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Chuks Udo Okonta
The Independent Shareholders Association of Nigeria (ISAN) and Nigerian Council of Registered Insurance Brokers (NCRIB) have commended National Insurance Commission (NAICOM) for its efforts in ensuring that insurance companies begin publications of outstanding claims in national newspapers.
The National Coordinator, Independent Shareholders Association of Nigeria, Moses Igbrude, in a chat with Inspenonline, said the current leadership of NAICOM has done well with the Initiative, stressing that the initiative would help gradually change public perception about insurance.
He submitted that most people, at the moment don’t buy insurance due to perception that insurers don’t pay claims, adding that when unpaid claims are published and people are paid promptly, many people would willingly embrace insurance.
He urged the Commissioner for insurance Sunday Thomas, to continue with his developmental strides, stating that feedbacks from stakeholders in the sector revealed that NAICOM is doing well in terms of regulations.
He charged NAICOM and insurance practitioners to do more in educating the public on the need for insurance, stressing that insurance remains the shock absorber of the economy.
Executive Secretary/Chief Executive Officer, Nigerian Council of Registered Insurance Brokers (NCRIB) Tope Adaramola, commended NAICOM and insurance operators for the initiative, adding that it is a commendable stride which among other things, would aid in stemming the non paying claims albatross on the neck of insurance industry.
Adaramola noted that the initiative is sort of a revival of practice done in the past, where life insurers seek out obituaries on the pages of newspapers, with a view of seeing if such death were insured with them and effect payments to the beneficiaries, when there is no formal demand for it.
He maintained that the initiative would restore further public confidence in insurance industry, noting that the essence of insurance is actually measured by claims payment.
He said it is time for the industry to go to claimants, who are not willing to come forward for their claims, stating that the step would turn around public confidence in the industry.
