The National Insurance Commission today in Abeokuta at the 2022 edition of the Chartered Insurance Institute of Nigeria Professional Forum, categorised insurance practice in Nigeria as “good, bad and ugly moments.”
Presenting the state of the industry, the Commissioner for Insurance, Mr. Sunday Thomas said, “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.”
Nailing it on the screen Thomas said, “Indeed the records and statistics of unpaid claims associated with some of our members has not been too good and must be overturned to the benefit of all stakeholders.”
The bad claims taste notwithstanding, NAICOM boss acknowledged that the story does not cut across though it rubs on all. “I must quickly acknowledge and salute the efforts of those companies that are alert to their responsibility of prompt claims payment and encourage them to sustain the good practice.”
Thomas said putting a stop to the ugly practice should be the concern of all insurance practitioners. He insists that insurance professionals “must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it. We must not continue to harbour elements of destruction under our roofs.
He recalled that the Commission and the industry on an going basis at different times and at different meetings stood in to clear the issue as it is and, now is the time to collectively eliminate it. He speaks, “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,” he stated.
