• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, March 29, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Insurers To Dump Obligation Draining Third Party Motor Tariff For Risk Right Price Jan 2022

Staff Reporter by Staff Reporter
October 9, 2021
in Insurance
0 0
2
Insurers To Dump Obligation Draining Third Party Motor Tariff For Risk Right Price Jan 2022
0
SHARES
78
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

A breather is coming for insurance companies on the tariff for compulsory third party motor insurance beginning January 2022, the policy has been a drain on insurers accepting too little premium for a stream of claims that far outweigh the risk price, and this compelled the operators and the National Insurance Commission to take a position to raise the tariff bar.

Back in July the Insurers Committee at the first meeting after a break, set to change the dynamics of third party motor insurance by setting up a committee that will overhaul the price of the policy.

Based on the work already done, Mrs Ebele Nwachukwu, who doubles as vice chairman Nigerian Insurers Association and chairman of sub committee on communication and publicity said the Insurers Committee comprising NAICOM and all the arms of the industry, gave a snapshot after yesterday’ meeting of what to expect. The Committee has concluded the take-off date for the new tariff to be announced by the Commission at which point the current N5000.00 tariff will become a stable in the underwriting archives.

“By January 2022 , the regulator should be able to announce a scientific new price for the third party insurance policy that will also include the ECOWAS Brown Card,” she cleared.

At that first meeting of the Insurers Committee, Nwachukwu said it was necessary at due interval to revisit the compulsory third party motor policy with the set of the insurers technical committee and actuaries to put the policy in good underwriting balance.

Annuity also was mentioned at the media briefing where she said the Commission has asked insurance companies to update it on the annuity business and thereby make it clear for regulatory intervention when necessary and also advance a clear course to help insurance companies involved.

On IFRS 17 she said the Commission has been combative and engaging all arms of the industry to make the implementation from the effective date with all operators on the starting block.

Previous Post

Fraud Bumps In Pension Procedural Gaps Set To Dip

Next Post

NAIPCO Confab: Insurance & Pension Experts Converge For Covid Opportunities Takeaway

Staff Reporter

Staff Reporter

Related Posts

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert
Insurance

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn
Insurance

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
Insurance

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
Next Post
New Executive Emerges For NAIPCO

NAIPCO Confab: Insurance & Pension Experts Converge For Covid Opportunities Takeaway

Comments 2

  1. Chief Nwakibie Patrick Egbuniwe says:
    1 year ago

    Very good and economically sensible approach to Third Party Insurance policies. In most cases claims arising out of this type of cover take quite along time to settle. On personal observation some cover notes held by drivers on third party basis are from non existent insurance companies. This is another area where insurers in cooperation with Naicom and various licencing offices should look into and block the loophole. It is a sad fact that most holders of TP insurance covers do not know which Insurers are still in operation or have ceased carrying out insurance business.

    Reply
    • Nwanne Ikemefune says:
      1 year ago

      Chief you got it on the hip. Thanks indeed. Its laced with professional thickness, apt and germane.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

7203
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6810
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5462
Anchor MD Loses Father

Anchor MD Loses Father

1571
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1563
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

999
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

963
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

397
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

354
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

337
Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In