Insurance Premiums for all categories of policyholders have gone up from today, December 1, 2022.
This was after the National Insurance Commission (NIC) approved a request from stakeholders in the insurance sector for the premiums to be reviewed due to the current economic conditions.
Based on the review, vehicles that were registered after 2020, will have a premium mark of 38% for all risk categories.
Meanwhile, Vehicles that were registered before 2020 will have a premium markup of 26% across the risk categories.
In addition, Third Party property damage will now have a cover of up to ¢6,000 as a minimum.
The NIC has also approved an increase in the minimum Personal Accident cover to ¢7,000.
Some policyholders are already raising some concerns as it’s still not clear for now how some of the insurance companies will implement these reviews.
According to them, the policy grants unlimited discretion to insurance companies on premiums based on the provision of just a minimum threshold without a ceiling.
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