BY NKECHI NAECHE-ESEZOBOR–The Insurers Committee has announced January 2022 as the new take off of the Third Party Motor Insurance Policy.
The National Insurance Commission and operators from different sectors of the industry had during its meeting held yesterday agreed on the need to fix a new rate for 3rd Party Motor policy.
Addressing journalists after the meeting, the Managing Director/CEO, NSIA Insurance Limited, Ebele Nwachukwu and Chairman, Sub – Committee , Publicity and Communication of the Committee, said the committee working on the price under the platform of Nigerian insurers association (NIA) should submitted their report on or before November and hopefully by January 2022 the new price will become effective.
“She said “By January 2022 , the regulator should be able to announce a scientific new price for the third party insurance policy that will also include the ECOWAS Brown Card.”
On annuity she said the commission has asked insurance companies to share information around issues they are having, so it will know how to help and thereby deepen the annuity market space in the county and bring more clients to the industry.
On IFRS 17 she said following report submitted, the commission has been having a lot of interactions with various operators on implemention of IFRS 17, adding that it has created a working group of policies and methodology to be able to come up with process for the implementation of the IFRS 17.
The Motor Third Party Insurance is one of the compulsory classes of insurance in Nigeria and possibly the most popular among the existing six compulsory insurance policies stipulated by
Insurance experts and law enforcement agents have described the Motor Third Party Insurance as the minimum level of motor insurance cover you can take before putting your vehicle on the road. As it stands today third party motor Insurance cost as low as N5,000.
