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Insurers harp on prompt claims settlement

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Stakeholders have urged the board of directors of insurance companies to give prompt claims settlement a priority in their policymaking process.

Besides, they also want the directors to ensure the financial soundness and general wellbeing of their organisation, by monitoring the management, to guarantee efficient deployment of human and capital resources in the overall interest of all stakeholders.

The Acting Commissioner for Insurance, Sunday Thomas, at one of the industry forums expressed optimism that the successful completion of the ongoing recapitalisation exercise will make operators take the issue of claims settlement as a priority, to improve return on investment (RoI).

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He said NAICOM will continue to introduce new reforms and initiatives toward achieving the full potential of the industry, stressing that Nigeria’s insurance sector with a contribution of less than one per cent of the GDP, has underperformed especially when compared with other sectors in the financial services industry.

This engagement, therefore, is one of such programmes earmarked by the Commission to keep members of the board of directors abreast of the workings of the sector is one of its critical stakeholders,” he said.

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This comes as data obtained from the Nigerian Insurers Association (NIA), revealed some operators cover claims for accident and third party losses, as well as Student Welfare Insurance Scheme (SWIS) to young Nigerians in some universities across the country.

According to the NIA, Cornerstone Insurance Plc made the largest single claims payment of N18million to Dangote Cement, Obajana, on vehicle accidents, and NEM Insurance Plc, paid another single claim of N15.82million on accidental damage in the year 2019

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For the SWIS, NICON Insurance Limited recently settled claims for deceased students of the Federal University Oye Ekiti (FUOYE), and others who sustained injuries during September 10, 2019, protest in the campus.

Two students died during the clash with the police while three were injured.

The injured students were paid N120,000, while relatives of the deceased received N145,000.
Confirming this development over the weekend, NICON’s Executive Director, Marketing and Brand Operations, Debo Oladejo, who spoke to The Guardian, said it is high time industry operators engaged more students in tertiary institutions, to provide a policy that could help them while in school session.

Oladejo, who presented the cheques in the names of Okonofua Esther, Mrs Mary Dada, Olamilekan Muiz, Elijah Azeez, and Eyiola Ayomide, urged students of FUOYE to explore the option of dialogue whenever issues arise.

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