Increase in Third Party Insurance premium – By Francis Ewherido

Ten thousand naira a week times fifty two weeks a year comes to N520,000 to keep your car on the road per annum. Let us even assume you use it only half of the time; that is still N260,000, a far cry from the N15,000 premium per annum for third party premium. I personally feel the challenge people have with the hike in the rate of TP premium is the general lack of appreciation of insurance in Nigeria (insurance penetration in Nigeria is less than one percent) and lack of appreciation of the benefits of Motor TP Insurance.