In a swift reaction to the recent hike in third party motor insurance premium, the Editorial Board of Transport Day newspaper while kicking against the development has called on the federal government for an immediate reversal.

It would be recalled that the National Insurance Commission (NAICOM) had in a recent circular issued on December 22, 2022, and signed by the Director, Policy and Regulation, L.M Akah, announced increment on motor insurance premium to commence January 1, 2023.

The Board of Editors wondered why NAICOM which has woefully failed in enlightening motorists on how they can make claims when there is a need, is now increasing the premium at a time when the purchasing power of most Nigerians was heading south.

In a statement signed by the Editor-in-Chief of Transport Day newspaper, Mr. Frank Kintum, the board wondered why only a few days notice was given to motorists when the increment was as high as 200 per cent.

According to the board, “how do you want the ordinary motorists to adjust to an alarming 200 per cent increment by making an announcement just a few days to implementation.”

Hence, the editors called on road transport operators and motorists to use all available legal means to resist the move as soon as possible.

The editors finally urged relevant stakeholders to call for the immediate sack of the Commissioner of Insurance/Chief Executive of the NIC, if the commission refuses to revert the arbitrary and inhuman increment.

Moreso, the Editorial Board of the newspaper called on President Muhammadu Buhari to prevail on the NAICOM to immediately revert the increment to N5000.

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