In a bid to reduce to zero level the menace of genuine claims none settlement in the insurance industry, the National Insurance Commission, (NAICOM), is set to commence ranking firms based on number of claims received and settled annually.
The Commissioner for Insurance, Mr Sunday Thomas, who made this known at the 2022 retreat for financial correspondents in Uyo, Akwa-Ibom during the weekend said the ranking would be made public for customers to make informed decisions.
Mr Thomas who noted the gradual development in the industry however, stated that activities of some of the operators have remained a serious issue, as he charged insurance companies to step up their operations.
“Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardizing the efforts of the majority.” The commissioner observed.
The Commissioner for Insurance further revealed that the Commission will soon be unveiling its sandbox to give room for innovative expansion of insurance reach out.
He said this move was part of efforts targeted at making insurance more accessible and affordable to consumers across the country.
“As you can see so far, the Commission is focusing on using technology to boost access to insurance as that seems the way to go under the prevailing circumstance,” he stated.
In a paper presentation titled: ‘NAICOM’s Market Development Initiatives: The Journey so Far’, Head, Corporate Communications & Market Development, Rasaaq Salami stated that insurance industry Gross Domestic Product (GDP), will increase from 0.4 per cent to over 3.0 per cent by 2030.
He said the commission is also optimistic that improvement of insurance consumer trust and confidence in the sector will also lower insurance gap from 94 per cent to 70 per cent in same period of 2030, while gross premium income will also improve to N6 trillion by 2030.