Expert recommends graduation of third party premium, claims

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Chuks Udo Okonta

As different groups mount pressure on the National Insurance Commission (NAICOM) to withdraw its new vehicle insurance third party policy, an expert has recommended the graduation of premium and claims payment to cater for different class of motorists.

The insurance expert, Akintunde Sunday, in a comment, while responding to a report on the new premium and claims regime published by Inspenonline, said: “As for me, what they (NAICOM) ought to do is work against all selling the Third Party insurance below N5,000.00 and graduate the cover as shown below: Third Party Insurance with N1 million Third Party Property Damage (TPPD) should be N5,000.00.

He stated that Third Party Insurance with N2 million TPPD should be N7,500.00.

Third Party Insurance with N3 million TPPD should be N10,000.00.

For Third Party Insurance with N3 million TPPD plus ECOWAS cover extension should be N15,000.00, he submitted.

He noted that the economy is too unfriendly to treat insurance products as basic food because there are many unwilling, but potential buyers.

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