The Nigerian Insurers Association NIA, has directed insurance CEOs to adhere strictly to the adjusted motor tariff that commenced January 12023, the Association duly informed them that the adjusted premium is sacrosanct and, companies must sell at the right price of N15,000.00 because there are no two ways to it.
The chairman, Nigerian Insurers Association, Olusegun Omosehin (pictured), who disclosed this at a media parley at the Insurers House in Lagos, said the guidelines has been agreed effective from January 1, 2023.
Omosehin also said the Association is working in collaboration with other stakeholders and enforcement agencies to as much as it is possible fence off the touts selling insurance certificates that do not provide indemnity at licencing offices. Besides, he said these certificates sold by touts are not on the Nigerian Insurance Industry Database. “If we are able to get the stakeholders on board, we will b able to a large extent sanitise the situation.”
He reiterated that the Association has a platform NIID that can verify valid insurance certificate that has been issued in Nigeria and its a simple process.
Noting that the NIA has moved up further to curb the menace of tout insurance certificates, he said a whole lot of efforts are being put together to reduce to the barest minimum the long standing malfeasance. Cautiously, he said the stakeholders might not be able to eradicate it at first instance but could still achieve “a reasonable level of reduction.”
On the perceived high mark of adjustment in the motor premium, the NIA chairman said Nigeria’s motor premium rate is about the cheapest in Africa. He cited a country like Liberia, where 3rd party motor premium costs $100.00 and other countries in the West Africa region with higher premium than Nigeria.
“We still have the least motor premium in the whole of Africa. Its ridiculous what we are paying what we are paying and still getting complaints. Let us support the right course,” he stated.
