Lagos: Nigerian insurance companies on Monday initiated a comprehensive three-month public awareness campaign aimed at increasing compliance with mandatory third-party motor insurance regulations. Mrs. Ebelechukwu Nwachukwu, Chairman of the Sub-committee on Publicity, Insurance Industry Consultative Committee (IICC), made this known during the launch of the campaign on Monday in Lagos. She said that the campaign aims to address the public’s knowledge gap regarding insurance policies.
According to News Agency of Nigeria, the campaign is meant to sensitise the public on the need to acquire authentic third-party motor insurance and deepen insurance penetration in Nigeria. The campaign, themed ‘Third-Party Insurance Works, Get It, Use It’, serves as a call to action. Nwachukwu highlighted that the National Insurance Commission (NAICOM) has worked extensively to ensure the enforcement of third-party motor insurance is successful, and the industry is responding by launching this awareness campaign.
The campaign aims to inform the public about the necessity of purchasing authentic third-party motor insurance. Nwachukwu emphasized that it is crucial for people to understand what third-party insurance covers and to know the platforms where they can purchase and verify authentic third-party insurance. The campaign will also communicate the price of third-party insurance, aiming to increase insurance penetration in Nigeria.
Throughout the three-month campaign, four categories of media-print, radio, digital, and out-of-home platforms-will be engaged. The campaign will be conducted in major cities like Lagos, Abuja, and Port Harcourt, among others, and will be available in five languages: English, Pidgin, Yoruba, Hausa, and Igbo. The committee is in discussions with multiple agencies to enhance awareness and ensure the policy is embraced.
Post the three-month campaign, the committee plans to organise a longer campaign to continue public sensitisation. The public will also be enlightened on the Economic Community of West African States (ECOWAS) aspect of the third-party motor insurance, which allows policyholders to travel across ECOWAS countries without acquiring the same policy in those countries.
Mr. Segun Bankole, Chairman of the Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA), expressed the association’s commitment to supporting the awareness campaign. He noted the importance of correcting negative perceptions about the insurance industry and addressing the knowledge gaps among law enforcement officers regarding compulsory insurance.
Mr. Ademola Abidogun, Managing Director of Guinea Insurance Plc, assured the media of the committee’s continued engagement. Meanwhile, Mrs. Bimbo Onakomaya, Managing Director of Peakthrust Insurance Brokers and a committee member, underscored the campaign’s importance and urged industry stakeholders to embrace it.
