NAICOM to priorities premium rating in 2018

Commissioner for Insurance Mohammed Kari (6th right); President, National Association of Insurance and Pension Correspondents, Mrs. Omobola Tolu-Kusimo and other participants at the event.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) said it will channel its energy on instituting appropriate premium rate for the insurance industry in 2018, Inspen can report.

The Commissioner for Insurance, Mohammed Kari, said this today at the sideline of the
2017 Annual Seminar for Insurance Correspondents organised by the National Insurance Commission (NAICOM) in Kaduna, Kaduna State, adding that the decision became necessary due to enormous complaints on poor management of rates by underwriters.

He faulted some operators who deny that there is rate cutting in the industry, adding that the leadership of the Nigerian Insurers Association (NIA) had approached the commission to intervene in the crisis currently bedeviling rating of insurance risks.

Director, Authorization and Policy, NAICOM, Mrs. Pius Agboola, who also faulted the claim by some insurers that there is no rate cutting, said some operators are begging commission to help in handling the issue of rate cutting.

He said the menace of rate cutting is high, adding that the industry has left all other areas of competition to focus on pricing, a development, he said, is affecting their ability to pay claims as and when due.

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