of a brown card with motor insurance in Nigeria.

She hinted that the insurers’ committee also agreed to scale up the ECOWAS Brown card by going into automatic issuance in Nigeria.

“Issues around enforcement of the Brown Card issuance and lots of issues around the claims that have accrued to people who have it were also discussed extensively,” she said.

The Commissioner for Insurance, Mr Sunday Thomas, following reactivation of the Insurers Committee, had directed it to determine the adequacy of the current premium for the third-party motor insurance policy.

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Joseph Inokotong