Universal Insurance Set to Launch Enhanced Third-Party Motor Insurance Cover

The Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, has announced that the company will soon roll out its enhanced third-party motor insurance cover for customers as part of its efforts to expand and improve insurance penetration in Nigeria.

Dr. Duru made the disclosure during the 2024/2025 Annual General Meeting of the Nigerian Association of Insurance and Pension Editors, held in Lagos.

This initiative aligns with the nationwide enforcement of the Third-Party Motor Insurance by the Nigeria Police Force, which took effect from February 1, 2025. The enforcement seeks to ensure compliance with Section 68 of the Insurance Act 2003, which mandates that all vehicles on Nigerian roads must carry at least a third-party motor insurance policy.

Enhanced Third-Party and Mini Comprehensive Packages

Speaking on the company’s contribution to this regulatory push, Dr. Duru said:

“Our upcoming products include our third-party enhanced motor cover. This enhanced third-party motor cover will drive our third-party initiative to carve a niche in the motor insurance segment of the market.”

He further revealed plans to introduce a digitised mini comprehensive insurance package, aimed at making motor insurance more affordable and accessible to the average Nigerian motorist.

“We also have our mini comprehensive insurance package that will be digitised, which will enable everybody to key into motor insurance, because some people still see the comprehensive motor insurance package as very expensive.

“So our mini comprehensive insurance package, when it comes on board, will enable you to buy insurance services and pay at your convenience. The package will enable you to pay to the extent that is affordable for you in terms of the premium.”

Rate Assured Policy for Property and Tenants

In addition to motor insurance, Universal Insurance Plc is also preparing to introduce a Rate Assured Policy tailored for property owners and tenants, offering coverage for losses caused by fire, flood, or other damages.

“The Rate Assured Policy will enable property owners and tenants to benefit from recovering their loss rate. Assuming there is fire damage, flood, or extra loss that resulted in the loss of your residence or your building, we will be able to provide you with alternative accommodation. This will give you peace of mind and security to continue your life,” Duru explained.

He emphasized that all of the company’s forthcoming products are designed with customer-centric principles: affordability, accessibility, and simplicity.

“This is what we preach — that customers should get the best, that the products should be accessible, simplified, and affordable. So both the mini comprehensive insurance cover and the enhanced third-party insurance cover are aligned with this initiative to make sure that the policies are affordable to the customer, accessible, and simplified.”

Product Approval and Customer-Centric Strategy

Dr. Duru also confirmed that the new products would be submitted to the National Insurance Commission (NAICOM) for approval once finalized.

“Our team is fully charged. They understand what customer experience means. We will continue to maintain simplicity of our product, simplicity of our service delivery, simplicity of purpose, as well as unity and teamwork. We want to deliver excellent results,” he stated.

Universal Insurance Plc’s latest product initiatives underscore the company’s commitment to deepening insurance penetration, ensuring financial protection for citizens, and supporting regulatory efforts to bring more Nigerians under formal insurance coverage.