Third-party insurance is one of the compulsory classes of insurance and the most popular among the six policies stipulated by the Insurance Act 2003.
Recall that on December 22, 2022, NAICOM announced a 200 per cent increase in premium payable on the compulsory insurance, from N5,000 to N15,000 and also increased claims on the policy from N1 million to N3 million. “We do not need to restate the issues with enforcement of the old rates. But we are certain that with the support and understanding of the Nigerian public, we will secure support for the new rate. This will not only lead to an increase in premium income for underwriters but will also increase claim payment to the clients when the need arises,” he said.
Source: Insurance Report (insurancereport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria, India partner to curb fake passports – Aregbesola | The Guardian Nigeria News - Nigeria and World NewsThe Federal Government has expressed its readiness to partner with the Indian Government on total eradication of fake Nigerian passports into India. I laugh seriously 😜🤣😂🤣😂😅
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Pakistan's former military ruler Pervez Musharraf dies | The Guardian Nigeria News - Nigeria and World NewsPakistan's former military ruler Pervez Musharraf has died in Dubai aged 79 after a long illness, the army said Sunday.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Sixteen killed in China highway pile-up | The Guardian Nigeria News - Nigeria and World NewsA highway pile-up in central China has killed 16 people and injured dozens, authorities said Sunday, with footage aired on local media showing burning trucks and smashed cars. Nearly 50 vehicles were involved in multiple collisions along a highway in Hunan province within the span of 10 minutes on Saturday evening, “with some vehicles catching […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »
PSG in talks with Messi over renewing contract | The Guardian Nigeria News - Nigeria and World NewsParis Saint-Germain's football advisor Luis Campos says he will be 'delighted' if Argentinian superstar Lionel Messi agrees to extend his contract with the French champions.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Courtois injured in warm-up before Mallorca clash | The Guardian Nigeria News - Nigeria and World NewsReal Madrid goalkeeper Thibaut Courtois appeared to suffer a thigh injury while warming up before his team's La Liga clash with Real Mallorca on Sunday, adding to their injury woes.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
NDLEA seizes 75.75kg skunk from Canada | The Guardian Nigeria News - Nigeria and World NewsThe National Drug Law Enforcement Agency (NDLEA) has seized 75.75kgs of cannabis indica, which came from Montreal, Canada, hidden in a container of four used vehicles.
Source: GuardianNigeria - 🏆 1. / 94 Read more »