Policy holders lament delays, non-payment of claims

Non-prompt settlement of claims by insurers has over the years been the bane of insurance growth, penetration and acceptance in Nigeria.

This is in spite of the insurance in­dustry regulatory body, the National Insurance Commission, NAICOM, at­tempts to make prompt claim settle­ment one of its cardinal objective, and which the commission also flouts as one of its main achievements.

According to some analysts however, many operators seems to have devised newer and more “professional” means of swindling or talking their way out of paying claims, or not paying it in full by negotiating with the insured. Continue Reading