Insurance

Claims payment without litigation ‘ll improve insurance penetration – NAICOM

From left: Vice President, The Nigerian Council of Registered Insurance Brokers, Mr. Tunde Oguntade; President, Mrs. Bola Onigbogi; Executive Governor of Osun State, Mr. Gboyega Oyetola and Past President, NCRIB, Chief Babajide Olatunde-Agbeja at the 2021 Chief Executive Officers’ Retreat held in Ilesa, Osun State

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Chuks Udo Okonta

The settlement of claims without use of arbitration or litigation will definitely improve insurance penetration in Nigeria, the Commissioner for Insurance, Sunday Thomas, has said.

He disclosed this at the 2021 Chief Executive Officers’ Retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) which held recently in Ilesa, Osun State, stressing that consumers of insurance products and services should be properly guided.

Thomas, who was ably represented at the retreat by the Deputy Director at the Commission, Gbenga Jaiyesimi, applauded NCRIB for its position offering new ideas on how to move the industry forward.

Thomas enjoined Insurance Brokers to always ensure that their clients read and clearly understood the wordings and conditions of insurance contracts, stressing that the retreat would generate more ideas on how to resolve disputes and issue arising from insurance business through mutual understanding.

According to him, National Insurance Commission’s zero tolerance to violations of extant laws and guidelines governing the conduct of insurance are still in force to check unnecessary delay in claims settlement that may trigger the use of arbitration clause.

He noted that NAICOM and NCRIB have continued to be partners in progress in ensuring that disputes arising from claim settlement are reduced tremendously to give confidence to consumers of insurance for betterment of the industry.

From left: Hon Treasurer, The Nigerian Council of Registered Insurance Brokers, Mr. Wale Oshodi, Vice President, Mr. Tunde Oguntade; President, Mrs. Bola Onigbogi; Executive Governor of Osun State, Mr. Gboyega Oyetola and Past President, NCRIB, Chief Babajide Olatunde-Agbeja; Hon Auditor, Mr. Sunday Malomo and representative of the Commissioner for Insurance, Mr. Gbenga Jaiyesime at the 2021 Chief Executive Officers’ Retreat held in Ilesa, Osun State

Osun State Governor, Gboyega Oyetola also applauded the NCRIB for being resolute in its regular building of capacity for insurance brokers as part of its support for the nation’s economy growth.

Oyetola noted that Insurance Brokers who are professional intermediaries in the nation’s insurance ecosystem have played midwife role in risk management.

He posited that the Council, as a principal player in the insurance business, has provided capacity professionally, both in the theory and practice of insurance to ensure improved service delivery in the nation.

“Generally speaking, the insurance industry has midwifed the nation’s businesses since pre independence. The industry has thus borne the risks of the nation during the periods of boom, economic downturn, recession and post-recession.

“Also, the industry has managed the businesses of government, corporate organizations, small scale businesses and individuals during these periods. It has also provided professional advice at the level of policy initiation and execution,” he said.

However, Governor Oyetola emphasized that strident efforts must be made by all establishments within the industry to ensure that their staffers provide services with professionalism and that bad egg are exposed and wiped out of the industry.

According to him, the Council was noted for regularly building the capacity of its members to strengthen its performance and achieve its vision.

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