NAICOM resolves N1.2bn claims payment in 2012

Chuks Udo Okonta

National Insurance Commission (NAICOM) has said a total of N1,2 billion claims were settled through its intervention in 2012.

A statement by by Assistant Director Corporate Affairs NAICOM, Lucky Fiakpa said the claims were settled from 52 cases brought to the commission.

He noted that the claims dispute resolution related to Motor, Marine and Life insurances as well as Bond Issues and Pension matters, adding that the complaints were received from individual policyholders, beneficiaries, government agencies, SERVICOM, Legal Aid Council and Public Complaints Commission.

He said: "During the year, the Complaints Bureau handled a total of 349 cases, 86 of which were fresh complaints with the remaining 263 being ongoing cases.

The increase in the number of complaints received was as a result of the various publicity campaigns embarked upon by the Commission which has made members of the public and, in particular, policyholders to be more informed of the Commission’s window of dispute resolution, which is not only effective but timely.

The Complaints Bureau discharges its responsibilities either through correspondences with the insurance companies’ involved or through adjudication. During the year under review, a total of nine adjudication meetings were held while majority of the disputes resolved were through correspondences."

He noted that it is noteworthy that the response and cooperation of insurance companies involved in any dispute with policyholders has been very encouraging, stressing that during the year, not less than 85 per cent of the insurance institutions responded to queries or directives issued by the Commission for claims settlement.

He said the Complaints Bureau is the Unit solely responsible for receiving and processing complaints against insurance companies for non settlement claims in the Commission.