Motor insurance rates simplified in Igbo, pidgin, hausa yoruba for launch July 24

L-Deputy Director, Corporate Communications, Nigerian Insurers Association(NIA) Davis Iyasere;
Managing Director, Sunu Assurance Plc, Samuel Ogbodu; Director General NIA, Mrs Yetunde Ilori; Chairman, Publicity subcommittee Insurers Committee, Akinjide Orimolade, Deputy director/ Head of Corporate Communications National Insurance Commission NAICOM, Rasaaq Salami and the Managing Director/CEO Guinea Insurance Plc Ademole Adidogun after the press conference in Lagos

By Favour Nnabugwu

The Insurers Committee of the Nigerian Insurance industry has simplifies the motor insurance policies into four language Yoruba, Hausa, Igbo and pidgin in preparation of the launch out next week

In a determine resolve to launch out string with the campaign tagged: “Small Premium, Big Coverage, planned to come out on July 24, 2024

While speaking at a press conference in Lagos,  the Chairman of the Publicity Sub-Committee, of the Insurers Committee, Mr. Akinjide Orimolade, said the campaign will commence on Monday, July 24, on Radio, Television, Newspapers and social media platforms at the fore front

“This is a pan Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now,” he said.

Orimolade who doubles as the Managing Director of Stanbic IBTC Insurance, said the combined effort of the media would speak volume for committee and industry at large

“We need your support in this journey and do hope that as partners in progress, you will give this campaign the publicity it deserves.

Over the three months period that this campaign is scheduled to last, we expect massive publicity from you and do hope you will give it your best.

He called on Nigerians to embrace in order to take advantage of the numerous values it offers.

“Our partnership is symbiotic to the extent that we fully appreciate the place of the press not just to report activities, trends, and developments in the insurance market, but also to set agenda for regulators, self-regulatory organizations, and operators’.

On our part, we owe it a duty to interact, engage and apprise you with information concerning the market to enable you report the industry adequately.It is in fulfillment of this obligation that we have called you together today to brief you on the commencement of the campaign on the new rates for motor insurances as approved by the National Insurance Commission in December 2022

The new rates contained in the circular which took effect from  1st January 2023 are as follows: According to the Circular, comprehensive motor insurance policy premium rate shall not be less than 5% of the sum insured after all rebates/ discounts.

It will recalled that the National Insurance Commission (NAICOM) had in December 2022 approved new premium rates for Third Party Motor insurance and its corresponding claim accruable to the Total Third Party Property Damage (TTPD).

The rates took effect January 1, 2023,. “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.

“Motor cycle attracted N3,000 with N1m compensation.

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