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The Federal Government of Nigeria has announced an increase in motor insurance tariff. In a circular issued by the National Insurance Commission (NAICOM) on 22nd December 2022 and signed by its Director of Policy & Regulation, Dr Leonard Akah, the Commission stated that “pursuant to the exercise of its function of approving rates of insurance premium under section 7 of …
Third Party Motor Insurance is required by law in Nigeria. The principal legislation on motor insurance in Nigeria is the Motor Vehicles (Third Party Insurance) Act 1945. and it makes it compulsory for cover to be arranged to cover third parties for personal injuries, death and property damage. There are four kinds of private motor policies: Third Party Only: This …