Motor insurance tariffs set for marginal increase from February 16

Audio By Carbonatix

Motor insurance tariffs are set to go up marginally from February 16, 2026, following approval by the National Insurance Commission (NIC).

The NIC has authorised the new charges to apply to all non-life policyholders, a move sources say has been influenced by recent economic developments.

According to the sources, the adjustment is expected to help insurance companies meet their obligations to policyholders when claims arise.

JOYBUSINESS understands the review will affect all categories of non-life insurance policyholders.

A letter from the NIC, sighted by JOYBUSINESS, has also reminded industry players to strictly adhere to the approved rates.

The Commission further indicated that it will update the motor insurance database accordingly to reflect the changes.

However, it remains unclear how the increase could affect the operational costs for commercial drivers, and whether it could complicate ongoing efforts to persuade transport operators to reduce fares.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

Motor insurance