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Chuks Udo Okonta
Shareholders have condemned the hawking of cheap insurance policies in licensing offices, calling on National Insurance Commission (NAICOM) and Nigerian Insurers Association (NIA) to swiftly move to stem the menace.
The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu, said this yesterday at an annual general meeting of an insurance company in Lagos.
He noted that his association – Independent Shareholders Association of Nigeria (ISAN) at a recent visit to NAICOM, expressed displeasure on the issue, adding that it is unfortunate to observe people hawking insurance policies, especially third party below the statutory N15,000 premium.
Nwosu said the menace impacts the growth of insurance and deprive shareholders good return on investment.
He charged the leadership of NIA to raise to the challenge by ensuring all their members abide by the approved premium for motor.
He also enjoined insurance practitioners to leave their comfort zones and engage on continuous insurance education, stressing that the industry increased the motor insurance premium without robust engagements with the public to educate them on benefits from the new rate.
Findings by Inspenonline revealed that the NIA has identified four insurance companies perpetuating the vice and had recently sent a circular to all insurance companies to abide by the approved rate or risk sanction.
