NAICOM urged on prompt claims payments

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has told the board and the management of the National Insurance Commission (NAICOM) to enforce prompt claims payments in the industry as that remains the biggest disincentive to insurance growth in Nigeria. The minister also said default in claims payments was the biggest complaint […]

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has told the board and the management of the National Insurance Commission (NAICOM) to enforce prompt claims payments in the industry as that remains the biggest disincentive to insurance growth in Nigeria.

The minister also said default in claims payments was the biggest complaint about the industry in Nigeria thus it must be addressed.

The minister spoke on Monday in Abuja, when the Board of NAICOM paid her a courtesy call. 

She said the commission and the insurance operators must incentivise the public for them to have confidence in insurance and promised to provide whatever support that the Commission needed to succeed in its assignment.

The minister also challenged NAICOM to engage the industry to introduce exciting policies to entice the public.

Earlier, the Chairman of the NAICOM Board, Dr. Abubakar Sani, told the minister that the purpose of the courtesy call was to brief her on their activities and to also solicit her support on a number of policy issues.