Home Business NAICOM Urges Public to Claim Unsettled Insurance Funds, Unveils Strategy to Address Outstanding Claims

NAICOM Urges Public to Claim Unsettled Insurance Funds, Unveils Strategy to Address Outstanding Claims

The National Insurance Commission is urging the public with unclaimed insurance settlements to promptly collect them from the respective underwriting companies, as announced following the conclusion of the Insurers’ Committee meeting in Lagos on Friday. During the meeting, CEOs of insurance companies acknowledged the existence of unpaid claims due to incomplete documentation by some policyholders.

Razaaq Salami, the spokesperson for NAICOM, emphasized the commission’s commitment to addressing outstanding claims issues, stating, “We want to ensure that we have a market that the policyholders and the general public, and even we, in the system will be proud of. If you have outstanding claims payable, put out a publication to say, if you have outstanding claims with any insurance company; go to that company with your documentation so that that claims can be settled.”

Mrs. Ebelechukwu Nwachuwu, the Chairman of the Publicity Sub-Committee of the Insurers’ Committee, revealed that the regulator highlighted the prevalence of many outstanding claims. Initially encouraging companies to publish information on unsettled claims, the regulator stressed the importance of providing supporting documents for reported claims. The directive is to advertise unpaid claims through the platform of the Nigerian Insurers Association for the first three months, after which the impact will be assessed, and any remaining outstanding claims may be mandated to be addressed individually by the companies.

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