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NAICOM Increases Private Third Party Motor Insurance Premium To N15,000 - The Revealer
Insurance

NAICOM Increases Private Third Party Motor Insurance Premium To N15,000

The Nigerian insurance industry primary regulator, National Insurance Commission (NAICOM) has approved an increase in the private third party motor insurance policy premium from N5,000 to N15,000 with effect from January 1, 2023.

This development was contained in a circular titled: “New Premium Rate for Motor Insurance” with reference: NAICOM/DPR/CIR/46/2022, dated December 22, 2022, signed by Leo Akah. Director, Policy and Regulation, NAICOM, for Commissioner for Insurance, Mr Olorundare Sunday Thomas, and sent to all insurance Institutions.

Also approved according to the circular was N3 million Third Party Property Damage (TPPD) limit for private motor; N5 million limit for own goods, with premium of N20,000; staff bus premium, N20,000 and TPPD, N3 million

Commercial vehicles, trucks/general cartage has TPPD limit of N5 million with a premium N100,000; special types, TPPD limit of N3 million, premium of N20,000; tricycle, TPPD limit N2 million, premium N5000 and motorcycle, TPPD limit N1 million; premium N3000.

NAICOM stated in the circular that “the comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates or discounts.”

The review, according to the Commission was in line with the pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws.”

While calling for full compliance to the new directive, the Commission warned that failure to comply with the circular shall attract appropriate regulatory sanctions.

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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