Nigeria Insurers flags-off nationwide publicity campaign on new motor insurance rates July 24th 2023

The Chairman of the publicity sub-committee of the insurance committee, Mr. Akinjide Orimolade yesterday Tuesday in Lagos flagged off a nationwide insurance sector publicity campaign tagged: ‘Small premium, Big Coverage’, that is expected to officially commence next week Monday 24th July, 2023.

These facts were made known to members of the press, even as the Chairman, publicity sub-committee, Mr. Akinjide Orimolade interacted with journalists and provided information on the commencement of the campaign on the new insurance rates for motor insurance, as approved by the National Insurance Commission (MAICOM) in December 2023.

Following the release of the new motor insurance rates last year, insurance companies have since started the implementation of the new rates, as well as, consumer education and this has continued to dominate public discussion at various fora.

Providing insight on why embark on the current media campaign, expected to last over three months’ duration, Mr Orimolade stated that it was in response to ‘a plethora of questions and enquiries received from our clients, that the insurance committee through its publicity sub-committee decided to embark on this short, but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens.

The Chairman also informed that the current is a Pan-Nigeria campaign covering social media, print, radio jingles and television commercials. Orimolade therefore used the occasion to solicit support from members of press and called on the press to give the campaign the publicity it deserves.

The new rates contained the circular which took effect from 1st January 2023 are as follows: Third party motor insurance attracts N3illion liability exposure on N15,000:00 premiums. The third party motor insurance for staff bus attracts N3million liability exposure for N20, 000:00.

Others include Commercial motor insurance: Trucks/ GENERAL Cottage, N5million liability exposure on N100,000 premiums. Tricycle insurance: N2million liability exposure on N5000:00 premiums. Motor-cycle insurance: N1million liability exposure on N3000:00 premiums etc.

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