NAICOM intervenes to settle N5.4bn claims

By Abdul Olalekan

The National Insurance Commission (NAICOM) has intervened in claims dispute between the insured and insurance companies, leading to N5.4 billion paid out as claims by the concerned insurers in 2016.

A statement from the commission on Friday said the N5.4 billion claims were paid from 218 complaints received by the NAICOM complaint bureau.

The commission said it received a total of 413 complaints from aggrieved policy holders against insurance companies in the year under review.

The regulatory body, it noted, held adjudication meetings and had direct contacts with all parties involved, whilst resolving the disputes.

Already, NAICOM disclosed that it will soon resolve 650 ongoing cases from 2014 which are all at different stages of conclusion.

The commission promised to continue to strive hard to ensure protection of policyholders, beneficiaries and third parties of insurance contracts.

Saying that all resolutions were in favour of the complainants, it stressed that in some cases, the underwriters were right to repudiate some claims.

Cases that are found to be subjudice, it said, were not treated but left to the courts to do the needful, adding that cases that were not treated by the commission are undergoing review at its Complaint Bureau Unit.