Business
New Premium Rates For Motor Insurance Adversely Affecting Manufacturers – MAN
The Manufacturers Association of Nigeria (MAN) says that the new premium rates for motor insurance is seriously affecting its member companies.
The new premium rates for motor insurance in the country was introduced by the National Insurance Commission (NAICOM) in December 2022, but took effect from January 1, 2023.
NAICOM had in a circular dated December 22, 2022, signed by its Director, Policy and Regulation, Dr. L.M. Akah, and addressed to all insurance institutions stated that the upward adjustment of rate was pursuant to the regulator’s exercise of its function of approving rates of insurance premium under the Section 7 of NAICOM Act 1997, and other extant laws.
Under the new template for motor insurance premium, third party insurance policies inclusive of ECOWAS brown card (EBC) had been reviewed.
The commission noted that effective January premium on private motor shall be N15, 000, while Third Party Property Damage (TPPD) which is the limit of claims an insured can enjoy on the policy shall be N3, 000.
Also, under the private category, Own Goods shall henceforth attract a new premium of N20,000 and TPPD of N5, 000 while staff bus will be subjected to a new premium of N20, 000, and TPPD of N3, 000.
For the commercial category, the insurance regulator stated that trucks/general cartage shall attract N100, 000 premium and TPPD of N5, 000.
Also, special type insurance will attract N20,000 premium and TPPD of N3,000 while tricycle will attract N3,000 premium rate and N2,000 in TPPD. Motorcycle will also pay N2, 000 premium and N1, 000 as TPPD.
The commission further stated that comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates/discounts.
The commission also warned that failure by insurance firms to comply with the directive shall attract appropriate regulatory sanction.
Seven months down the lane, Segun Ajayi-Kadir, the Director-General of MAN , said that the exorbitant new premium rates for motor insurance is taking a toll on manufacturing companies, especially the operators in Motor Vehicle & Miscellaneous Assembly sectoral group .
He noted that in the second quarter of 2023, the sector recorded an index score of 46.7, showing that the operators exhibited further loss of confidence as they fell below the 50-point benchmark in the period under review.
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
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