By Sola Alabadan
The National Insurance Commission (NAICOM) will soon start ranking insurance companies on the number of claims received and settled on annual basis, as well as publish such ranking for the insurance consumers.
The Commissioner For Insurance, Mr. Olorundare Thomas, who disclosed this at the retreat organised by NAICOM for financial journalists in Uyo, Akwa Ibom State at the weekend. The theme of the retreat was “Improving Insurance Access through Market Development and Innovation in 2022 and beyond”.
Thomas, who was represented by the Deputy Commissioner, Technical, Sabiu Abubakar, stated that “the Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector”.
He said “Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.”
Thomas emphasised that payment of claims” is always an issue that put the entire industry on the edge”.
He recalled that the Commission has been implementing various market developmental initiatives to lift the insurance sector to a global standard through: Risk Based Supervision Framework, while encouraging investment in digital capabilities and automation, such as the launching of NAICOM Portal, launch of the Bimalab Project.
NAICOM has also been making concerted efforts to enforce the compulsory insurance products in Nigeria – via partnership with agencies and state government, as well as sensitising various stakeholders on the benefits of insurance.
