rise in insurance policy purchase following the recent EndSARS protests and the post-COVID-19 pandemic. Additionally, he stated that the commission is trying all possible means to ensure that the industry’s non-settlement of claims is kept to a bare minimum.
While delivering his speech at a retreat for insurance/financial correspondents in Uyo, Akwa Ibom State, on the theme “Improving Insurance Access through Market Development and Innovation in 2022 and Beyond,” he stated the actions of a few operators who have defaulted on claims settlement compromise the efforts of the majority who are in compliance.
Sunday Thomas said, “Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardizing the efforts of the majority.”
Thomas indicated that claims payment failures had been a contentious problem for ages which put the whole sector on edge. As a result, he stated that an agreement had been reached to begin rating corporations on an annual basis based on the number of claims received and resolved. He said, “We intend to publish such a ranking for the insurance consumers.”
However, according to Thomas, the consequences of the pandemic and the EndSars had resulted in extraordinary patronage in both the retail and annuity segments, and that newly disclosed industry figures indicated that the sector was growing. He stated that the industry improved practically in all categories and continues to be one of the rapidly growing sectors in terms of activity.
Thomas also revealed that the commission will soon announce its regulatory sandbox to allow for creative insurance reach expansion, noting that the recently issued guideline of online aggregators is also targeted at increasing insurance access and establishing a convenient market for the industry.
