NAICOM: Media House Kicks Against Hiked 3rd Party Motor Insurance, Demands Sack Of CEO If ……

The Editorial Board of Transport Day newspaper, has frowned at the recent hike in third party motor insurance premium as issued by the National Insurance Commission (NAICOM).

According to a statement signed by the Editor-in-Chief of Transport Day newspaper, Frank Kintum on Friday in Lagos,the foremost transport Media House called for the removal of the Chief Executive Officer of the commission if  he refuses to revert the arbitrary and inhuman increment.

The board wondered why only a few days notice was given to motorists when the increment was as high as 200%.

‘Editors of the media outfit also urged relevant stakeholders to call for the immediate sack of the Commissioner of Insurance/Chief Executive of the NIC, if the commission refuses to revert the arbitrary and inhuman increment.”

It would be recalled that the commission had in a recent circular issued on December 22, 2022, and signed by L.M Akah, Director, Policy and Regulation, announced increments on motor insurance premium to commence January 1, 2023.

The Board of Editors wondered why NAICOM which has woefully failed in enlightening motorists on how they can make claims when there is a need, is now increasing the premium at a time when the purchasing power of most Nigerians was heading south.

According to the Board, “how do you want the ordinary motorists to adjustment to an alarming 200% increment by making an announcement just a few days to implementation”.

Hence, the editors called on road transport operators and motorists to use all available legal means to resist the move as soon as possible.

Moreso, the Editorial Board of the newspaper called on President Muhammadu Buhari to prevail on the NAICOM to immediately revert the increment to N5000.