The recent increase in third party motor insurance premium by the National Insurance Commission (NAICOM) is not going down well with the Transport Day Newspaper as the Editorial Board of the Newspaper has condemned the hike.
It would be recalled that the commission had in a recent circular issued on December 22, 2022, and signed by the Director Policy and Regulation, L.M Akah, announced the increment on motor insurance premium to commence January 1, 2023.
The Board of Editors wondered why NAICOM that failed to enlighten motorists on how they can make claims when there is a need, thought it wise to jerk up the premium at a time when the purchasing power of most Nigerians was heading south.
In a statement signed by the Editor-in-Chief of Transport Day newspaper, Frank Kintum, the board wondered why only a few days’ notice was given to motorists even as the increment was as high as 200%.
According to the Board, “how do you want the ordinary motorists to adjust to an alarming 200% increment by making an announcement just a few days to implementation?”
Consequently, the editors called on road transport operators and motorists to use all available legal means to resist the move as soon as possible.
They urged relevant stakeholders to call for the immediate sack of the Commissioner of Insurance/Chief Executive of the NAICOM, “if the commission refuses to revert the arbitrary and inhuman increment”.
“Moreso, the Editorial Board of the newspaper called on President Muhammadu Buhari to prevail on the NAICOM to immediately revert the increment to N5000.” The statement read.
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