GNI Develops Set of Affordable Insurance Products
Ebere Nwoji
The Managing Director/CEO, Great Nigeria Insurance PLC, (GNI) Mrs. Cecilia Osipitan has said that the company has developed unique insurance products at competitive premium rates .
Osipitan said the products were aimed at assisting policy holders mitigate their risks.
She highlighted the products as GNI Motor Flex, GNI Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI) among others.
She said these products had been duly approved and certified by the insurance industry regulator, the National Insurance Commission (NAICOM).
According to Osipitan, GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of Third-Party Motor Insurance.
She further explained that the scope of cover of GNI MotorFlex Insurance includes: Third-Party Limit up to N1, 000,000 which takes care of legal liabilities for third party bodily injuries, death or property damage while the vehicle was on the road.
She defined the third parties as pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. Also vehicle owner’s damages of N100, 000 with Driver’s medical expenses of N10, 000 at an affordable premium of N7, 500.
Osipitan stated that the need to bridge the gap between the compulsory Third-Party Motor Insurance and Comprehensive Motor insurance owing to the fact that the Comprehensive Motor Insurance was perceived as “insurance for the Elites due to cost” and Third-Party Motor Insurance as “Let my people go policy without claims benefit” necessitated the development of the GNI Motorflex plan.
She said it had become pertinent in order to reduce premium loss due to the failure by some vehicle owners to purchase motor insurance, which according to some analysts, totals about N530 billion yearly as reported in TechEconomy Publication.
She said that Great Nigeria Insurance has put in place a-stress-free underwriting documentation process in all its branch offices nationwide.
Also speaking, the company’s spokes person and Head of corporate communication, Ms. Oyinkansola Sobande stated that every vehicle owner was mandated by law to have the Third-Party Motor Insurance cover; although many members of the insuring public and third party road users have not fully realised the importance of Motor (Third Party) Insurance in Nigeria.
She explained that the policy covered the insured’s legal liabilities for death and bodily injuries to third parties and third party property damage.
She said while remedies for bodily injuries and death were unlimited since we cannot put value on life, the limit for third party property damage was N1million.
Third Party Motor Insurance according to her is very important as far as third party road users are concerned.
She however noted that many vehicle owners desired to have a cover that provided more benefits than the regular Third-Party Motor Insurance but at affordable premium insurance.
“This discovery intimated the organisation to develop a customised policy that will meet the specific needs of the target public. GNI MotorFlex insurance is an insurance package that takes care or the insured’s car as well as the third party.
