Leadway Assurance Company Limited says it will give back premium to its Personal Motor Comprehensive Insurance policyholders.

A statement said with lockdown to contain coronavirus pandemic which had impacted heavily on social life, businesses and recreation across the world, the company decided to introduce this palliative.

“The give-back is the equivalent of two weeks premium, to policyholders who were constrained to ground their vehicles in strict compliance with the lockdown order by the Federal Government, in alignment with the World Health Organisation’s social distancing recommendations,” it stated.

Commenting on the company’s gesture, the Managing Director, Mr Tunde Hassan-Odukale, stated, “The lockdown has had far reaching effects across the country, challenging both individuals and businesses.

“People are watching and will remember how businesses treated them during this crisis.

“Our decision to provide the giveback to our loyal comprehensive motor insurance policyholders will go a long way to support customers experiencing unforeseen pressure on their finances at this time.

“This is another way we are thanking our clients for supporting the Federal Government to flatten the curve by staying at home.”

The value of the airtime, equivalent of 50 per cent of a month’s premium, would be credited to customers by the end of April, 2020 following confirmation of customer details, the statement said.

Customers with financial burdens could also call to discuss extended grace periods for missed payments, payment plans, and waiving late fees and penalties, it added.

The Commercial Director for General Insurance, Mr Gboyega Lesi, said, “As society works together to slow the spread of COVID-19, there are more people at home, driving less and having fewer accidents.

“Given this reduction in road risks due to little or no driving, it is only fair that some premium be refunded so that the customer does not lose at the end of the day.

“It is the responsible thing to do in the face of a pandemic-inspired economic lockdown.

“We hope that this support will in some way help our motor insurance clients deal with the rough patches.”

The statement said the company recently donated Personal Protection Equipment materials, COVID-19 test kits and foodstuff worth N135m as part of its efforts to support optimal testing and treatment of COVID-19 cases in Nigeria.