Increase in third party insurance premium



By Francis Ewherido

A  CIRCULAR dated December 22, 2022, from the National Insurance Commission, NAICOM, increased the premium and limit of liability of various classes of motor insurance. Motor (third Party Insurance) is one of the six compulsory insurances. What NAICOM did was to increase third party property damage for all categories of vehicles. There was no uproar for motorcycles, tricycles and others.

We all seem to have accepted the culture that when tricycles and motorcycles damage your vehicle or property, the riders prostate before you to beg, you forgive them and life goes on. Sometimes, if the riders have numbers, they bully and can even beat up the innocent party. Some unlucky innocent parties have been lynched. No problem because we live in a jungle, abi? 

The damage of third party property by private vehicle owners was increased from N1m to N3m with a corresponding increase in premium from N5,000 to N15,000. That is where the uproar is, but why? We…

Source: Vanguard Newspaper