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Government tasks insurance industry on prompt claims payment

By Bankole Orimisan
23 May 2022   |   4:29 am
The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Lagos State Governor, Babajide Sanwo-Olu, have advised underwriters in the country to pay claims promptly to retain public confidence.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Lagos State Governor, Babajide Sanwo-Olu, have advised underwriters in the country to pay claims promptly to retain public confidence.

This, they said, would help to sustain the industry’s drive to emerge as a major driver of economic growth. Speaking at the 50th anniversary of the Nigeria Insurers Association (NIA), Minister Ahmed, who was represented by the Permanent Secretary in the Ministry, Aliyu Ahmed, said the consolidated insurance bill currently before the National Assembly would redefine the insurance business and meet stakeholders’ expectations when signed into law.

Ahmed said: ‘’If, as government, we are doing everything to prevail on ministries, departments and agencies (MDAs) to take insurance and encourage the public to ensure that they take insurance policies, then we will expect that genuine and verifiable claims are paid promptly as this will engender trust in the sector.”

Sanwo-Olu, who was represented by his Commissioner for Finance, Dr. Rabiu Olowo, congratulated the NIA on the milestone, noting that the body has lived up to expectations by maintaining standards in the industry. He urged the association to do more to sustain the momentum of growth, creativity and innovation recorded in the past 50 years.

The NIA Chairman, Ganiyu Musa, urged FG and state governments to continue to support the industry through the enactment of policies that would ensure a level-playing field for all players.

He said: “Let me equally use this opportunity to restate that the association and, indeed, the entire insurance industry will continue to support the government to achieve its vision of building a resilient and robust economy.”

The Director-General of the Nigerian Insurers Association, Yetunde Ilori, described the golden jubilee and the unveiling of the seven-storey Insurance house as a consolidation of the achievements of the body in the past years.