By Rosemary Onuoha and Cynthia Alo
OPERATORS in the insurance industry have appealed to the National Insurance Commission, NAICOM, to defer implementation of the reviewed rates on compulsory insurances by one year to enable the insuring public to be adequate sensitized.
Some operators who spoke to Vanguard said that consumers have already drawn up their insurance budget for this year with the old rates and it will be difficult to alter it. The stakeholders ask for time to sensitize clients on the new rates before the next renewal period.
Former President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mrs. Laide Osijo, said that though the new rating on compulsory insurances will benefit the industry; however, implementation should be deferred so that clients and customers will be adequately sensitized.
Osijo said, “Most federal government…
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