{"id":67917,"date":"2022-12-24T04:51:11","date_gmt":"2022-12-24T03:51:11","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=67917"},"modified":"2022-12-24T04:51:11","modified_gmt":"2022-12-24T03:51:11","slug":"naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/","title":{"rendered":"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023"},"content":{"rendered":"
\n

The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance policy premium from N5,000 to N15,000 , taking effect from January 1, 2023.<\/p>\n<\/div>\n

\n

The Commission however warned that failure to comply with the circular shall attract appropriate regulatory sanction.<\/p>\n<\/div>\n

\n

NAICOM made this known in a circular entitled; New Premium Rate for Motor Insurance: numbered: NAICOM\/DPR\/CIR\/46\/2022, dated,; December 22, 2022; signed by the Director, Policy and Regulation, NAICOM, Leo Akah for the Commissioner for Insurance Sunday Thomas and sent to all insurance Institutions.<\/p>\n<\/div>\n

\n

Also approved was N3 million Third Party Property Damage (TPPD) limit for private motor; N5 million limit for own goods, with premium of N20,000; staff bus premium, N20,000 and TPPD, N3 million<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n
\n

For commercial vehicles, trucks\/general cartage has TPPD limit of N5 million, premium N100,000; special types, TPPD limit of N3 million, premium N20,000; tricycle, TPPD limit N2 million, premium N5000 and motorcycle, TPPD limit N1 million; premium N3000.
\nThe insurance industry regulator submitted that comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates or discounts.<\/p>\n<\/div>\n

\n

NAICOM assured that the review was in line with the pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws,<\/p>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance policy premium from N5,000 to N15,000 , taking effect from January 1, 2023.<\/p>\n","protected":false},"author":6,"featured_media":11793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1550],"coauthors":[2391],"class_list":["post-67917","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-naicom"],"yoast_head":"\nNAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire<\/title>\n<meta name=\"description\" content=\"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire\" \/>\n<meta property=\"og:description\" content=\"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-24T03:51:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg\",\"width\":640,\"height\":480},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/\",\"name\":\"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#primaryimage\"},\"datePublished\":\"2022-12-24T03:51:11+00:00\",\"dateModified\":\"2022-12-24T03:51:11+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire","description":"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/","og_locale":"en_US","og_type":"article","og_title":"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire","og_description":"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance","og_url":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/","og_site_name":"National Wire","article_published_time":"2022-12-24T03:51:11+00:00","og_image":[{"width":640,"height":480,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/03\/naicom1.jpg","width":640,"height":480},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/","name":"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023 - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#primaryimage"},"datePublished":"2022-12-24T03:51:11+00:00","dateModified":"2022-12-24T03:51:11+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"The National Insurance Commission (NAICOM) has approved an upward review of private third party motor insurance","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/naicom-increases-private-motor-third-party-premium-to-n15000-from-january-1-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"NAICOM Increases Private Motor Third Party Premium To N15,000 From January 1, 2023"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/67917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=67917"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/67917\/revisions"}],"predecessor-version":[{"id":67918,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/67917\/revisions\/67918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/11793"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=67917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=67917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=67917"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=67917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}