Nigerian insurance companies on Monday initiated a comprehensive three-month public awareness campaign aimed at increasing compliance with mandatory third-party motor insurance regulations.
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 her, it also meant to sensitise the public on the need to acquire authentic third-party motor insurance as well as deepen insurance penetration in Nigeria.
She said that the campaign which has the theme, “Third-Party Insurance Works, Get It, Use It,” as it remains a call to action.
“The National Insurance Commission (NAICOM) has done a lot of work to make sure that the enforcement of third-party motor insurance is successful. Now, the industry wants to respond to that by launching an awareness campaign on third-party for three months.
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“Our main aim is to let people know that it is necessary to buy third-party motor insurance that is authentic.
“Also, it is also to let people know what the third party actually covers, to inform them about platforms where they can buy authentic third-party insurance. It will ensure that they know that every third-party certificate they carry has to be verifiable, along with the platforms where they can verify it.
“Again, in the course of our communication, we will let them know the price of third-party insurance.
“If third-party insurance is embraced, insurance penetration will increase significantly in Nigeria,” she said.
Nwachukwu noted that during the three-month campaign duration, four categories of media would be engaged: print, radio, digital, and out-of-home platforms.
She said the campaign, designed to be held in major cities like Lagos, Abuja, and Port Harcourt, among others, would be conducted in five languages: English, Pidgin, Yoruba, Hausa, and Igbo.
She explained that the committee is currently speaking with multiple agencies to see how further awareness could be created to ensure the policy is embraced.
She said that after the three-month campaign duration, the committee would organise a longer campaign to continue sensitising the public.
She said the public would be enlightened on the Economic Community of West African States (ECOWAS) aspect of the third-party motor insurance they possess.
She explained that the insurance policy could take a policyholder across all ECOWAS countries without necessarily getting the same policy in those countries.
Also speaking, Segun Bankole, Chairman of the Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA), expressed the association’s commitment to amplifying the awareness campaign.
“The insurance industry is bedeviled with negative news; we need to make it work. Some Police officers also lack knowledge on what they are trying to make compulsory. So the awareness campaign is of great importance,” he said.
Meanwhile, Ademola Abidogun, Managing Director of Guinea Insurance Plc, assured the media of the committee’s continued engagement.
Also, Bimbo Onakomaya, Managing Director of Peakthrust Insurance Brokers and a member of the committee, underscored the importance of the campaign, urging industry stakeholders to embrace it.
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