Lagos, March 26, 2022 (NAN) Great Nigeria Insurance Plc on Saturday said it had launched a generic product called MotorFlex insurance to bridge the gap between the compulsory Third-Party and Comprehensive Motor insurance.
The Managing Director/CEO, GNI, Mrs Cecilia Osipitan, in a statement in Lagos, said Motorflex insurance was a specially designed third-party motor insurance policy with extended cover.
Osipitan explained that the scope of cover of MotorFlex insurance product includes; third-party limit up to N1 million, which takes care of legal liabilities for third party bodily injuries and death or property damage while the vehicle is on the road.
“These third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties, own damages of N100,000 with driver’s medical expenses of N10,000 at an affordable premium of N7,500,“ she said.
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According to her, the insurance firm designed the Motorflex insurance because of the public perception that the comprehensive motor insurance is for the elite due to its cost, while the third-party motor insurance is ‘let my people go policy without reasonable claims benefit.’
Osipitan noted that it became pertinent to design the product in order to reduce premium loss due to failure by some vehicle owners to purchase motor insurance policies.
She said some financial analysts had reported that the insurance industry lost N530 billion yearly to unpurchased motor insurance.
The managing director hinted that the insurer, in its efforts to deepen insurance penetration, also developed other unique insurance products at competitive rates to assist policy holders in risk mitigation.
“The products are: Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI), which are duly approved and certified by the National Insurance Commission (NAICOM).
“GNI has put in place a-stress-free underwriting documentation process in all its branch offices nationwide,” she said.
