SAT. 24 DEC, 2022-theGBJournal| Effective from 1st January 2023, premium on private vehicles shall be N15,000 while Third Party Property Damage (TPPD) which is the limit of claims by an insured on the policy shall be N3,000.
The new rate was unveiled Friday by the National Insurance Commission (NAICOM) in a circular signed by its Director of Policy and Regulation, Dr. L.M. Akah. The circular, seen by theG&BJournal, was addressed to all insurance institutions in the country.
The new rate also stipulates that third party inclusive of ECOWAS brown cards (EBC) is reviewed upwards, and under the ‘Private Category’, the ”Own Goods” will attract a new premium of N20,000 AND TPPD of N5,000 while staff bus premium has been reviewed upwards to N20,00 and a TPPD of N3,000.
Under commercial category, trucks and general cartage will now attract N100,000 premium and a TPPD of N5,000.
Motorcycle will pay N2,000 premium and N1,000 in TPPD.
Again, Special Type insurance will henceforth attract a new premium rate of N20,000 and TPPD of N3,000 while tricycle will attract N3,000 Premium rate and N2,000 and a TPPD of N2,000.
NAICOM urged strict compliance to the new rates and warned insurance coys that appropriate regulatory sanction will be applied on defaulters.
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