NAICOM raises cost of third party vehicle insurance by 200%

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.

It was titled: New Premium Rate for Motor Insurance and signed by the Director, Policy and Regulation, NAICOM, Leo Akah, for the Commissioner for Insurance.