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Naicom finally increases third party motor insurance premium from N5,000 to N15,000 for private, commercial N20,000

.  ….Effective January 1, 2023
By Favour Nnabugwu
National Insurance Commission, Naicom has finally increase the much awaited motor insurance rat from N5,000 to N15,000 for private vehicle and commercial to N20,000 effective January 1, 2023.
The new premium rate increase, following the inflation rate in the country and the rate had just been reviewed after 19 years from N1,000 to N5,000.
Third-party motor insurance is one of the compulsory classes of insurance and the most popular among the six compulsory insurance policies stipulated by the Insurance Act 2003.
Naicom in a circular titled, The New Premium Rate for Motor Insurance with reference number NAICOM/DPR/CIR/46/2022 signed by the Director, Policy & Regulations, Mr Leo Akah and made available to the Press by Deputy Director and Head Corporate Communications and Market Development, Mr Abdul Rasaaq Salami says the in pursuant to its function of approving premium rate of insurance companies under Section 7 of Naicom Act 1997, and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rate effective from January 1, 2023
The new motor insurance premium rate increase third party motor insurance from N5, 000 to N15, 000 for private, while commercial is N20, 000. For own goods and staff busses are to pay N20,000 each for truck and general cartage is N100k and for special types N20,000; tricycle N5,000 and motorcycle N3,000.
Naicom outlined the Third Party Property Damage, TPPD which is the limit of claims an insured can enjoy on the policy states that private cycle is N3 million own goods N5 million staff bus N5 million trucks/general cartage N3m, special types N5 million; tricycle N3 million and motorcycle N1milion
The regulatory body said the third party rate is inclusive of ECOWAS Brown card.
“The third party insurance policies inclusive of ECOWAS Brown CARD (EBC)”
And that Comprehensive insurance motor insurance premium rate shall not be less than 5 percent of the sum insured after all rebates/ discounts.
Naicom stated that failure to comply with the circular will invite the want of the Commission.
“Note that failure to comply with this circular shall attract appropriate regulatory sanction”
The new rate is the outcome of the discussion between a committee that consists of the Commission and chief executive officers of underwriting firms.
Patoma Admin by — December 23, 2022 in Insurance 0
WAEC to hold May/June, increase fee from N13,950 to N18, 000

By Favour Nnabugwu

 

The Head of Nigeria National office, West African Examination Council, WAEC, Mr. Patrick Areghan has announced that the 2022 West African Senior School Certificate Examination, WASSCE, will be conducted in May/June.

Recall that in recent times, WAEC conducted WASSCE between August and October.
Mr. Areghan disclosed the revert back to the previous duration of the conduct of WASSCE, on Monday while announcing 2021 results at the council national office, Yaba.

He said, ” Let me thank the Federal and the various Ministries of Education for working so hard to stabilize the academic calendar. Accordingly, as a result of the return to normalcy, the Honourable Minister of Education has requested that the WASSCE for School Candidates, 2022 should be conducted in May/June 2022.

This position has been communicated to the Registrar to Council in Accra and he has assured us that it will be reckoned with in drawing up the International Time-table for the examination. And so, by the special grace of God, the WASSCE for School Candidates, 2022 will be taking place in May/June 2022. Entries for the examination will be floated on Monday, December 6, 2021.” WAEC boss explained.

Meanwhile, Mr. Areghan has disclosed that from 2022, the cost of registration for the West African Senior School Certificate Examination, WASSCE, has been raised from N13,950 to N18,000 to meet the demands of economic reality.

According to him:” Owing to the devastating effects of the COVID-19 Pandemic which has brought the global economy to its knees, the unabating spiraling inflation in the country as can be seen in the general cost of doing business and the multiplier effect of the unabating insecurity in the country, which have consequential effects on the cost of our operations, it is no longer possible to continue to provide services with the current fee of N13,950.00 per candidate.

Furthermore, our ad-hoc workers – Supervisors, Examiners, Checkers, item Writers and indeed, all examination functionaries, have been agitating for improved remunerations.
We have received approval from the appropriate quarters with effect from the WASSCE for School Candidates, 2022, to charge N18,000.00 per candidate. We are, therefore, asking all school principals to collect N18,000.00 per candidate for registration.

A part of this new fee has been dedicated to the enhancement of the remunerations for the various examination functionaries and our Governing Board has graciously approved the remunerations, which will come into effect from the WASSCE for School Candidates, 2022.

Any amount beyond this ceiling will not be to our consent or knowledge and will definitely not come to the purse of the West African Examinations Council.” Mr. Areghan noted.

Patoma Admin by — November 22, 2021 in Education 0
WAICA Re awards winners of competition, Nwankwo, Inyang, Umeobi $100,000/$5,000, $3,000, $2,000

By Favour Nnabugwu

 

 

The West African Insurance Companies Association Reinsurance Corporation (WAICA Re) has awarded Mr. Ejike Nwankwo with $100,000 for winning the 2021 competition on how to manage plastic waste to prevent flooding

Apart fom the $1000,000 to help him with his iniative, Ejike Nwankwo also went home with $5,000 as an ambassador for 2021/2022 a the just concluded 47th African Insurance Organization (AIO) Conference held in Lagos.

WAICA Re also aearded Mr. Uduakobong Inyang with $3000 as first runners-up while Ms Chinwe Anthonia Umeobi of African Alliance Insurance Plc went with $2,000 as the 2nd runners-up.

Speaking the awards, the Chief Operating Officer of  WAICA Re, Dr. Abiba Zakariah stated that the corporation came up with this initiative as part of its Corporate Social Responsibility(CSR) to end drought, flood and deforestation across Africa, especially, West African region.

Zakariah stated that the projects proffered practical solutions that can be replicated across Africa, saying, WAICA Re is ready to continue to support such initiative with $100,000 annually.

This is to ensure that Africans see themselves as solutions to African problems, she said.

She disclosed that the winner of the competition now becomes WAICA Re’s goodwill ambassador for a year, even as the reinsurance firm would support. the winning project with $100,000, while such ambassador will have a cash reward of $5000 and $2000 respectively, she stressed.

The former Secretary General of AIO, Prisca Soares noted that the devastating effects of natural disasters, which might also be linked to climate change in most countries on the continent is better imagined, adding that, the untold and undocumented hardship on the communities and worsening poverty situations, are gaps insurance policies do not cover.

According Soares, “So, beyond insurance policies, we must find practical solutions to some of these natural disasters as responsible citizens and corporate organizations. We may not have the power to stop natural disasters. Still, we can pull resources to alleviate their impact and reduce their frequency when we remove the human contributory factors,” she pointed out.

She applauded WAICA Re for spearheading such an initiative in West Africa by focusing its attention on finding practical solutions to natural disasters in the region.

She noted that, WAICA Re’s maiden edition of the CSR Competition and Ambassador for 2021 has been able to push discussions on the Environment to the forefront of burning issues.

Established in 2011 with the philosophy of strengthening the financial sector of the sub-region by providing greater and viable insurance and reinsurance capacity, the Corporation said the theme of its CSR competition is “Practical Solutions to Natural Disasters in West Africa.”

WAICA Re has made giant strides because of the inestimable supports it is getting from the reinsurance market across Africa, Middle East and Asia.

Patoma Admin by — September 12, 2021 in Insurance 0