Sir: Motor Insurance coverage is, by far, not solely the preferred class of insurance coverage but additionally the dominant supply of premium for many insurance coverage corporations in Nigeria, in line with analysis by Finterate Initiatives, a enterprise health consultancy led by my humble self.
Whereas engaged on the out there info and information to find out Nigeria’s 10 Main Motor Insurers for 2022, it turned much more apparent that almost all licensed Basic Enterprise Insurance coverage Corporations generate, on common, 30 per cent of their Gross Written Premium from Motor Insurance coverage.
You’ll do not forget that late December final 12 months, the regulator, Nationwide Insurance coverage Fee (NAICOM), introduced improve in premium charges for Third Celebration Motor Insurance coverage relating to personal and industrial automobiles whereas Complete Motor Insurance coverage was pegged at 5 per cent of the worth of the automobile. So, it’s anticipated that the premium generated from Motor Insurance coverage will proceed to dominate the books of many insurance coverage corporations in Nigeria.
Claims Funds stay the crux of the matter in insurance coverage relationships, and most insurers pay out roughly 50 per cent of the GWP as claims in a 12 months, as we now have seen for 2022.
All Composite and Basic (Non-Life) Enterprise insurers are licensed to transact Motor Insurance coverage. With the variety of registered automobiles reported by Nationwide Bureau of Statistics (NBS) in 2018 to be 11.8 million and about three million registered on NIID platform of the Nigerian Insurers Affiliation (NIA) in 2021, these insurers nonetheless have lots of work to do bringing extra registered automobiles on to the platform.
By implication, most automobiles on Nigerian roads aren’t having fun with real insurance coverage protection, and within the occasion of accidents, such automobiles and their occupants can’t be compensated by any of those licensed insurers.
With the advantages of Third Celebration Motor Insurance coverage outlined in my earlier write ups and restated right here under for the information of latest subscribers, we are able to make insurance coverage work for us in Nigeria. The advantages embody:
• Third Celebration Property Injury Restrict of N3 million. That is out there to allow you repair the broken automobile or property of the Third Celebration;
• Demise advantages in case any lives have been misplaced within the automobile or property of the Third Celebration;
• Limitless sum for medical bills to cater for bodily accidents to anybody or extra individuals within the automobile or property of the Third Celebration; and
• Entry to ECOWAS Brown Card to allow you drive throughout West Africa.
Please get your real Third Celebration Motor Insurance coverage at this time from any Composite or Basic Enterprise Insurers and luxuriate in from the growing quantity of claims paid by these insurers day by day of each week of each month yearly.
This class of insurance coverage – Motor Insurance coverage – is working for a lot of people and organisations in Nigeria, why not you and yours?
Gam-Ikon, an insurance coverage professional, wrote from Lagos.
