NAICOM publishes 1,582 complaints from aggrieved policyholders
*IGI leads with 327, African Alliance 282
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Chuks Udo Okonta
To ensure insurance companies pay for resolved policyholders complaints, the National Insurance Commission (NAICOM) has published 1,582 cases that are presently being addressed.
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.
Recall that the National Insurance Commission in its ongoing efforts to effectively address complaints and ensure swift resolution to all Insurance related issues has launched the NAICOM Complaint Management Portal.
The portal can be accessed via:
complaints.naicom.gov.ng
The portal offers a streamlined and user-friendly platform for addressing all Insurance related complaints.
The Commission is urging the public to effectively utilise the platform to reach out to the Commission on all Insurance related complaints.
I am policyholder in African Alliance and since 2024 to this year 2025 ,I am being owed eight (8)months arrears and no signs or comments from AAI,as a retired how do they want me to survive, please do so for me tnx
Non payment of Annuity as at 31 December 2024 was N909408.92 and N454708.92 outstanding for January and February 2025.
My name is Ananaba Ezenwoko Esq.I have September, October , November 2024 and January, February 2025 unpaid monthly annuities yet to be settled by African Alliance Insurance company.Though I have been reminding African Alliance on their complaints platform, please assist me to chase them.I am a Union bank plc pensioner.
African Alliance Insurance is now one of the most unreliable companies existing in Nigeria today. It has reneged on its agreement with annuitants. It’s almost nine months in default now. Please NAICOM,do the needful and call AAI to order or be sanctioned.
My late husband’s insurance claims have not been paid to me by the industrial and General insurance (IGI). and the Niger insurance companies since 17th Dec 2014.I have applied and followed due processes but they have refused to pay me the claims till date
NAICOM is just not serious about its directive to insurance companies to settle outstanding claims they owe to their policy holders.
It does not show a kind of seriousness on their part to only inform us that they received 1582 complaints from policy holders without letting us know how much the insurance companies paid out to their customers. Also, for directing insurance companies to settle outstanding claims without giving them a deadline to do so is indicative of lack of seriousness on the part of NAICOM. They should give the insurance companies deadline within which outstanding claims should be paid. This is what PenCom did to fund administrators under their purview not this open ended directive NAICOM gave insurance companies.
With regard to the case of African Alliance,one expects NAICOM to take serious action against that company. NAICOM sacked the previous board and management of African Alliance Insurance and appointed interim Board and Management (ibm) in October, 2024. Since the IBM assumed duty they paid four months claims out of the outstanding. As at today, that company is owing its policy holders seven months of unpaid annuity to the extent that those affected had to call on.the federation government to intervene. If NAICOM is serious, why would they allow the IBM that was appointed by them to remain in office without doing any serious action to solve this problem. I think it was part of the reason they sacked the former board and management.
In fact for the former board and management to be sacked,one would expect NAICOM to investigate them.
For that is happening in African Alliance, NAICOM should do something now so that policy holders can be paid their entitlement if they are not to be considered as part of the problem in that insurance company. The IBM appears incapable of handling the problem in African Alliance. What they are doing is just taking their salaries while the policy holders they are claiming to solve their problems are suffering.