NAICOM warns insurance firms over claims

The National Insurance Commission (NAICOM), says it will not shield insurance company that dodged claim payments.
The Deputy Commissioner for Insurance,( Technical), Mr Sunday Thomas, said in Lagos that one of the perceptions about the insurance industry is that they hardly settle claims.
He stressed that less than three million Nigerians had insurance policies due to the wrong perception.
He said that the perception had also paved way to low insurance penetration.
However, he asserted that only few operators dodged claim payments and the commission would no longer shield them.
The Deputy commissioner said a total of N145 billion was paid as claims to policy holders by insurance companies in the third quarter.
“However, the industry regulator is monitoring the claim defaulters and won’t watch them destroy the good works of others,” he said.
He said that as part of efforts to enable more Nigerians access insurance, two microinsurance companies would kick-off in the first quarter of 2019.
He said the two micro insurance companies were on the verge of securing regulatory approval.
“The mandate of micro insurance companies is to insure about 80 million low income earners in the country,” he said.