By Favour Nnabugwu
Underwriting firm,Linkage Assurance Plc has enhanced the consumer benefits in Motor Third Party Insurance with additional protection for the insured’s vehicle.
The new product recently unveiled by Linkage Assurance is the ‘Linkage Third Party Plus’. Beyond taking care of third party damage, the cover guarantees the insured maximum N250,000.00 own damage cover, which is not covered in the compulsory third party insurance. The premium for the policy is N10, 000.00 per annum, just an additional N5,000.00 to the third party cover. It covers all the benefits under the compulsory third party insurance such as third party property damage, bodily injury and death liabilities, plus the additional benefit of own damage protection.
Third Party Motor Cover is a compulsory insurance policy under the 2003 Insurance Act for all vehicles plying the Nigerian roads against third party damage or loss. Premium is N5, 000.00 for cars and N7, 000.00 for commercial vehicles.
“This is an invaluable, budget friendly product for all Nigerians particularly in this period of economic recession, says Dr Pius Apere, Managing Director/CEO, Linkage Assurance Plc.
Apere said the product has been developed with Nigerians in mind, having realized that many may not have the fund to take comprehensive insurance for their vehicles at this time of economic recession, stating that with Linkage ‘Third Party Plus’ you are able to get own damage cover up to N250,000.00 for just an additional N5,000.00 premium.
Dr Apere further stated that the future of the Nigerian insurance industry lies with penetration into the retail sector, unlike the corporate sector of the insurance business which is heavily saturated.
“The retail market is still largely untapped with a huge potential for securing large volume of sales,” he stated.
According to him, Nigeria has over 180 million people, majority of whom are medium and lower income earners and they are unaware of the benefits of insurance. “Thus, the potential for growth is enormous and the opportunity is massive,” he asserted.
He further noted that Linkage Assurance Plc is repositioning itself to tap into this retail market by designing appropriate and competitive new insurance products that will meet the needs of its customers.