Its still not a complete knock down for outstanding premium despite the “no premium no cover” statutory policy as the practice still persists despite regulatory monitoring.
Admitting the low tide presence of the practice in the insurance operations for Q4, 2023 released today by The Statistics Department, the Directorate of Research, Statistics & Publications said the tide has been low because of the “no premium no cover” policy of the National Insurance Commission.
The sustained hard punch of the Commission has whittled down its prevalence to single digit record in the statistics of NAICOM and standing on its submission in the publication released today its committed to its total knock down.
NAICOM maintained that its intervention with no premium no cover is the ‘direct reflection’ why the outstanding premium continue to decline, “posting a 1.6 per cent as outstanding of all the premium generated in the market during the period.”
