Insurers pledge renewed effort to claims payments

Operators of the insurance industry has pledged a renewed effort towards effective and timely settlement of insurance claims as at and when due.

This insurers’ position was made known at the 13th insurance committee’s meeting held recently in Lagos, and was chaired by the Commissioner for Insurance, Mr. Sunday Thomas.
With the Commission not relenting in the need for prompt claims payment, Mr.Thomas reminded the insurers that underwriting companies has the obligation to pay claims to their customers,adding that default was ground for cancellation of licence.
However, Mr. Jide Orimolade, Chairman, media subcommittee and CEO, Stanbic IBTC insurance, speaking for the insurers, said that”going forward, insurers would a renewed towards claims payment.”
NAICOM which had until now expressed dissatisfaction Insurance firms not sufficiently complying to upload to NAICOM insurance portal, disclosed at the meeting the Commission has witnessed over 90% compliance of insurance firms’ up-load to NAICOM portal.
Serous consideration was given to the issue of takaful and micro-insurance companies by the committee, and meeting resolved that both industries should be upgraded to a level that fits current economic realities.
Following the report that all is not lost in getting the insurance bill 2020 back on track, NAICOM however promised that the bill would soon be presented to the floor of house before the end of the year.
In the same gain, both the Commission and Insurance operators acknowledged the fact that the industry now has the capacity to coy with IFRS standard which is expected to commence in January 2023 and would be the basis for reporting financial account and reports.
The committee also took the decision to Insurance firms could now plan partnership with multiple banks without restrictions in their practice of banc-assurance business. Banc-assurance is known as the business partnership between an insurance form and a bank.