Nigeria Insurance Practitioners Considers Prompt Claim Settlement As Key To Boost Industry

Yemisi Izuora 

Operators in Nigeria’s insurance industry said they will give priority consideration to settlement of genuine claims to further give pep to the industry’s rebranding initiative.

The operators made the pledge at the launch of the N300 million rebranding project in Lagos. Speaking at the event, the Chairman Sub Committee on Publicity and Communication, Insuers Committee, Hassan Oye-Odukale, said prompt settlement of claims remains the best advertisement for the industry, stressing that the operators would ensure that companies observe their claims responsibilities.

He said the industry over the years has being paying claims, adding that many organisations that were affected by disasters were revived by claims received from insurance companies.

He urged the public to leverage insurance to keep their businesses afoot. According to him, the nation cannot develop without a strong insurance industry.

Odukale posited that insurance firms are set to deepen insurance at the grassroots though deployment of retail products. He called on smalland medium enterprises owners to take advantage of insurance to keep their businesses going.

The Director-General, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, urged the public to take advantage of conflict resolutions bodies set up by the industry to resolve all unpaid claims issues.

She noted that the NIA in a bid to ensure the public are not denied claims, set up a complaints bureau, which is headed by a retired Judge. In the vain, according to her, the National Insurance Commission (NAICOM) also has a bureau for settlement of claims disputes.

She said operators will continue to talk to themselves to ensure non ofthem renege on honouring genuine claims.

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