NAICOM Calls on Policyholders to Claim Unsettled Insurance Claims

The National Insurance Commission (NAICOM) has issued an appeal to the public with insurance policies to collect their outstanding settlements from underwriting companies.

This directive was communicated at the conclusion of the Insurers’ Committee meeting in Lagos on Friday. During the meeting, chief executive officers of insurance firms highlighted that certain policyholders had filed claims, but the settlements remained unpaid due to incomplete documentation.

Razaaq Salami, the spokesperson for NAICOM, emphasized the need to address outstanding claims and ensure a market that policyholders, the general public, and industry stakeholders can take pride in. Salami stated, “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. And that is why we have come up with this idea that, 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 claim can be settled.”

Mrs Ebelechukwu Nwachuwu, the Chairman of the Publicity Sub-Committee, Insurers’ Committee, elaborated on the regulator’s stance, noting that incomplete documentation was a key factor in the accumulation of outstanding claims. Nwachuwu explained, “Initially, the regulator had encouraged companies to do publications on claims that have not been settled because there are a lot of claims that are reported, supporting documents are not provided. They remain as outstanding claims, and some of the insurance companies’ books have also been provided for, so the regulator advised the companies to advertise unpaid claims.”

To streamline this process, the decision was made to utilize the platform of the Nigerian Insurers Association for the first three months. During this period, individuals with pending claims are encouraged to contact their respective insurance companies. Following this period, the impact of these efforts will be assessed, and any remaining outstanding claims may result in individual mandates for companies to address them directly.