Sunday Thomas, CFI, NAICOM
BY NKECHI NAECHE-ESEZOBOR–The Commissioner For Insurance, Mr Sunday Thomas, on Wednesday, called on directors of insurance companies to ensure that their various companies pay all genuine claims to policyholders promptly.
Thomas made this request during the 2021 insurance director conference held in Lagos with the theme: “Insurance Industry in a Changing World’, that the issue of non payment of claims has continued to impact negativity to the growth of the industry.
“Issue that has been setting the industry on a reverse gear in its developmental efforts is the issue of claims settlement. A few amongst us have been making this work a tedious one by not paying claims promptly.
” We should know as a fact that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation, perception and image.
“Am hopeful that our deliberations here today will provide us the inputs or necessary ingredients that can assist in making policies and strategies that will enhance survival and growth of our various institutions.
“I urge you to look at this issue at your level and deal with it decisively as it has continued to give the industry a bad name”, he noted.
He also implored director of insurance companies to work closely with their companies management if they indeed want the organisation to reach the top.
According to him many countries and indeed, economies across the globe have to face challenges including Nigeria.
“On the issue of development of insurance in the country, I will urge the Directors to work closely with their management as a lot is expected from them at the top level”.
He added that “The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to boost insurance culture across the country”.
“The supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously”
“This has to start from the policy level and the directions clearly spelt out. This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions”
