We will not tolerate refusal to pay claims, says NAICOM

He said: “Insurance practice in Nigeria in the past has had its good, bad and ugly moments. One of such bad and ugly moments that have had significant impact on the image and perception of our industry is the issue of claims payment.

“We must not continue to harbour elements of destruction under our roofs. The issue of non-payment of genuine claims has always put the Commission and the entire industry on the defensive when it comes to discussing insurance in every stratum of the economy.

“I must tell you that the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and I can assure you that we will not relent. I admonish us all to leverage the positive experiences from the past to build a formidable future for insurance in Nigeria. The effort must be collective and patriotic.

“We must all see insurance as a profession that should be a buffer for the economy while eliminating the toga of being the weak link within the financial services sector. We must practice insurance with passion and resilient not just as a means of livelihood that we have to survive on but, that which every insurance professional should be proud to say he or she is party to this success”, he added.

Daily Trust