Payment of claims: NAICOM restates commitment to sanitize industry

The Commissioner for Insurance, Mr. Olorundare Sunday Thomas has frowned at the records and statistics of unpaid claims associated with some insurance companies.  

Speaking at the 2022 Edition of the Chartered Insurance Institute of Nigeria’s Professional Forum, held in Abeokuta, Ogun State, Mr Sunday said the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and assures that they will not relent.

He maintained that insurance practitioners must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it.

While acknowledging the efforts of companies that are alert to their responsibility of prompt claims payment, he said the commission would encourage them to sustain the good practice.

 “Insurance practice in Nigeria in the past has had its good, bad and ugly moments. One of such bad and ugly moments that have had significant impact on the image and perception of our industry is the issue of claims payment.

“We must not continue to harbour elements of destruction under our roofs. The issue of non-payment of genuine claims has always put the Commission and the entire industry on the defensive when it comes to discussing insurance in every stratum of the economy.

“I must tell you that the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and I can assure you that we will not relent. I admonish us all to leverage the positive experiences from the past to build a formidable future for insurance in Nigeria. The effort must be collective and patriotic.

Source: Payment of claims: NAICOM restates commitment to sanitize industry – StocksWatch (stocksng.com)

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