Leave a comment and share
The National Insurance Commission (NAICOM) has charged insurance companies to celebrate payment of claims to policyholders in order to stem the public perception that they do not pay claims.
Commissioner for Insurance Sunday Thomas, said this in a paper entitled: Strategies Aimed at Cushioning the Effects of the COVID -19 on the Operations of the Nigerian Insurance Industry and the Way Forward presented today at the Chartered Insurance Institute of Nigeria (CIIN) 2022 Business Outlook Seminar in Lagos.
According to Thomas, the silence kept by the industry operators over the payment of N11 billion claims on risks associated with the EndSARS protest was ill to the industry’s growth.
He urged the operators to blow their trumpets, adding that if they failed to blow their trumpet it would rust.
Thomas noted that the era of keeping quiet over claims payment is gone, stressing that operators should match the public with regular dissemination of information so as to stem the falsehood been perpetuated about the industry.
He said the industry operators are not spending much on awareness campaign, adding that the public has little knowledge on insurance.
Thomas said he was shocked to hear from an operator who said insurance brokers are not permitted to advertise their operations. He said such erroneous belief should be discarded, adding that there is not regulation barring insurers and brokers or any insurance practitioner from advertising.
President of Chartered Insurance Institute of Nigeria, SIr. (Dr.) Muftau Oyegunle, said the programme among other things, examines the National Budget, reviews the thrusts of the fiscal and monetary policies of the government and estimate how these would influence the insurance industry in particular and the economy in general.
He maintained that the theme of 2022 Business Outlook was: “Economic Policies of the Government in 2022: Challenges, Issues and Prospects”. In examining the Government’s 2022 economic policies, we will look to: Analyse the 2022 National Budget as presented; review the fiscal and monetary policy of the Government and their impact on the Insurance sub- sector of the economy; ppraise the performance of the Insurance Industry in 2021 and project into the future and review the effects of the COVID-19 pandemic to the Insurance industry and how the industry can reposition itself – going forward, he said.
Managing Director/CEO Excel Professional Service Limited, Dr. Oladimeji Alo, speaking on the topic, ‘Economic Policies of the Government in 2022, Issues, Challenges and Prospects’ implored insurance operators to put more efforts on celebrating their achievements in claims settlement, adding that it would help promote the belief that they really pay claims.
He also called for evolvement of good products, increase in human capacity and capital.
Group Chief Executive Officer, United Capital Plc, Peter Ashade, , speaking on the topic, ‘Insurance Perspective of the Theme Paper’, implored operators to focus on oil sector stressing that the Petroleum Industry Act would create more opportunities for the insurance industry to harness.
He also implored them to increase their capacity on agric insurance as there are huge opportunities in the agriculture sector.
He called for proper management of data. “Note that the quality of your decision making is driven by the quality of your data,” he posited.
