According a circular No: NAICOM/DPR/CIR/46/2022 dated 21st Dec 2022 by National Insurance Commission to all insurance institutions, there will be increase on the premium payable by car/motor owners. Observers in the industry, say this increase, is times 3 of the old rate. The circular warns that failure to comply with this circular, shall attract appropriate regulatory sanction.
The circular reads;
Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant Laws, the Commission hereby issue this Circular on the new Motor Insurance Premium rates effective from 1″ January 2023
1. Third Party insurance policies inclusive of Ecowas Brown Card (EBC) shall be as follows; 
Private New TPPD Limit N3.000.000 New premium N15, 000.
Commercial N5,000 New premium N100,000
2. Comprehensive motor insurance policy premium rate shall not be less than five percent (5%) of the Sum insured after all rebates/discounts.
