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INSURANCE & PENSIONS

Expert Warns Against Anchoring Insurance Campaign On Settled Claims

Chief Yemi Soladoye, the Chief Consultant for the National Insurance Commission (NAICOM) on the Market Development and Restructuring Initiative (MDRI) and Micro-insurance, has criticized attempts by insurance companies to rebuild public confidence in the industry by publicizing claims paid to their customers. According to him, this practice is becoming counter-productive because the value of claims paid to their customers is usually insignificant when placed side by side with the premium income raked in by the operators for providing covers for risks. However, some other operators have said they do not see anything wrong with celebrating claims paid by insurers since this is the essence of every insurance contract. They reasoned that making a show of claims payment is the best way to convince doubting Nigerians that insurance companies are living up to their promises.
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BWN
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