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Stakeholders to review third-party motor insurance policy

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Insurance

Stakeholders in the insurance industry, alongside the National Insurance Commission (NAICOM), plan to review the third-party motor insurance policy to make it more effective.

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

The head of the six-man publicity and communication committee while commenting on the next line of action on the issue said: “When you have a third-party as a policy, it is necessary that from time to time you revisit it.”

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She said the insurers committee now consists of six su-bcommittees instead of the former eight. She listed them as corporate governance and ethics, market development and customer services, technical as well as 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 march to the implementation of IFRS 17, demands that operators are compliant with data analysis.


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