Naicom To Sanction Insurance Firms Over N40bn Unpaid Claims

The National Insurance Commission (NAICOM) said it is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over N40 billion.

Commissioner for Insurance, Sunday Thomas, speaking at the 2020 insurance directors’ conference organised by NAICOM and the College of Insurance and Financial Management (CIFM) in Lagos, said that the move is part of measures to reposition and strengthen the industry,

He charged underwriters to pay attention to claims payment, especially now that the industry is fighting negative public perception. Thomas called on insurers to be responsive to the plight of their clients by prompt settlement of claims, and equally charged them to strengthen their human and financial capital for effective participation in big ticket risks. He said the era of huge backlog of claims should no longer be associated with their companies, and while the commission is profiling companies with huge unsettled claims for necessary regulatory action, companies that are responsive to the plight of their clients in prompt settlement of claims are encouraged to sustain the good business conduct.

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