Friday, October 31, 2025
27 C
Lagos

Third Party Motor Insurance: N3m Claim, N15, 000 Premium on Private Cars

The National Insurance Commission (NAICOM) has raised the Third Party Property Damage (TPPD) rate and premium on private cars to N3 million and N15, 000 respectively effective from January 1, 2023. The existing premium is N5, 000.

In a circular (NAICOM/DPR/CIR/46/2022) dated December 22, 2022 and signed by Mr. L. M. Akah, the Director, Policy & Regulations at NAICOM, the Commission said:

  • Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rates effective from January 1, 2023.
  • Third Party Insurance policies inclusive of ECOWAS Brown Card (EBC).
  • Comprehensive motor insurance policy premium rate shall not be less than 5 percent of the sum insured after all rebates/discounts.
  • Failure to comply with this circular shall attract appropriate regulatory sanction.

The new insurance premium rates also include claim of N3 million and premium of N20, 000 for Staff Bus; claim of N2 million and premium of N5, 000 for tricycles and claim of N1 million and premium of N3, 000 for motor cycles.

spot_img
spot_img
spot_img

Hot this week

NGX Group Chair, Umaru Kwairanga, Draws Roadmap for Leadership in Nigeria

   Being the remarks by Alhaji (Dr.) Umaru Kwairanga, Group...

NCRIB to Partner State Govts to Drive Insurance Penetration in Nigeria

L-R: Mr. Tope Adaramola, Executive Secretary; Mrs. Ekeoma Ezeibe,...

OPay – From Payment Platform to Lifestyle Ecosystem

By Moses Braimah Out of curiosity, I decided to spend...

Dangote and the Nigeria Refinery Revolution

  Beyond the Monopoly Myths By Moses Braimah When the Dangote...

Anambra Tops 2025 State of States Fiscal Performance Ranking

BudgIT, Nigeria’s leading civic-tech organisation promoting fiscal transparency and...

Topics

Adeosun: ‘Nigerians Should Embrace Life Insurance for Better Future’

L-R: Mr. Lana Loyinmi, Head Contribution & Bond Redemption,...

AfDB Unveils 1st Africa-to-Africa Investment Report

Opportunities for investment in Africa outweigh the obstacles, according...

NSE Unveils Recruitment Portal to Target Top Talent

The Nigerian Stock Exchange (NSE) has launched an online...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

The Cement War

The global supremacy for cement production is growing per...

AMCON vs Jimoh Ibrahim: Court Adjourns Case to Sept 8, 2021

Hon. Justice A. R. Mohammed of Federal High Court,...

MFM Orders Pastor to Shut Illegal Deliverance Facility, Report in Lagos

Mountain of Fire and Miracles Ministry Wednesday ordered one...

Iran’s Return Poses New Questions for Oil Price

Free of international sanctions, unfettered Iranian oil exports might...
spot_img

Related Articles

Popular Categories

spot_imgspot_img