Insurance companies are paying huge, timely claims — NAICOM
L-R: Deputy Commissioner Finance and Administration National Insurance Commission, Ekerete Ola Gam-Ikon; Commissioner for Insurance Olusegun Omosehin and Deputy Commissiner Technical Dr. Usman Jankara
Insurance companies are paying huge, timely claims — NAICOM
Nike Popoola
Insurance companies in Nigeria are settling huge claims promptly, thereby boosting confidence and strengthening trust in the industry, the National Insurance Commission (NAICOM) has said.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, disclosed this on Friday in Abeokuta while speaking with insurance reporters.
Omosehin highlighted several major claims that had been discharged expeditiously, sometimes to the surprise of stakeholders. He cited the Brittania-U case, where a single claim of $55 million (approximately N83 billion) was fully paid.
“That claim was discharged, and even the insured never believed the market would be able to pay. Just for emphasis, $55 million at direct conversion is about N83 billion. Yet, the premium for that risk was only $170,000,” he said.
The NAICOM boss stressed that the Commission has introduced reforms to further protect policyholders by shortening the window for complaints and providing clearer escalation paths for grievances.
“We maintain zero tolerance for non-settlement of genuine claims. Insurance is a mechanism for resilience and a pillar of social stability, whether it is a paid claim that helps a business recover from disaster, a microinsurance cover that saves a family from financial ruin, or a takaful product that promotes inclusive participation. The essence of insurance lies in its human impact on society,” Omosehin said.
He assured that NAICOM remains committed to fostering innovation, safeguarding policyholders, and building an insurance market Nigerians can trust.
