In a bid to promote a safer and more secure environment for road users, the National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have joined forces to enhance the enforcement of motor third-party compulsory insurance in Nigeria. This collaborative effort was announced during a working visit by NAICOM officials to the FRSC headquarters in Abuja.
During the visit, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended the Corps Marshal, Shehu Muhammed, for his dedication to ensuring road safety across the country. Mr. Omosehin reiterated NAICOM’s commitment to regulating the insurance industry and driving growth and development in Nigeria. He emphasized the critical role of third-party motor insurance in safeguarding road users and outlined its benefits, which he categorized into financial and non-financial advantages.
Under the financial benefits, Mr. Omosehin explained that victims of accidents caused by insured vehicles are entitled to compensation of up to ₦3 million for damages. In the event of death, the compensation is unlimited and depends on the value of the deceased individual. Non-financial benefits include financial safety, peace of mind, and compliance with government regulations, which collectively contribute to a more secure driving environment.
The Commissioner called for stronger collaboration between NAICOM and FRSC to ensure road safety, noting that while it is the primary duty of the FRSC, NAICOM also plays an auxiliary role by providing risk-mitigating measures through policy regulations. He stressed the importance of joint efforts to enforce compliance with third-party insurance policies, which are mandatory for all vehicle owners under the National Road Traffic Regulation.
In response, Corps Marshal Shehu Muhammed assured Mr. Omosehin of the FRSC’s commitment to the partnership. He reiterated that enforcing third-party insurance policies is a core responsibility of the FRSC and a key component of the National Road Traffic Regulation. The Corps Marshal pledged to work closely with NAICOM to ensure that all vehicle owners comply with the compulsory insurance requirement, thereby enhancing road safety and protecting the interests of all road users.
This collaboration marks a significant step forward in Nigeria’s efforts to create a safer and more regulated road environment, ensuring that both financial and non-financial benefits of third-party insurance are fully realized for the benefit of all citizens.
