In a circular in December 2022 with the number ‘NAICOM/DPR/CIR/46/2022 to all insurance companies titled ‘New premium rates for motor insurance’, the insurance industry regulator stated that comprehensive motor insurance policy premium rate will not be less than five per cent of the sum insured after all rebates and discounts.
However, in a report on ‘ECOWAS Brown Card Insurance Scheme @40’ released by the Nigerian Insurers Association, The Secretary-General, Nigerian National Bureau, Mrs Henrietta Anyanna, said before the Automatic Brown Card regime was adopted in Nigeria, travellers in Nigeria within the ECOWAS regions were paid N84m claims.
She said, “Claims worth more than N84m have been paid to Nigerian third-party victims of accidents as of December 31st, 2021, even in the absence of an Automatic Ecowas Brown Card regime. “Imagine what the situation will be like after the official implementation of the Automatic Brown Card in Nigeria. The scheme is putting smiles on the faces of victims as well as transforming lives of the less privileged forever.”
The ECOWAS Brown Card insurance scheme was established on May 19, 1982, following the creation of the Economic Community of West African States.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Anyone who drinks Alcohol&says the Truth is better than he who drink anointed oil&lies, Mr Buhari should arrange for a Certificate of Survival for those who Survive his brutally against Nigerians, insurgency&insecurity created by his administrative Nepotism,We vote for Peter Obi