… Tags campaign ‘Small Premium, Big Coverage’

Amaka Obiefuna

To better drive home the message of the new third party motor Insurance rates, the Nigerian Insurance Industry has simplified its campaign called “Small Premium, Big Coverage,” in various local languages.

The Chairman of the Publicity Sub-Committee, of the Insurers Committee, Mr. Akinjide Orimolade, disclosed this in recent media parley with insurance journalists in Lagos.

He said the campaign which will last for three months will commence on Monday, July 24, on Radio, Television, Newspapers and social media platforms, adding that it has been simplified in various local languages including Igbo, Yoruba, Hausa and pidgin.

“This is a pan Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now,” he said.

According to him the campaign would get across to the target audience in the six geo-political zones of Nigeria.

Orimolade said the campaign is in line with the National Insurance Commission (NAICOM) Circular of December 2022 which approved new premium rates and the Total Third Party Damage (TTPD) compensation limit.

The circular which took effect January 1, 2023, revealed that the  third party motor insurance new premium rate is now N15,000 while the claims limit is N3 million.

It read: “Own goods third party cover attracted N20,000 premium with N5 million compensation.

“Staff bus attracted N20,000 premium with N3 million compensation.

“Commercial (trucks, general cartage) attracted N100,000 premium with N5 million compensation.

“Special types attracted N20,000 premium with N3 million compensation.

“Tricycle attracted N5,000 with N2 million compensation.

“Motor cycle attracted N3,000 with N1m compensation.

Orimolade who is also the Managing Director/Chief Executive Officer, Stanbic IBTC Insurance, called on Nigerians to embrace the new rates saying it come with diverse values to their advantage.

He also ought further support from journalists on to promote the campaign .

“We need your support in this journey and do hope that as partners in progress, you will give this campaign the publicity it deserves.

“Over the three months period that this campaign is scheduled to last, we expect massive publicity from you and do hope you will give it your best.”