Buhari urges insurance industry to embrace prompt claims settlement

There is a need for insurance operators to embrace prompt payment of claims to retain public trust and ensure the sector contributes optimally to economic growth. This, President Muhammadu Buhari, urged underwriting firms during the conferment of Grand Patron of the Chartered insurance Institute of Nigeria (CIIN) on him by the Chairman and members of the Governing Council of the Institute at the State House.

The President, who commended the leadership of the Institute under Sir Muftau Oyegunle for bringing sanity into the Nigerian Insurance Industry as well as giving more visibility to the importance of the industry in national development, counselled them to do more.

According to him, there is a need to dispel misconceptions about the insurance industry currently held by a good number of Nigerians, especially as it relates to claims and the need for insurance.

In addition, the insurance industry as a whole must improve its efficiency and honour claims in good time,” he said.

President Buhari thanked players in the industry, including the CIIN, for supporting this government as well as the kind words in appreciating the progress made in various areas of development.

The President highlighted the contribution of N500 million to support the fight against the COVID-19 pandemic in its early days in the country.

He noted that the granting of insurance cover for all frontline health workers at concessionary premiums contributed significantly to the globally acclaimed success of Nigeria’s response to the pandemic.

The President told the institute’s leadership that he would count on their continuous support, as he rallies ”all Nigerians to join hands together with this administration to create the Nigeria we want.”

He promised to continue providing the necessary support to the industry to ensure that the country maximises its contribution to socio-economic growth.

In his remarks, Oyegunle lauded the Buhari administration’s sustained efforts to eliminate poverty in the country through laudable initiatives such as National Social Investment Programme, the Cash Transfer Scheme, and National Social Housing Programme, among others. These programmes and many others have impacted Nigerians.

Your Excellency, the inclusion of insurance in the policy formulation of these great initiatives will guarantee sustainability,” he said.