What Nigerians Expect from Insurance Operators in 2023 As insurance operators double efforts to realise their insurance penetration dreams, Ebere Nwoji reports that members of the insuring public expect mu
reports that members of the insuring public expect much from the operators this year.
This means that all arms of the industry should be ready to contribute their quota towards ensuring maximum satisfaction and pleasing of this big -boss -customer who can send the smallest and biggest insurance firm and even the regulator out of business. As the new year progresses, industry watchers and members of the insuring public are waiting to see what shape the industry will take this year while both the regulator and various arms of the industry are busy brainstorming on how to break new grounds in their efforts to move the industry to higher level.
The result is that as inflation rates heightened, culminating in high cost of repairing damaged vehicles without corresponding increase in premium paid, many insurance firms resorted to shirking claims from the policy, taking advantage of ignorance of the insuring public on the claims payable on the policy.
NAICOM has got the big work of ensuring the enforcement of the new rate as well as liaising with the Nigeria Insurers Association to block every loophole through which the industry will suffer premium leakages in the sale of motor insurance policy. The commission is to determine whether there is need to increase other insurance rates this year and should as such, approve rates of insurance premiums to be paid in respect of all classes of insurance business.
The commission should in collaboration with the institute increase effort in its image laundry exercise for the industry by ensuring more effective use of its bureau of public complaints, against any insurer, reinsurer, insurance broker or loss adjuster whose name may be submitted by members of the public.
For businesses placed by brokers, insurers are lamenting that they still carry about huge unpaid premium over and over in their annual reports whereas brokers collected the premiums and pocketed them waiting and praying that no risk occurs and once the year ends with out any claim emanating from the policy, the broker will pocket the money and refuse to pay while the under writer writes it off the company’s books.
It also has the duty to collaborate as appropriate with government and with various institutions and professional bodies in achieving the objectives of the council. Most importantly, the NCRIB should name and shame any insurance broker who indulge in premium seizure and ensure that its members promote the current regime of no premium no cover in the industry by remitting every premium collected from client within 30 days as stipulated by the law.The objectives of establishing the institute are t o establish and sustain a professional body of practising loss adjusters of Nigeria.
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