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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) said N133.397 million is in its coffers for the insurance industry rebranding project.
The association stated this in its 2022 annual report and accounts presented at its recently held annual general meeting in Lagos.
The amount was captured under the restricted funds, which the association said are funds contributed by members for specific purpose, adding that such funds can’t be used for any other purpose than which they were meant for.
The insurance industry rebranding project, with a projected seed fund of N300 million, was launched on June 1, 2018, with the mandate to reposition the practice of insurance and enhanced profitability.
At the launch in Lagos, the operators pledged to leverage settlement of genuine claims to drive the rebranding initiative.
According to them, prompt settlement of claims remains the best advertisement for the industry and that they would ensure that companies observe their claims responsibilities.
They said the industry over the years has being paying claims, adding that many organisations that were affected by disasters were revived by claims received from insurance companies.
They posited that insurance firms were set to deepen insurance at the grassroots though deployment of retail products and called on small and medium enterprises owners to take advantage of insurance to keep their businesses going.
The Director-General, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, urged the public to take advantage of conflict resolutions bodies set up by the industry to resolve all unpaid claims issues.
She noted that the NIA in a bid to ensure the public are not denied claims, set up a complaints bureau, which is headed by a retired Judge. In the vain, according to her, the National Insurance Commission (NAICOM) also has a bureau for settlement of claims disputes.
She said operators would continue to talk to themselves to ensure non of them renege on honouring genuine claims.
To promote the project, NAICOM contributed N40 million.
The operators agreed to raise 50 per cent of the funds for the rebranding project from companies gross premium income, and the balance 50 per cent, shared evenly amongst themselves.
The initiative, according to the operators, was be driven via social media, print and electronics, adding that greater attention would be on the social media due to the youth population.
