Yemisi Izuora
Nigeria’s insurance industry in 2019, recorded a total investment of N1.1 trillion representing 71.9 per cent, with claims pay out of N330, 369.18 representing 31 per cent.
Mr Sunday Thomas, Acting Commissioner for Insurance, who made the disclosure also said that gross premium paid in 2019 was N490, 994. 99 representing 15.2 per cent noting that the figures indicated that there were some cases of delays in the payment of claims by some insurance operators.
The acting commissioner said that the commission had strengthened its complaint bureau to effectively address consumer complaints within the shortest possible time.
To further strengthen its operations, the National Insurance Commission (NAICOM) has commenced the process of digitising all its operations.
Thomas, explained at a retreat organised by the commission for members of the House of Representatives Committee on Insurance and Actuarial Matters in Uyo on Sunday that the move was part of the commission’s efforts to develop the insurance market to keep tap with current realities.
“The commission is now more prepared to drive the Information Technology (IT) revolution in the sector starting with itself.
“It is on this premise that NAICOM is working assiduously to see that all its operations are done online and in real time by digitalising its processes and encouraging the industry to imbibe same.
“Appropriate steps are being taken to launch the commission’s portal which will go a long way in blocking leakages in the sector,’’ he said.
