NAICOM accuses insurers of giving over N650bn discounts

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Chuks Udo Okonta

The National Insurance commission (NAICOM) has said insurance companies carry risks that are over N1 trillion, retain N350 billion premium income and discount over N650 billion.

The Deputy Commissioner, Technical, NAICOM, Thomas Sunday; who disclosed this at a forum in Lagos, noted that this development has forced insurers to be surviving on investment incomes.

“The risk insurers are carrying is over a trillion Naira and the premium is still at N350 billion. We take 30 per cent and discount 70 per cent,” he said.

He called on insurers to leverage the initiatives introduced by the commission to redouble their premium income and also told them to place customers at the centre of their services, stressing that insurance should not just end with premium and claims, but insurers should always make out time to visit their customers to help them in managing their risks.

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