Universal Insurance Plc is preparing to roll out an upgraded third-party motor insurance product aimed at increasing insurance accessibility and deepening market penetration across Nigeria.
Speaking at a recent forum in Lagos, the company’s Managing Director/CEO, Dr. Jeff Duru, revealed that the new offering—Third Party Enhanced Motor Cover—is part of a broader strategy to strengthen Universal Insurance’s position in the motor insurance segment.
Dr. Duru explained that the upcoming package will include a digitised mini comprehensive insurance policy, designed to make motor insurance more affordable and flexible for the public.
“Many people still perceive comprehensive motor insurance as too costly,” he said. “With the new policy, customers can access insurance services and make payments at their convenience. It’s about making insurance easier to buy and more inclusive.”
He also disclosed plans to introduce a rate-assured policy targeted at property owners and tenants. This policy will allow clients to recover losses resulting from events like fire, flooding, or other damage to residential properties.
“In such cases, we’ll provide alternative accommodation, helping policyholders maintain stability and peace of mind,” he said. “It’s about continuing life with security and confidence.”
Dr. Duru emphasized that Universal Insurance is committed to delivering simplified, affordable, and customer-friendly products. Both the mini comprehensive and enhanced third-party covers are designed to reflect this commitment.
“We believe insurance should be accessible and understandable. These new products are aligned with that philosophy—simple, affordable, and tailored to meet real needs,” he added.
