Skip to main content

NAICOM to sanction insurance firms over N40bn unpaid claims

NAICOM
NAICOM office

By Rosemary Onuoha

INSURANCE

The National Insurance Commission (NAICOM) said it is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over N40 billion.

Commissioner for Insurance, Sunday Thomas, speaking at the 2020 insurance directors’ conference organised by NAICOM and the College of Insurance and Financial Management (CIFM) yesterday in Lagos, said that the move is part of measures to reposition and strengthen the industry,

READ ALSO:Police arrest domestic worker over alleged killing of former boss

He charged underwriters to pay attention to claims payment, especially now that the industry is fighting negative public perception.

Thomas called on insurers to be responsive to the plight of their clients by prompt settlement of claims, and equally charged them to strengthen their human and financial capital for effective participation in big ticket risks.

He stated: “The era of huge backlog of claims should no longer be associated with our companies, and while the commission is profiling companies with huge unsettled claims for necessary regulatory action, companies that are responsive to the plight of their clients in prompt settlement of claims are encouraged to sustain the good business conduct.

“Our focus must shift to service delivery which will make our companies to seek more reasons to settle clients’ claims and less reason for repudiation of claims.”

Thomas further stated: “It has been observed that the gains of domestication policy of the government as enshrined in the Nigeria Content Development Act 2010 are gradually losing its meaning for the insurance sector.

More businesses especially in the oil and gas and the aviation sectors are now being reinsured abroad.

“Of more concern is the declining participation of life companies in the annuity business which is the emerging business for our industry. These are the areas where the industry can impose itself on the economy through the control of funds for national development.”

He also stressed the need for the industry to invest heavily in technology, adding that this has remained one of the key drivers for developing the market.

Furthermore, he noted that the recent crises associated with #EndSARS protest which led to the destruction of lives and properties is an eye opener and an opportunity for insurance firms to engage in massive awareness programmes on relevant insurance cover for lives and property of individuals and all businesses.

Vanguard News Nigeria

The post NAICOM to sanction insurance firms over N40bn unpaid claims appeared first on Vanguard News.


https://ift.tt/36aBR31 by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more