Following the surge in complaints of non payment of claims by some insurance companies, the Nigerian Council of Registered Insurance Brokers has placed insurance brokers on market alert. “As a proactive council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them.”
The charge was delivered by the NCRIB President, Dr (Mrs) Bola Onigbogi, at the Members Evening held on Tuesday (July 6), and she reminded the brokers of recent allegations “involving non payment of claims as low as one thousand USD since 2019.”
Onigbogi said on account of the trailing dip in claims obligation, some brokers have executed several rescue claims payment and she says its a disturbing trend. “It is distressing that in order to save the face of the industry some brokers have had to pay their clients.”
She comments further, “Our investigating committee is inundated with complaints of non payment of claims. In order to forestall further experiences, I like to appeal that brokers do their proper investigations.”
The Nigerian Insurers Association executed a face saving mission as a result of avalanche of complaints by policy holders whose claims requests were unresponsive by the expulsion of of three insurance companies, namely, Industrial and General Insurance Company Limited; Niger Insurance Plc and Standard Alliance Insurance Plc; The NIA said the affected companies failed to meet their obligations to policy holders.
Onigbogi said it’s disheartening because the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria insurance industry. According to her members have discussed the issue and x-rayed the implication on members who have one business or the other with the companies and find the lasting solution.