L-R: 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
Managing Director/CEO Guinea Insurance Plc Ademole Adidogun during a press conference announcing the kick of publicity campaign on third party motor insurance rate.today in Lagos.

By Ngozi Onyeakusi—Insurance Industry will on Monday July, 24th  2023 kick off a publicity campaign tagged ‘Small Premium, Big Coverage’ aimed at educating the general public on the rationale behind  the recent increase in third party motor insurance rate from N5,000 to N15,000 by the National Insurance Commission (NAICOM).

The campaign which is expected to last for three months will as well showcase benefits to be enjoyed by motorists as result of the review .
Addressing the media at a press conference
to flag off the publicity campaign today in Lagos, the
Chairman, publicity sub Committee, Insurers Committee Mr Akinjide Orimolade said the pan Nigerian campaign, will be covering social media, print, radio jingles and television commercials in English language pigin and vernacular.

He noted that the campaign became necessary following questions from insurance consumers.
“It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity subcommittee decided to embark on this short but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens”, he assured.

SUPERNEWS Nigeria recalled that NAICOM had earlier issued a circular reviewing rates for Motor Insurance effective January 1, 2023, hence, raising the rate by 200 per cent from N5,000 to N15,000.

To this end, the insurance industry regulatory body said, the TPPD, which is the limit of claims an insured can enjoy on the policy, noted that, TPPD on private  vehicle is now N3 million; Goods vehicle and staff bus goes for N5 million, even as trucks/general cartage will now have maximum Claims limit of N3 million, adding that, the special types is N5 million; tricycle N3 million and N1 million for motorcycle.

Meanwhile, NAICOM said: “the new motor insurance premium rate increase third party motor insurance to

N15, 000 for private, while commercial is N20, 000. Goods and staff busses are to pay N20,000 while truck pays N100,000 even as tricycle has been mandated to pay N5,000 and motorcycle goes for N3,000