PRESS CONFERENCE BY THE CHAIRMAN OF PUBLICITY SUB COMMITTEE OF THE INSURERS COMMITTEE, MR. AKINJIDE ORIMOLADE ON TUESDAY, 18 JULY 2023 AT INSURERS HOUSE, 42, SAKA TINUBU STREET, V.I. LAGOS.
Managing Director, Sunu Assurance Plc, Samuel Ogbodu; Director General NIA, Mrs Yetunde Ilori; Chairman, Publicity subcommittee Insurers Committee, Akinjide Orimolade, Deputy director/ Head of Corporate Communications National Insurance Commission NAICOM, Rasaaq Salami and
Managing Director/CEO Guinea Insurance Plc Ademole Adidogun during a press conference announcing the kick of publicity campaign on third party motor insurance rate.today in Lagos.
Good afternoon gentlemen of the Press and welcome to this brief ceremony which is essentially to flag off the publicity campaign for the new premium rates for Motor insurances.
Let me thank you for your continued support to the Insurance Industry through your positive reportage of activities of industry in your various media.
Our partnership is symbiotic to the extent that we fully appreciate the place of the press not just to report activities, trends, and developments in the insurance market, but also to set agenda for regulators, self-regulatory organizations, and operators. On our part, we owe it a duty to interact, engage and apprise you with information concerning the market to enable you report the industry adequately.
It is in fulfillment of this obligation that we have called you together today to brief you on the commencement of the campaign on the new rates for motor insurances as approved by the National Insurance Commission in December 2022.
The new rates contained in the circular which took effect from 1st January 2023 are as follows:
NEW TTPD NEW
. LIMIT PREMIUM
1. VEHICLE TYPE – Private
Private Motor N3m N15,000
Own Goods N5m N20,000
Staff Bus N3m N20,000
2. VEHICLE TYPE-Commercial
Trucks / N5m N100,000 General Cartage
Special Types N3m N20,000
Tricycle N2m N5,000
Motorcycle N1m N3,000
According to the Circular, comprehensive motor insurance policy premium rate shall not be less than 5% of the sum insured after all rebates/ discounts.
Insurance companies have since commenced implementation of the new rates and consumer education continues to dominate discussions at various fora.
It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity subcommittee decided to embark on this short but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens.
This is a pan Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now.
Gentlemen of the Press, we need your support in this journey and do hope that as partners in progress, you will give this campaign the publicity it deserves.
Over the three months period that this campaign is scheduled to last, we expect massive publicity from you and do hope you will give it your best.
Thank you and God bless.
Akinjide Orimolade
Chairman
