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Chuks Udo Okonta
Some Insurers have reacted to the complaints document published by the National Insurance Commission (NAICOM), faulting the commission for not cross checking with them on the genuineness of the claims before making them public.
According to one of the operators, the alleged claims came from an individual who has a business in a house insured against fire by the owner.
He noted that the house suffered a fire outbreak and the owner – landlord was indemnified, adding that a tenant who heard about the claim also came up asking for claims, which the insurer rejected.
Another insurer said: “NAICOM published complaints against us, some are paid claims, one was fraudulent and one is in court, as the client did not renew and then suffered a loss.”
Another insurer queried if NAICOM did any background check on the genuineness of the claims before the publication?
He noted that the publication has put the named companies in bad light as many of the alleged claims are fraudulent.
According to him, NAICOM can’t be speaking of the development of the industry and be tearing it down with such publications.
Recall that NAICOM recently published 1,582 unpaid claims complaints from aggrieved policyholders, which amounted to over N24.59 billion and $22.56 million.
NAICOM published the document on its website, stating that Industrial and General Insurance (IGI) got the highest complaints of 327, African Alliance Insurance 282 and Standard Alliance Insurance 229.
Determined to sanitise the insurance industry and stop frivolous excuses that often push policyholders into flooding NAICOM with complaints, the regulator said insurance companies would henceforth pay for all cases it resolved.
NAICOM had charged insurance companies to operate ethically and live up to their claims payment responsibilities, as they have to pay for the time spent by NAICOM in resolving issues between them and their policyholders.
NAICOM also charged the operators to settle all outstanding claims and see reasons to settle claims.
