Insurers’ premium income rises 76.9% on high motor insurance cost

A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc

Following the 200 percent jerk up in premium rates for motor insurance policies in the beginning of this year, the insurance industry is seeing significant jump in motor insurance premium income.

The insurers had reported a 66.2 per cent increase in motor insurance income to N32.9 billion in the first quarter of 2023, Q1’23, from N19.8 billion recorded in Q1’22. It will also be recalled that insurance consumers under the auspices of Insurance Consumers Association of Nigeria, INSCAN, rejected the hike in motor insurance premium describing it as self-serving and anti-consumer.

Meanwhile, speaking on the rising premium income, Group Managing Director of Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha, stated that the development was inevitable following the steady rise in foreign exchange.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

vanguardngrnews /  🏆 5. in NG

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Politics of statistics in Nigeria, By Dakuku PetersidePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

Tinubu and the supplementary budget: Matters arising, By Reuben AbatiPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

‘Adire’, ‘Small Talk’, ‘Egun’, other exciting FilmOne film lineup this year endPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

Tribunal verdicts and Plateau political discord, By Zainab Suleiman OkinoPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

Senate Asks FG To Immortalise Late Ohinoyi Of EbiralandBreaking News, Nigerian News, Latest Videos, news video, Channels news, news online
Read more »

BREAKING: Tinubu Signs N2.17trn 2023 Supplementary BudgetBreaking News, Nigerian News, Latest Videos, news video, Channels news, news online
Read more »