Deploy Self Regulation Principles To Ensure Claims Settlement, NAICOM Tells NIA

By LOVETH AZODO, Lagos

The Commissioner for Insurance, Sunday Thomas has called on the management of the Nigerian Insurers Association (NIA) to improve its effort in protecting the image of the Insurance industry.

NAICOM Boss who made the call at the investiture ceremony of Mr. Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers Association held Thursday in Lagos advised the new chairman to deploy the principle of self regulation to take a critical look into Settlement of claims and other similar issues that are capable of demarketing the industry.

According to Thomas, the Insurance sector is beginning to experience improvement in terms of patronage and claims payout.

However, he stated that the perception of the industry by majority of the public is still not what it should be.

“This is unacceptable and it is high time we changed the narrative collectively as an industry, We must all see this business as an interest that we must all protect and I again challenge the new leadership of the NIA to take on this task,” he said.

On the NAICOM Portal he tasked the new Chairman on cooperation with the Commission in ensuring compliance and development of IT infrastructure for the operators.

He said that the times are tough and only the resilient, strategic and focus operators will get going.

The Commissioner commended the leadership style of the outgoing Chairman of the NIA Mr. Ganiyu Musa for his amiable leadership and stability of the operations of the Association.

Congratulating the incoming Chairman, he called for the need for a firm partnership with other arms to engender fruitful collaborations and cooperation for the collective interest of all.