Yemisi Izuora
The National Insurance Commission (NAICOM) has given December 31, 2024 as deadline for all insurance companies to clear their outstanding claims.
This mandate, aimed at reinforcing industry accountability, was disclosed by Mrs. Ebelechukwu Nwachukwu, Head of the Communication & Stakeholders Management Sub-committee and Managing Director of Rex Insurance Limited, during a press briefing following the Insurers’ Committee meeting held in Lagos.
The NAICOM’s Commissioner for Insurance, Olusegun Omosehin, urged insurance executives to ensure that no unpaid claims appear in their 2024 financial accounts, highlighting the importance of honoring legitimate claims to safeguard the industry’s reputation. “The industry must defend itself by paying genuine claims,” Omosehin stressed.
In addition to the claims settlement directive, the committee announced a reconstitution of its sub-committees, aligning them with a strategic 10-year roadmap designed to advance the insurance sector. The revamped sub-committees include: Insurance Sector Stability, Communication & Stakeholders Management, Technology & Talent Management, and Customer Service & Market Expansion. This restructuring is intended to drive progress across multiple facets of the industry, from customer service enhancements to technological advancement and market growth.