Business
Insurance Firms Pay N1.2bn Claim In Six Months-NAICOM
The National Insurance Commission (NAICOM) said its
Complaints Bureau facilitated the settlement of N1.2 billion claims by
insurance companies in the first half of the year.
In a statement issued in Abuja on Saturday, the commission
said the payment involved f 52 cases concluded by the bureau during the period.
It said during the period, the Complaints Bureau dealt with
a total number of 349 cases and held four adjudication meetings.
It said that out of the number, 86 cases were fresh
complaints, while the remaining (263) were existing/ongoing cases.
The statement said outstanding claims were currently
receiving the attention of the commission and assured the insuring public of
quick resolution of issues.
The industry regulator noted that it was “no longer business
as usual’’ with insurance firms, considering that there had been remarkable
improvements on compliance with the commission’s directives.
“Consequently, not less than 85 per cent of the insurance
institutions responded to queries or directives issued to them for claim
settlement during the period.
“Majority of the 15 per cent residual are largely claims
already before courts of competent jurisdiction and therefore prejudicial for
the commission to intervene,’’ the statement said.
It noted that complaints received during the year were
mainly those involving non-settlement of claims on motor insurance, marine,
life, bond Issues and pension matters.