Dear Esteemed Client,
In a circular issued by the National Insurance Commission (NAICOM), on the 22nd of December 2022, it was communicated that effective 1st January 2023, there will be an increase in the premium rates and liabilities for motor insurances in Nigeria.
This increase applies to Motor Third Party Insurance for both Private and Commercial vehicles, as well as Comprehensive Motor Insurance.
1. Third Party Insurance
2. Comprehensive Motor Insurance
The Commission also noted that the Comprehensive Insurance policy premium rate shall not be less than 5 percent of the sum insured after all rebates or discounts.
To ensure that we comply with all regulatory obligations put in place by the Commission, our premium rates will also be reviewed in accordance with the newly approved rates, effective 1st January 2023. The revised rates will apply to all Motor Policies which are due for renewal during this period.
As a brand committed to excellence, we assure you that we will continue to provide excellent service delivery and improved product offerings.
Please be assured of our best regards,
All of us at Blossom Fobs Heritage Insurance Brokers Ltd.
