NAICOM Charges Insurers Not To Harbour Claims Defaulters


The National Insurance Commission (NAICOM) has charged insurance practitioners not to harbour under our roofs, claims defaulters, tagged, elements of destruction.

The Commissioner for Insurance, Sunday Thomas, said this in his keynote address at the just concluded Chartered Insurance Institute of Nigeria (CIIN) 2022 Professionals’ Forum in Abeokuta, Ogun State.

He noted that insurance practice in Nigeria in the past has had its good, bad and ugly moments, stressing that one of such bad and ugly moments that have had significant impact on the image and perception of the industry is the issue of claims payment.

He submitted that indeed the records and statistics of unpaid claims associated with some of the members has not been too good and must be overturned to the benefit of all stakeholders.

“I must quickly acknowledge and salute the efforts of those companies that are alert to their responsibility of prompt claims payment and encourage them to sustain the good practice.

“Insurance practitioners must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it.

“We must not continue to harbour elements of destruction under our roofs,” he said.

Thomas stated that the issue of non-payment of genuine claims has always put the Commission and the entire industry on the defensive when it comes to discussing insurance in every stratum of the economy, stating that the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and I can assure you that we will not relent, he said

He admonished the Professionals to leverage the positive experiences from the past to build a formidable future for insurance in Nigeria, stressing that the effort must be collective and patriotic.

“We must all see insurance as a profession that should be a buffer for the economy while eliminating the toga of being the weak link within the financial services sector.

“We must practice insurance with passion and resilient not just as a means of livelihood that we have to survive on but, that which every insurance professional should be proud to say “I am a party to this success.” he submitted.

He maintained that the Commission is always proud to be identified with the various initiatives espoused at the CIIN annual forum, because of its conviction that viable, qualitative, ethical,  resilient insurance professionals hold the key to the sustainability and growth of the Nigerian Insurance Industry.

Leave a reply

Your email address will not be published.