An underwriter, Universal Insurance, said it would unveil a revamped third-party motor insurance policy that promises added value for Nigerian motorists as it offers enhanced protection beyond the statutory minimum.
The upgraded product, which includes additional services such as towing, emergency assistance and medical cover, is part of the company’s broader strategy to drive innovation, improve customer experience as well as deepen insurance penetration in Nigeria’s underserved motor insurance market.
Industry experts said the development could significantly improve motorists’ perception of third-party insurance, which is often viewed as a compulsory but low-value product. Nigerian Airways merchandise
The upgraded offering is expected to appeal particularly to low- and middle-income car owners who rely on affordable insurance plans but desire broader protection.
The Managing Director and Chief Executive Officer of Universal Insurance, Dr Jeff Duru, said the company’s decision to enhance its third-party motor insurance was informed by the need to bridge the value gap in the current offering and attract more Nigerians into the insurance net.
“The majority of vehicle owners in Nigeria only buy insurance because it is mandated by law, not because they see real benefit in it. We want to change that narrative, “Duru stated.
“With the enhanced third-party motor policy, policyholders will now get additional protection that gives peace of mind without paying more.”
According to the National Insurance Commission (NAICOM), over 12 million vehicles ply Nigerian roads. But less than three million have any form of genuine motor insurance.
