Experts challenge insurance companies on claims payment

For the insurance industry to contribute significantly to the economy (GDP), there is a need for underwriters to take prompt claims settlement as a priority.

This was the position of stakeholders, who gathered at the 2021 Insurance Directors’ Conference organised by the College of Insurance and Financial Management (CIFM) in partnership with the National Insurance Commission (NAICOM), in Lagos, at the weekend.

Speaking at the forum, the Commissioner for Insurance/Chief Executive Officer, the National Insurance Commission (NAICOM), Sunday Thomas, was concerned about challenges facing the industry, chief of which is claim payment.

A few of the underwriters who spoke on the issue said anything short of prompt claim payment would continue to hurt the industry and put the operators in a bad light.

Thomas had suggested that the insurance companies must be proactive in their operations and approaches to insurance issues.

According to him, this has to start from the policy level with the directions spelt out. This must also be supported with an awareness campaign about insurance products across the geo-political zones taking into consideration the peculiarity of each of the regions.

President, the Chartered Insurance Institute of Nigeria (CIIN), Muftau Oyegunle, said customer engagement cannot be over-emphasised.