The growing practice of enhanced third party motor cover offer has still not settled in with the regulator, National Insurance Commission as a half way approach to buying comprehensive motor insurance.
The stand of the regulator was expressed by the President Nigerian Corporation of Registered Insurance Brokers, Prince Babatunde Oguntade, at a media chart with Nigerian Association of Insurance and Pension Editors held today at the Brokers House Yaba Lagos.
Oguntade said the prevalence show that policy holders are buying what they can afford. But the snag he points out is that the competition in the offer of the third party motor with addons that give it the picture of abridged comprehensive cover is making the competitors to outdo each other and would ultimately lead them go beyond the tariff.
