NKECHI NAECHE-ESEZOBOR—Consortium of insurance Companies has paid
Nigerian Insurance operators has paid a total of $55billion dollars or N82.5billion to Brittania-U, a Nigerian indigenous petroleum company focused on integrated energy services, including exploration, production, drilling, and trading.
This was disclosed by the Commissioner for insurance, National Insurance Commission, (NAICOM), Segun Omosehin, during his opening remark at a two days seminar for Insurance journalists held in Abeokuta, Ogun State.
The commission also disclosed that operators has paid N180billion to big ticket claims to some business policyholders who suffered insured risks on their assets in the current year.
Stressing the importance of the media, he said billions has been paid by operators but are not reported.
He assured that the commission have zero tolerance for non settlement of genuine claims.
“We maintain zero tolerance for non settlement of genuine claims. As a result, the insurance companies are expected to adhere to what I call sell, what you can service. Sell what you can service principle, ensuring they only offer products that they can adequately support and deliver on. If you sell a product and there is a claim you must pay.”
He also disclosed that the commission has shortened windows for complaints, ensuring timely resolution of policyholders grievances with clarified escalation parts for policyholders or complainants to follow. “We are providing clear and efficient channels for policyholders concerns in terms of escalation.
