Experts implore NAICOM to embark nationwide awareness campaign on third party motor rate


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Chuks Udo Okonta

Experts in the insurance industry have called on the National Insurance Commission (NAICOM) to replicate awareness campaign recently held in Port Harcourt Rivers State in 35 states and Federal Capital Territory (FCT).

The experts told Inspenonline that taking the campaign across the nation would enable the public understand more the inherent benefits in insurance, particularly the recently introduced third party motor insurance premium and claim regime.

Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Adaramola, commended NAICOM for taking the step to educate the public on third party motor rate, stressing that it is very good step by NAICOM to put a voice to its desire for better insurance penetration, particularly for better public understanding about benefits to accrue from increase of third party motor insurance rate.

He noted that it is quite delightful that NAICOM has taken the bull by the horns, adding that it needs to do more.

According to him, the campaign should go beyond one city in a state, stressing that it should be conducted all over the country.

He also implored the insurance industry regulator to be careful in selecting critical groups to be be invited to the campaign, stating that though every body needs insurance, but when it comes to some peculiar form of insurance, there are people that needed it most.

He said the campaign should be deliberate and strategic, in that third party vehicle insurance policy should be for road transport workers; public servants and sectoral groups, while fire and the likes should be for especially traders and business owners.

Adaramola canvassed that the campaign should not just be an avenue to talk to the public, but an opportunity to get feedback from them.

“NAICOM should open channels of two way communications, concerning the campaign. Members of the public should be allowed to talk, we shouldn’t be the only one talking.

“NAICOM should be able to identify critical stakeholders that consume what. While general campaign is good, there should also be sectoral engagements,” he opined.

The NCRIB CEO, submitted that the aforementioned steps should be in addition to robust media campaign, stressing that; “if you have a beautiful damsel in a room and you are not beaming light in the room, the damsel in the dark room, may likely not going to have a good suitor,” he remarked.

An insurer, Abimbola Olupinla, said NAICOM should replicate the campaign in the 35 states and Federal Capital Territory (FCT)

Another operator, Ekerete Ola Gam – Ikon, applauded NAICOM for the exercise, rating it excellent.

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