Monday 29 September 2014

Insurance Development Roadmap Underway, Says NAICOM


THE Commissioner for Insurance, Fola Daniel, has announced that the National Insurance Commission (NAICOM) was developing a new insurance industry development roadmap that will take the industry to the next level.
He disclosed this in Lagos at the inauguration of Public Enlightenment and Consumer Protection Programmes organized by the Insurance Consumers Association of Nigeria (ISCAN).
Daniel, represented by the Deputy Commissioner Finance and Administration, George Onekhena, said that the development plan would help to consolidate and ensure the target goals of the insurance sector was achieved.
According him, the commission will incorporate all stakeholders including consumer associations in the proposed national insurance blueprint.
"As a matter of fact , the way insurance industry is now organized, is not helpful to majority of the citizenry because people need insurance to live a good life.
He said, "People should be able to take at least a life insurance regardless of their financial capacity. This is what insurance is all about and the commission feels that the development plan will help streamline this area."
Daniel said that insurance companies should support the activities of ISCAN to achieve its objectives, adding that it was business meant for all the stakeholders.
He explained that the support of the industry was necessary as ISCAN activities would increase the penetration and create public demand for insurance services.
He reiterated that the commission will continue to enforce appropriate measures in the industry to protect policyholders.
According to him, the commission will continue to insist on insurance providers settling all genuine claims promptly to sustain consumers confidence in the industry.
Besides, he said, the establishment of the Bureau of public Complaints by the commission has facilitated the settlement of genuine complaints arising from insurance policy disagreement aimed at ensuring adequate protection of policyholders and consumers. According to him, the commission expects operators to take the issue of claims settlement promptly seriously as the commission would not tolerate any excuse in this regard. This the commissioner said would also help to address the general perception about insurance business. He said that NAICOM would continue to work towards its main duty of protecting policyholders and third party contracts especially victims of hit and run drivers.
The National President of ISCAN, Admiral Isaac Areola (rtd), in his remark, said the association was formed because of problems of marketing insurance products in Nigeria.
"As old as insurance is in this country, its presence has not been felt by the majority of the people," he said.
Areola said that while insisting and ensuring that claims were paid to consumers, the association would also create massive awareness among the public on the essence of insurance and the benefits of taking policies for lives and assets.
He said that the materials on various aspects of its activities would be printed and distributed to reach over one million people nationwide.
The Director-General, Consumer Protection Council (CPC) , Mrs Dupe Atoki, endorsed ISCAN's public awareness campaign to educate the public on the need to insure our lives and assets.
Atoki, who was represented by CPC Director, Head of Surveillance Department, Mrs Oluwaleke Ogundipe, said it would offer all CPC channels to help the association in the distribution of the enlightenment materials.
According to her, ISCAN's effort will increase public enlightenment and awareness and deepen public confidence on insurance business.

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