According to industry sources, MoRTH will follow the same time line for the new fiscal year which effectively means the new rates will not be effective before June 1.
The National Insurance Commission (NAICOM) has increased the premium rate for third party motor insurances policy in Nigeria effective from January 1, 2023.
Experts say the rise in claim intimations should not increase the motor insurance premium rates as insurers take into account such eventualities while arriving at their pricing calculations.