FG spent 74% on debt servicing in the first 8months of 2021 – Finance Minister
FG tasks NAICOM on prompt claims payment
The Federal Government has called on the National Insurance Commission (NAICOM) to put in place measures that will ensure insurance companies meet their obligations to policyholders by paying claims promptly.
Dr Zainab Ahmed, the Minister of Finance, Budget and National Planning, made the call in Abuja on Friday when she launched the Commission’s portal.
Ahmed, in a statement by the Commission, said that claims payment determined the valuable structure of the industry in the economy.
According to her, prompt claims payment is the best advertisement for the industry, therefore all genuine claims that have been duly verified and due process followed, should be paid promptly.
She advised that insurance education be introduced in the education curriculum of primary and tertiary institutions.
”I understand the portal will serve as a platform for interconnecting all industry stakeholders to support real-time aggregation of data and automate its business processes.
”It will also provide access to statistical data of the sector.
”The commissioning of the Portal should serve as a springboard for industry wide adoption of technology and innovation for efficient and effective service delivery.
”Massive sensitisation must be done on both traditional and new media on the benefits of Insurance,” she said.
Mr Sunday Thomas, the Commissioner for Insurance, said the portal was one of the initiatives of the Commission to deepen the insurance market and increase the penetration to the level that is consistent with the country’s economy.
Thomas said the portal was a customised solution designed to help the Commission manage complaints and handle issues seamlessly.
He said it would also ensure that insurance companies were performing optimally and clients were serviced adequately.
Thomas said the portal was expected to address the challenges of poor insurance penetration, public trust and confidence.
He said that inadequate real time statistical data of the insurance industry would be resolved through the efficient deployment of the portal. (NAN
