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Insurance companies will not be able to charge the new motor insurance premiums they were hoping to begin charging from the 1st of July.
The new premiums especially for third Basket Jordan party motor insurance policies were supposed to have gone up by as much as 200 percent for commercial vehicle owners and 150 percent for private clients.
Chief Executive of Vanguard Assurance, Gideon Amenyedor tells Joy Business the transport owners have asked for a further extension in the implementation date.
“We were not against the increase though but the concern is more in respect of the percentage increase which has been astronomical.
“We are having a discussion on the way forward as to how it can be spread over the period,” he said
He added that negotiations have been fruitful but he is unable to say Air Jordan 3 when they will be concluded.
The new premiums, agreed between the insurance companies and the National Insurance Commission have already suffered a postponement after the Transport Minister called for its implementation to be suspended following an outcry from commercial transport owners.