Universal Insurance Plc is raising the bar in Nigeria’s motor insurance landscape with the upcoming launch of its Enhanced Third-Party Motor Insurance Cover, a strategic move aimed at boosting insurance penetration and making vehicle protection more accessible and affordable for all Nigerians.
Announced at an industry forum in Lagos, the Managing Director/CEO of Universal Insurance Plc, Dr. Jeff Duru, revealed that the new product line is part of a broader initiative to revolutionize motor insurance offerings, particularly for underserved markets.
Unlike the traditional third-party policy, the Enhanced Third-Party Cover is designed to offer extra protection and greater value without the high cost typically associated with comprehensive plans.
“We’re rolling out a digitized version of our mini comprehensive insurance and an enhanced third-party motor cover that empowers customers to pay at their convenience,” said Dr. Duru.
This means vehicle owners can now enjoy greater financial flexibility, while still staying protected against third-party liabilities and minor damages.
In addition to motor insurance, Universal Insurance is set to introduce a Rate Assured Property Insurance Policy tailored for both homeowners and tenants.
This product covers:
- Fire or flood damage
- Extra loss due to property destruction
- Temporary accommodation costs, ensuring you have a place to stay while your property is being restored
“Our goal is to provide peace of mind and security, no matter what happens. We want our customers to feel safe, supported, and valued,” Dr. Duru added.
At the heart of Universal Insurance’s product innovation is a clear mission:
To simplify insurance, make it more accessible, and ensure it remains budget-friendly for every Nigerian.
Whether it’s the mini comprehensive insurance package or the upgraded third-party motor policy, these products are created with everyday customers in mind — including those who may not have previously seen insurance as affordable or necessary.
Nigeria’s insurance penetration remains low — under 2% of GDP. However, innovative products like this could change that narrative by:
- Encouraging first-time insurance users
- Offering pay-as-you-go flexibility
- Building public trust in the insurance industry
