The National Insurance Commission, (NAICOM), has applauded operators for the four major claims paid during the year, noting that the payment has showed that the industry has the capacity to underwrite any-form of claims.
The Chairman Communication and Stakeholders Engagement Sub-Committee of Insurers’ Committee, Mrs. Ebelechukwu Nwachukwu, disclosed this while address insurance journalists after the Committee meeting held yesterday in Lagos.
According to her the Commissioner for Insurance,, NAICOM, Olusegun Ayo Omosehin, also implored them to get necessary approval from the policyholders before publicizing the huge claims paid.
“To ensure data protection we have to make sure we have the approval of the clients to publicize these four major claims.”
On Risk Based Supervision, he assured operators that is not ment to witch-hunt any company but a routine practice for NAICOM , adding that the commission, is definitely going round to ensure supervision and compliance.
On policyholders Protection Fund, he assured operators that the funds will not be with the commission,, but with one of the big four audit firms, that is going to give operators a guide on how to go about putting that fund together because the fund will also increase consumer confidence.
On industrial mortality table, he said that Africa Re is working on providing grant to the industry, while urging practitioners to provide the required data so they can have an updated mortality table that they can rely on.
The meeting which had in attendance, the Director general of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, who also informed operators of business opportunities operators can undertake in the Nigerian Exchange Group.
He urged them to leverage the opportunities just like the banks which raised over N3 trillion to recapitalised their operations, whilst promising to ensure insurance companies don’t incur huge cost in the course of raising funds at the Exchange.
Agama also urged insurance operators not to consider the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a privilege to raise money, but as opportunity to transform the insurance industry.
