Naicom dares insurance companies to step up for ranking

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By Favour Nnabugwu
The National Insurance Commission, NAICOM, has thrown a challenge to insurance companies to step up their operations.
As the Commission will start to rank companies according to their ability to satisfy customers through the number of claims they received and the number they satisfactorily settled in a year.
Based on the challenge, insurance will soon be graded according to their claims settlement and Naicom will make such ranking public
The Commissioner for Insurance, Mr Sunday Thomas, said this at the 2022 retreat for financial correspondents in Uyo on Friday theme: Improving Insurance Access through Market Development and Innovation in 2022 and Beyond”
This is part of the effort of the Commission to make the menace of non-claims settlement to the zero level in the industry.
Thomas said, “The Commission is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low”
”We expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high ranking policy makers”
This is to prove that the industry is ready for the booming opportunities awaiting them across the country. Let me inform you that the Commission will soon be unveiling its sandbox to give room for innovative expansion of insurance reach out.
”The web aggregators’ guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance.
We can gladly say that the Nigerian Insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented,” he said.
Recounting the change in the industry, the CFI said, “The Nigerian insurance market market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented and the evolution of Nigeria’s financial sector in the last decade which has been characterised by digital transformation.”
On the strive to grow the industry further, he emphasised that it is a collective contribution from the industry, Naicom and the Media yo take the sector to where it deserve in the economy.

“Our (Commission and the media) collective efforts at ensuring the development and growth of the insurance sector will definitely translate to the growth and development of the nation’s economy.” he said

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