WorldStage Newsonline– The Nigerian Insurers Association (NIA) has assured policyholders that insurance companies remain willing and prepared to pay all valid claims promptly and transparently while planning to invite fintech experts to propose innovations that can shorten and improve the claims process.
NIA Chairman, Mr Kunle Ahmed, gave the assurance on Tuesday during the 2024 first quarter briefing on the industry’s performance said the NIA supported recent publication of unpaid claims by the NAICOM as it helps reassure policyholders, stressing that honouring legitimate claims is essential for building public trust in the insurance industry.
He said, “Insurance companies are willing and ready to pay valid claims—be it third-party, comprehensive, or any other policy sold to the public.
“Claims payment and processing require urgent solutions. We are approaching this as a united industry to reduce costs and make a greater impact.”
Ahmed noted that beyond payments, the NIA is tackling challenges linked to ease and timeliness of claim settlements.
He identified excessive documentation as a key hurdle, saying some insurers request unnecessary documents for certain claims.
He revealed that NIA and NCRIB technical committees are working to define the minimum documents required for valid claims.
“Some firms claim listed payments have been made; others say disputes or court cases are involved,” he said.
“We’ve advised our members to reconcile their records with NAICOM and update them accordingly,” he explained.
Ahmed said this reconciliation process is already underway among member companies.
On MDAs not renewing insurance policies, Ahmed emphasised the need to protect government assets and personnel.
He said, “We cannot offer cover without premium payments due to the ‘No Premium, No Cover’ regulation.”
Ahmed stressed that insuring public assets supports economic stability by preventing unexpected government expenditure.
“Not all MDAs are defaulting. Many have already renewed their insurance policies,” he said.
