By Our Reporter
The Federal Road Safety Corps (FRSC) and the National Insurance Commission (NAICOM) have strengthened collaboration on the enforcement of compulsory third-party motor insurance in Nigeria.
NAICOM said in a statement at the weekend that the collaborative effort aims to promote a safer and more secure environment for all road users.
It would be recalled that the Nigerian Police Force (NPF) had commenced the enforcement of third-party motor insurance nationwide since February 1, 2025.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, while on a working visit to the FRSC headquarters in Abuja, commended the Corps Marshal, Shehu Muhammed, for his efforts in ensuring road safety in Nigeria.
Omosehin emphasised the importance of third-party motor insurance, outlining its benefits in two parts. It named them to include financial benefits and non-financial benefits.
Omosehin disclosed that victims of damage caused by insured vehicles are entitled to a compensation of N3million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual.
According to him, non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.
“The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasising that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations”, the statement added.
In response, the corps marshal assured Omosehin of his partnership, stating that third-party insurance policy is the primary responsibility of the FRSC and part of the National Road Traffic Regulation, which makes it compulsory for every vehicle owner to have.
Since the commencement of the enforcement of compulsory insurance, stakeholders in the sector have been highlighting its benefits for motorists and the insurance industry.