Cornerstone Insurance Insight: Securing lives, assets through motor insurance

Nike Popoola

The Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), which strengthens insurance as a key pillar of social protection, also ensures that the minimum third party motor insurance is obtained. Cornerstone Insurance Plc says it is intensifying efforts to make motor insurance more accessible, affordable, and dependable for Nigerians.

The Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Stephen Alangbo, said the reform represents a major step toward improving financial security for citizens through wider insurance adoption and better protection frameworks.

According to him, the new legislation reflects a policy direction that places insurance at the centre of social security, particularly in safeguarding individuals and businesses against unexpected risks and liabilities.

Alangbo explained that Third-Party Motor Insurance remains a compulsory cover for all vehicle owners, providing protection against liabilities arising from injury to third parties or damage to their property.

He noted that Cornerstone’s third-party motor insurance is priced at ₦15,000 annually, allowing motorists to stay compliant with regulatory requirements while enjoying financial protection against road-related risks.

“With an affordable premium, motorists can drive with greater confidence, knowing they are protected from unexpected financial burdens that may arise from accidents involving third parties,” he said.

Beyond third-party cover, the company also offers Comprehensive Motor Insurance, which provides broader protection for policyholders. This includes coverage for accidental damage, fire outbreaks, theft, vandalism, and collision, in addition to third-party liabilities such as property damage and bodily injury.

The comprehensive plan is tailored for both private and commercial vehicle owners, offering wider risk protection and enhanced peace of mind.

Cornerstone Insurance further highlighted its simplified customer onboarding process, allowing policyholders to purchase insurance via phone, online platforms, or by visiting any of its branches nationwide. The company also reaffirmed its commitment to prompt and efficient claims settlement, aimed at improving customer experience and trust.

As Nigeria’s insurance industry continues to evolve under the NIIRA 2025 framework, Cornerstone Insurance said it remains committed to delivering innovative solutions that enhance protection and support motorists across the country.