CRASH IN FLEET INSURANCE RATES TO HAMPER PREMIUM GROWTH

Written by on February 26, 2019

Analysts have expressed fears that motor insurance premium income in the Insurance sector for 2018 may not exceed the 2017 figure as many companies have crashed rates for fleet motor insurance.

Although the industry’s 2018 financial performance is still being awaited, some stakeholders are of the opinion that the abuse of fleet motor insurance premium rates occasioned by cut-throat competition could hamper growth in premium income.

Fleet motor insurance covers multiple vehicles with a single policy and can be registered in the name of a company.

So far, figures released by the Nigerian Insurers Association, NIA, show that motor insurance premium fell by 2.8% to N39.3 billion in 2017 against N40.4 billion recorded in 2016.


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