The Insurers’ Committee, inaugurated by the industry players to work on growth plans, has set May 1, 2023, to intensify the sensitisation of the public on the benefit of third-party motor insurance policy.
Members of the Publicity and Communications Sub-Committee said this while briefing journalists on the outcome of the 14th Insurers Committee Meeting held in Lagos at the weekend. According to the subcommittee, they agreed at the meeting that increased awareness of the policy would improve acceptance despite the rate hike.
The National Insurance Commission (NAICOM) had earlier reviewed the rate, raising the by 200 per cent, from N5,000 to N15,000.
Also, each subscriber could claim up to N3 million to repair the damage done to a third party. Recall that when the certificate was N5,000, the maximum claims limit was N1 million.
Speaking on the outcome of the meeting, the Head of Corporate Communications and Market Development, NAICOM, ‘Rasaaq, Salami, said the campaign would kick off on the 1st of May to sensitise the motoring public on the importance of procuring third-party motor insurance.
Salami explained that the increase in the Third Party Property Damage (TPPD) is to the benefit of the motoring public. He stressed that the market report on the acceptability of the new motor rate is positive, believing that the planned campaign on the third-party motor policy will further increase its acceptance.
