NAICOM Unveils new Motor Insurance Premium rates effective from 1″ January 2023

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Mr Sunday Thomas, the Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM)

 

National Insurance Commission (NAICOM), the industry regulator, through its circular HO: NAICOM/DPR/CIR/46/2022 dated December22, 2022 to All Insurance Institutions has introduced NEW PREMIUM RATES FOR MOTOR INSURANCE

 

According to the circular sent to The Ameh News (TAN) which was endorsed by LM AKAH for Director (Policy & Regulation) for the Commissioner of Insurance stated that 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 1″ January 2023.

 

The said circular further stated that Third Party insurance policies inclusive o1 Ecowas Brown Card (EBC) shall be as follows

 

TPPD means THIRD PARTY PROPERTY DAMAGE. It is the limit of claims an insured can enjoy on the policy.

 

The Commission reiterated that Comprehensive motor insurance policy premium rate shall not be less than five percent (5%) of the Sum Insured after all rebates/discounts.

 

Therefore, NAICOM Noted that failure to comply with this Circular shall attract appropriate regulatory sanction.


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