• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Friday, September 22, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Claims, The Underwriting Influencer With Miles To Yet Cover

Nwanne Ikemefune by Nwanne Ikemefune
April 6, 2021
in Insurance
0 0
0
claims
0
SHARES
39
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Claims paid do for the insured what first responders do for victims of any dimension of disaster. Their swift response to situations where the victims are not in a position to help themselves lives an impression that is integrated into the memories of the people in need of immediate intervention.

In the case of insurance the intervention is financial for the victims that are covered against the risk that has taken a hit. Lloyd’s of London rolled out quick response to claims payment by setting up space for claims payment shortly after the 1906 San Francisco earthquake. That first time quick intervention act still resonates with Lloyd’s.

The global insurance market has built on that and each market has enacted statutes that demand underwriters pay within a time frame and, Nigeria follows the order of legislation guided early response to claims in certain classes of business. Improving on the sole reason why they are in business which is to pay claims, underwriters make quick claims payment part of their unique selling proposition.

In the Nigeria market claims in the bracket of billions of Naira are paid out to corporate and individual policy holders every year but the significance of the market still plummets in the minds of the populace; sometimes the contentment of claims paid pales out because of the long period it takes to get the claims cheque in mostly big claims. This disconnect notwithstanding, the yearly high naira figures allude to the fact that Nigeria insurance market pays claims .

Getting further into the market, Businesspost.com.ng spoke with the managing director Fairdeal Public Adjusters Limited, Mr. Ralph Opara, whose picture appears in the story, also a past president, the Institute of Loss Adjusters of Nigeria:

Is claims payment a good influencer of insurance, how much of this has been added to underwriting?

The sole reason for insurance is protection against unforeseen loss occurrence and since claims payment is the major route for compensation, it is certainly a good influencer. For instance to function properly, the need created by drawing attention of prospective consumers must be backed by good underwriting so that appropriate premium is charged for the risk being covered and adequate fund is built up for payment of claims as they arise.

Claims payment is like a first responder in an insured event, but does the stretch of time to pay help the purpose to the insured?

Like the axiom …justice delayed is justice denied. So also, prompt payment of claims is very desirable for the full benefit to be reaped.

What corrective measures could be triggered to help?

A number of underwriters in Nigeria are undercapitalised and therefore are not adequately prepared to pay genuine claims promptly. There is therefore need for a mechanism to push such reluctant underwriters to pay adequately and promptly. The frontline agency to achieve this is the broker who has a twin role to place insurances with underwriters that can meet with their responsibilities and also pursue claims as they arise.

However, the professional that can really ensure that there is no undercut of the amount payable is the public adjuster. If a public adjuster is appointed to work along with the broker, the claimant is sure to receive adequate and prompt compensation. Public adjusting is newly being introduced to the Nigerian insurance market and not so popular yet. Many brokers and claimants think it is an additional cost to the claimant but it is not as the public adjuster will be paid a small percentage of the amount that he would have lost, that is, a percentage of the amount that he would otherwise have been denied

Previous Post

Suez Canal Blockage Could Result In “Large Loss Event”

Next Post

Japan’s M7 Quake In Feb Seen To Have $1bn Industry Loss Potential By Cresta

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace
Insurance

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year
Insurance

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works
Insurance

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Next Post
Japan’s M7 Quake In Feb Seen To Have $1bn Industry Loss Potential By Cresta

Japan's M7 Quake In Feb Seen To Have $1bn Industry Loss Potential By Cresta

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

0
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
ADVERTISEMENT

Recent News

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
London Company Market Premium Reaches £44bn In 2022

London Company Market Premium Reaches £44bn In 2022

September 12, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

September 8, 2023
Data Model For political Violence Insurers Released

Data Model For political Violence Insurers Released

September 8, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In