It shields you from legal responsibility in the event of a collision, along with your car and other drivers. It offers monetary compensation for any harm brought to persons or their property.
The Nigeria Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Insurtech companies like Etap have recently arisen in Nigeria and other parts of Africa to close the gap and streamline the insurance purchase and claim-making processes. Etap promises to make it possible for car owners to get insurance in 90 seconds and finish filing claims in three minutes.
Following pre-seed fundraising in a round led by Mobility 54, the venture capital arm of Toyota Tsusho, and CFAO Group, the firm is currently on a growth push across the country of West Africa.
A new third-party automobile insurance premium that would go into effect this month is expected to be announced by actors in the Nigerian insurance industry and the National Insurance Commission (NAICOM).
At a meeting of the industry committee held in Lagos, the commission worked with business owners.
The new rate is the result of discussions between a committee made up of the Commission and the chief executive officers of insurance firms, and it would constitute an increase in the existing N5,000 premium paid by motorists.
One of the six mandatory insurance plans outlined by the Insurance Act of 2003, third-party automobile insurance is also the most often used of the mandatory insurance classes.
Mizala has announced the beginning of its operations in Nigeria in collaboration with Universal Insurance PLC. Through the activation of its flagship product, Flexi Auto Insurance, Mizala will provide Nigerians with specialised and practical digital insurance services. Flexi Auto Insurance from Mizala is a groundbreaking auto insurance package that enables clients to purchase their insurance on a pay-as-you-go basis weekly, monthly, or annually.
The Flexi Insurance product from Mizala, which liberalises and improves the experience of complete insurance coverage for car owners in Nigeria through an easy payment mechanism, appears positioned to transform the auto insurance market.
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