Insurance News: Stakeholders Review The Price of Third Party Insurance Policy

Insurance News

In this edition of Octamile’s African Insurance news, “The NSIA Insurance Limited Launches Its New Project For African Subsidiaries”,  “Stakeholders Review Third Party Insurance Policy”, “Zanzibar president, Dr Hussien Mwinyi, points out how serious Africa needs serious Insurance services” and many more…

Africa Needs Serious Insurance Services – Dr Hussien Mwinyi.

The “Africa Insurance Corporation Conference” had over 300 people in attendance across the world gathered to discuss various topics connected to the development of Insurance and business in Africa. 

During the opening of this conference, the Zanzibar president, Dr Hussein Mwinyi, pointed out that for African countries to successfully implement economic reforms and promote the well-being of the people, they must have strong insurance institutions.

He said, “the strong insurance institutions will provide better services that are in line with the advancement of science and technology in the 21st century”. 

“As we invite investors, we would like to have improved insurance services here because if there are huge investments in ports, fishing, oil and gas, and other businesses, it is better to ensure insurance services the investors need are available in Zanzibar,” Dr Mwinyi said.


The NSIA Insurance Limited Launches Its New Project For African Subsidiaries. 

NSIA Insurance Limited has launched a new initiative tagged “Project Act Together” to improve the working relationship and cohesion among their subsidiaries in Africa. 

The company disclosed this during an event in Lagos on Friday, bringing together employees to participate in fun-filled activities.

The Managing Director, NSIA Insurance Limited (Nigeria), Ebelechukwu Nwachukwu, said the project aligned with the African Continental Free Trade Agreement’s goal of promoting inter-African trade.

According to her, customers can now freely conduct business in any of the 12 African countries where NSIA subsidiaries exist, regardless of their home base.



Stakeholders Review The Price Of Third Party Insurance Policy From #5000 To #7500

Eighteen years after the initial review of third-party insurance to N5,000, motorists in the country may have to gear up for another review. An inside source for The Guardian said the premium may rise to N7,500 before the end of the first quarter of this year, owing to rising costs of vehicle repairs.

The insurance industry had earlier embarked on the process of reviewing the third-party motor insurance rate, following an uptick in inflation and an increase in the rate of asset replacement or repair, thus, putting the insurance firms at a loss anytime major claims come from any class of motor insurance.

The process of review started last year and it is expected to be concluded before the end of the current quarter.

While this is good news for the insurance sector, market observers said the rate increment could make road users abandon genuine policy for fake insurance papers. 


The Nigerian Senate Invites 62 Revenue-Generating Agencies Over Low Remittances

The federal government of Nigeria has invited the heads of over 62 revenue-generating agencies over low revenue remittance leading to a depleting government resource.

Agencies like; the Federal Airports Authority of Nigeria, Nigerian Ports Authority, Federal Inland Revenue Service, Nigeria Deposit Insurance Corporation, Nigerian Meteorological Agency, National Agency for Food and Drug Administration and Control, Federal Road Safety Corps, Nigeria Customs Service, Standards Organisation of Nigeria and the Nigerian Airspace Management Agency and even the Nigeria Deposit Insurance Corporation were among the invited agencies. 


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