NAICOM warn insurers on claims defaults

Commissioner for Insurance, Nigeria and CEO National Insurance Commission (NAICOM) Mr. Sunday Thomas has warned Insurance companies against default in claims.  He said all genuine claims must be paid promptly even as he expressed disgust over some Insurance companies that have a tradition for claims default.  He spoke virtually at the 2021 Insurance directors’ conference […]

Commissioner for Insurance, Nigeria and CEO National Insurance Commission (NAICOM) Mr. Sunday Thomas has warned Insurance companies against default in claims. 

He said all genuine claims must be paid promptly even as he expressed disgust over some Insurance companies that have a tradition for claims default. 

He spoke virtually at the 2021 Insurance directors’ conference said: “One issue that has been setting the industry on a reverse gear in its developmental efforts is the issue of a claims settlement. A few amongst us  have been making this work a tedious one by not paying claims promptly.”

“We should know as a fact that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation, perception and image. I urge you to look at this issue at your level and deal with it decisively as it has continued to give the industry a bad name” he told the Insurance directors and shareholders.

He also said as part of measures to strengthen the Insurance companies,  Risk-Based Supervision will be strictly applied going forward.