N15, 000 for private, while commercial is N20, 000. Goods and staff busses are to pay N20,000 while truck pays N100,000 even as tricycle has been mandated to pay N5,000 and motorcycle goes for N3,000.Speaking on this development earlier in Victoria Island, Lagos, earlier in the week, the managing director/CEO, Royal Exchange General Insurance Company Limited, Mrs.
Similarly, the chairman, the Compassionate Farms, Mr. Fatal Adegbenro, said the new development is critical to the growth and development of the insurance industry as both operators and policyholders would benefit immensely from such rate increase. He wondered what will be the fate of the third party that has suffered the loss or damage if the negligent motorist cannot afford the extra payment to argument the cost of loss suffered?
He noted that, with the new rate and NAICOM’s monitoring, all the stakeholders shall have fair sharing, adding that, motorists with genuine policy shall have access to timely indemnity, as confident of the public on insurance will be reassured. In December, 2022, NAICOM had issued a circular on this development, attributing the new rates to hike in inflation rate, even though, the existing rate has being in use for about 19 years.