Tuesday, October 7, 2025
23.7 C
Lagos

Insurers Commence Publicity Campaign for Third Party Motor Insurance July 24

L-R: Mr. Davis Iyasere, Head, Corporate Affairs, NIA; Mr. Samuel Ogbodu, MD/CEO, Sunu Assurances; Mrs. Yetunde Ilori, DG, NIA; Mr. Jide Orimolade, Chairman, Publicity Sub-Committee, Insurers Committee; Mr. Rasaaq Salami, Head, Corporate Communication, NAICOM and Mr. Ademola Abidogun, MD/CEO, Guinea Insurance Plc at the media event in Lagos yesterday.

The Insurers Committee will commence comprehensive publicity campaign for the new premium rates for third party motor insurances from Monday, July 24, 2023.

The campaign would be driven by the slogan ‘Small Premium, Big Coverage’ in five (5) languages: Yoruba, Igbo, Hausa, Pidgin and English to reach every segment of the population seamlessly.

Mr. Akinjide Orimolade, Chairman, Publicity Sub-Committee of the Insurers Committee said the campaign is to position the insurance market in a positive way before the insuring public in terms of the new rates.

The new rates contained in the circular which took effect from January 1, 2023 are as follows:

S/N CLASS TYPES NEW TTPD LIMIT NEW PREMIUM
1 Private Private Motor N3,000,000 N15,000
    Own Goods N5,000,000 N20,000
    Staff Bus N3,000,000 N20,000
2. Commercial Trucks/General Cartage N5,000,000 N100,000
    Special Types N3,000,000 N20,000
    Tricycle N2,000,000 N5,000
    Motorcycle N1,000,000 N3,000

 

Speaking further, Orimolade said: “According to the Circular, comprehensive motor insurance policy premium rate shall not be less than five (5) percent of the sum insured after all rebates/ discounts.

Insurance companies have since commenced implementation of the new rates and consumer education continues to dominate discussions at various fora. It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity sub-committee 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.

This is a pan-Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now. Gentlemen of the Press, 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 commended the media for their continued support to the insurance industry through positive reportage of activities of the industry across various media outlets.

“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 organisations 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.”

The new motor insurance premium rates were approved by the National Insurance Commission (NAICOM) in December 2022.

spot_img
spot_img
spot_img

Hot this week

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

NCC Rallies Stakeholder Support to Protect Telecom Infrastructure 

The Nigerian Communications Commission (NCC) has reiterated its commitment...

Why Insurance Firms Need Branding Strategy to Scale Market Challenges

  Mr. O.S. Thomas Commissioner for Insurance/CEO National Insurance Commission (NAICOM) Federal Republic...

P+ Measurement Unveils Nigeria’s 1st Broadcast Advert Analytics Audit Report

Nigeria’s leading media measurement and evaluation agency, P+ Measurement...

PenCom’s Micro Pension Initiative Suffers Setback

There are indications that the micro pension initiative by...

Universal Insurance:  Using Innovative Products to Drive Market Share

Universal Insurance Plc has unveiled an array of innovative...

APO Group African Women in Media Award to Recognise Support of Female Journalists

APO Group, the leading media relations consultancy and press...

Unilever Nigeria Plc: Keeping Shareholders Smiling with N5.29bn Dividend

Following 2011’s impressive business results, Unilever Nigeria Plc’s shareholders...

NOKIA: $340m Net Profit in Q4 2012 Swings Firm Back into Black

  ­Nokia has released its fourth-quarter and full year financial...
spot_img

Related Articles

Popular Categories

spot_imgspot_img