The Nigeria Employers’ Consultative Association (NECA) has said that an adjustment in the current premium rate for motor insurance is desirable in order to grow the economy. NECA’S Director General, Mr Adewale-Smatt Oyerinde, made this known in an interview with…
The Federal Government has increased the amount payable on the compulsory vehicle third-party insurance by motorists in Nigeria to N15,000 from N5,000, representing a 200 per cent increase. Also, the government stated that the new rate will commence by January…
The National Insurance Commission (NAICOM) has raised Third Party insurance cover for motorists from N5,000 to N15,000 yearly with effect from January 2023. The approval is contained in a circular: NAICOM/DPR/CIR/46/2022 addressed to insurance companies and dated Dec. 22, 2022.…
The National Insurance Commission has raised the premium for third-party motor insurance premium from N5,000 to N15,000 effective January 1, 2023. NAICOM disclosed this in a circular with the number ‘NAICOM/DPR/CIR/46/2022 to all insurance companies titled ‘New premium rates for…
The National Insurance Commission (NAICOM) stated in Lagos on Saturday that it would continually execute its various regulatory and market development initiatives to raise standards in the sector. Commissioner for Insurance, Mr Sunday Thomas said this at a 2022 seminar…
The National Insurance Commission (NAICOM), has sympathised with flood victims across the country. A statement by the Commission in Abuja on Saturday, assured all insured policyholders against such occurrences of their prompt claims settlement by their insurance companies. The Commission…
The insurance sector recorded an increased growth rate of 11.9 per cent with a total asset of about N2.3 trillion in the second quarter of 2022. This is according to the National Insurance Commission (NAICOM). A performance document released by…
Sanlam General Insurance Nigeria Ltd. has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural business risks. The Managing Director of the company, Mr Bode Opadokun, said this in a statement on Tuesday in Lagos. Opadokun said…
Nigerian airline operators are finding it extremely difficult to pay the premium on their assets such as aircraft and others, the Director, Policy and Regulations, Nigerian Insurance Commission, Leo Akah, has said. He said any carriers were breaking the insurance…
The Federal Government has directed the National Insurance Commission (NAICOM) to deepen insurance penetration by making insurance companies develop new insurance products and policies. Minister of Finance, Budget and National Planning Mrs Zainab Ahmed gave the directive in Abuja yesterday…
