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.
