Home Business Insurance World Nigeria: Agricultural Insurer Blames Claims Payment Delays On Brokers’ Failure To Remit Premiums
Insurance World

Nigeria: Agricultural Insurer Blames Claims Payment Delays On Brokers’ Failure To Remit Premiums

Share
Rice Farm
Share

Nigerian Insurance Agricultural Corporation (NAIC) has said that the reason for delay or default in claims payments is due to brokers who fail to remit premiums to insurers.

Mr Jerome Olowoyeye, who disclosed this at a webinar on agribusiness in Africa, in a speech delivered on behalf of Folashade Joseph, NAIC managing director, said that the corporation has plans already in progress to carry out insurance awareness programmes for farmers.

He, however, said that the strategies would be effective if brokers on their part could deliver as expected, reported Mail & Guardian.

“Unremitted premiums by brokers is one of the major issues, as premiums that are supposed to be remitted by brokers are not remitted. If these brokers don’t remit, it becomes a problem for insurance firms to pay claims to farmers.”

Another challenge in agricultural insurance is the issue of trust in insurers. Mr Olowoyeye that in its efforts to increase trust, NAIC has made itself open to all forms of partnerships that would boost agri-insurance in Nigeria.

Source: MEIR

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

NAICOM, NDPC Sign MoU To Safeguard Data Of Policyholders

NKECHI NAECHE-ESEZOBOR-The National Insurance Commission, (NAICOM) and the Nigeria Data Protection Commission,...

NAICOM, CIIN Tell Insurance Firms Directors To Uphold GRC Principles For Industry Sustainability

BY NKECHI NAECHE- ESEZOBOR–The National Insurance Commission, (NAICOM), has urged directors in...

Non Settlement Of Claims Is A Ground For Cancellation Of License- NAICOM

BY NKECHI NAECHE- ESEZOBOR–The National Insurance Commission on Wednesday told insurance directors...

Onifade Calls For AI Innovation To Drive Insurance Growth At WAICA Conference In Accra

Niyi Onifade, Sector Head of Heirs Insurance Group, has called for the...