Insurers focus on claims to restore public trust, confidence

The Nigerian insurance industry has taken some bold steps to restore public trust and confidence, calling on buyers of insurance who are being owed claims by any of the listed insurance companies to come for payment.

Industry trade body, the Nigerian Insurers Association (NIA) said at a press briefing in Lagos that it was working assiduously to redeem the image of the industry and restore public trust and confidence.

Segun Omosehin, chairman of the NIA said one of the challenges the industry is facing is the issue of public trust and confidence, stating that the NIA is working hard to enhance the industry’s credibility by encouraging members to pay claims promptly.

“The only thing as an Association we think that can help boost public trust and confidence in the industry is to encourage members to pay claims because prompt claims payment is the beauty of the insurance business, he said.

“We discuss this extensively in all our Governing Council meetings. Severally, we have descended on members when we hear the report of unpaid claims. This led to the publications we have done currently. We have done three publications where we are asking members of the public with genuine unpaid claims to come forward for payment.”

Omosehin backed by the director general of the Association and other top management said, as an Association, we are doing everything possible in our powers to make sure that members abide by the rules of the business, adding that some of the ways it has done this is the expulsion of some erring members who have not been able to meet their business obligation.

Speaking on what the industry is doing to deepen insurance growth; he said the industry is embarking on a 10-year industry roadmap launched in Abuja in November 2023, and collaborating with various state governments to domesticate insurance laws that will enhance insurance uptake in those states.

Some of those initiatives, he said, is the ongoing publication of lists of unclaimed Claims in the national newspapers calling on the general to come forward for their claims; the NIA Enlightenment awareness Campaign on Radio and Television stations; collaboration with the Federal Government, National Insurance Commission and other Federal Agencies responsible for the enforcement to ensure enforcement of compulsory insurances.

On the 2024 Insurance Outlook, he said, “The virile insurance industry is built at the back of a virile economy. The bedrock of every economy is insurance, however, the enabling environment for this business must be right. There must be an environment that encourages investment. We are operating in a very volatile environment.

Part of what we have done is to encourage our members to be a lot more proactive in their planning. Oftentimes, you see people who plan for twelve months. In an environment like this, you have to break your plans into quarters.

We believe so much in the economy. Things are tough right now because of the choices we have made as a country.

Some key elements are fundamental to our business such as security; stability in the political system is key; stability in the Foreign Exchange Market is also key; because the manufacturing sector must continue to survive, many of them rely on the provision of raw materials and what have you; agriculture sector is critical, many of them rely on types of equipment and implements which are imported.

We believe in the stability and the structure of the system and the commitment of the leadership. As a sector, we are prepared to weather the storm, to see that we remain in the market as business institutions and individuals.