Ex-CIIN Boss Hails ‘No Premium, No Cover’ Policy

The ‘No Premium,
No Cover’ policy recently introduced by the National Insurance Commission (NAICOM), has immensely increased the income base of the insurance industry.
The immediate past President of the Chartered Insurance Institute of Nigeria (CIIN), Mr Wole Adetimehin, made the commendation in a chat with newsmen in Lagos last Thursday.
Adetimehin said that the policy had placed the sector on the path of growth.
The policy was introduced by NAICOM to check non-payment of premiums by policy holders.
Adetimehin told Journalist that the growth would equip insurance firms to meet their obligations in the settlement of insurance claims as at when due.
According to him, since the implementation of the policy on January 1, 2012, there has been reduction in the number of “lapsed policies” in the industry.
“As a new policy, it may take time to fully penetrate and may result in reduction in the volume of investors.
“But considering the current impact of the policy, we believe that with time, the expected results would be realised.
“Now, cases where a policy holder would not get claims because of not being up-to-date with payment of premium have reduced,” he said.
According to Adetimehin, many Nigerians have now realised the benefits of insurance as a useful tool to check losses and make huge savings.
He said that many operators, who were skeptical about the policy, were now enjoying its dividends because some policy holders paid premiums on time.