• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 15, 2025
  • Login
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

NAICOM, Insurers Set To Change The Dynamics Of Third Party Motor Insurance

Staff Reporter by Staff Reporter
October 9, 2021
in Insurance
0 0
0
NAICOM, Insurers Set To Change The Dynamics Of Third Party Motor Insurance

L-R: Sabiu Bello Abubakar, deputy commissioner, Technical NAICOM; Olorundare Sunday Thomas, CFI/CEO NAICOM; Ganiyu Musa NIA chairman, and Tope Smart, GMD/CEO NEM Insurance Plc at the meeting in Lagos.

0
SHARES
101
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

A major concern of insurance companies the inadequacy of third party motor insurance, has been put on the common platform for immediate review by the Insurers Committee and has been endorsed by the National Insurance Commission; and the ready to sail committee that will comprise the regulator and insurers is from the tone of early discussion, set to hit the ground running.

The vice chairperson, Nigerian Insurers Association Mrs. Ebelechukwu Nwachukwu said with all stakeholders standing on a common platform it has paved the way for immediate discussion between the NIA technical committee and NAICOM to determine if there will be a change in the N5000 premium of the third party motor insurance policy.

The head of the six-man publicity and communication committee Mrs Nwachukwu, commenting on the next line of action said “when you have a third-party as a policy, it is necessary that from time to time that you will revisit it and the technical and actuarial people will start working on that.” The NIA technical and actuarial team certainly has enough third party motor data to share with the NAICOM team in a keen open cast deliberation.

She said the restarted Insurers Committee now consist of six sub committees instead of former eight and they are corporate governance and ethics, market development, and customer services, technical and publicity and communication.

On the rebranding project, she said “despite the suspension of the project, the committee will at the right time resuscitate it and the structure will be different than what it was.

She said the match to the implementation of IFRS 17, demands that operators are compliant with data analysis pointing out that “IFRS 17 will change the note at which numbers are accounted for going forward, it is a very serious accounting structure that we need to take very serious.”

Included in the focus of meeting is a new direction for micro insurance and takaful insurance where the Commission promised to engage more with the operators and review the guidelines as needs demand.

Previous Post

Rate Concern Dominates In LatAm Insurance Markets

Next Post

AXA Publishes 2021 Climate Report

Staff Reporter

Staff Reporter

Related Posts

Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 
Insurance

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come
Insurance

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 15, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB
Insurance

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
Next Post
AXA Insurance logo

AXA Publishes 2021 Climate Report

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
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
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

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

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 15, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
ADVERTISEMENT

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 15, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
NEM Insurance NEM Insurance NEM Insurance
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
  • Uncategorized

Recent News

NAICOM logo

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group Revenue Leap by 70%, Sealing N61bn And Paid N10.4bn Claims, 149% More in 2024

July 14, 2025
  • 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?

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