NAICOM Increases Rates For Vehicle Insurance
The National Insurance Commission (NAICOM) has announced an increase in the premium rates for vehicle insurance in the country.
In a circular dated December 22, 2022 and addressed to insurance companies, the commission made it known that the new rates will take effect from January 1, 2023.
The circular was signed by Leo Akah, director, policy and regulation, NAICOM, on behalf of the commissioner for insurance.
NAICOM further explained that the upward adjustment of rate was pursuant to the regulator’s exercise of its function of approving rates of insurance premium under section 7 of NAICOM act 1997, and other extant laws.
Under the new template, private vehicles that were paying N5,000 premium for N1 million third party property damage (TPPD) limit are now to pay N15,000 premium for N3 million limit; N5 million limit for own goods with a premium of N20,000; and staff buses are to pay N20,000 premium for N3 million limit.
