Third Party Motor Policy New Rate Takes Off January 2022

Stakeholders in the insurance sector have announced January 2022 as the new take off of the Third Party Motor Insurance Policy.

This is the outcome of a meeting by the National Insurance Commission and operators from different sectors of the industry.

The Managing Director/CEO, NSIA Insurance Limited, Ebele Nwachukwu and Chairman, Sub – Committee , Publicity and Communication of the Committee, said the committee working on the price under the platform of Nigerian insurers association (NIA) should submitted their report on or before November and hopefully by January 2022 the new price will become effective.

“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 said.

On IFRS 17 she said following report submitted, the commission has been having a lot of interactions with various operators on implemention of IFRS 17, adding that it has created a working group of policies and methodology to be able to come up with process for the implementation of the IFRS 17.

The Motor Third Party Insurance is one of the compulsory classes of insurance in Nigeria

Insurance experts and law enforcement agents have described the Motor Third Party Insurance which cost N5000 is the minimum level of motor insurance cover expected of a driver.

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