• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NAICOM directs insurers to invite policyholders with outstanding claims for settlement

Insurance

The Matters Press by The Matters Press
April 7, 2023
Reading Time: 2 mins read
0
2021 premium income for insurance industry hits N630bn — NAICOM

The National Insurance Commission (NAICOM) has directed insurance companies to invite policyholders with outstanding claims with their firms, through advert placement, to come forward to present their claims for settlements.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Mr Ben Ujoatuonu, Sub-committee member, Committee on Publicity of the Insurers Committee, said this at news conference on outcome of the 14th Insurers Committee meeting held on Thursday in Lagos.

Insurers Committee is a body consisting of NAICOM and CEOs of all underwriting insurance companies in Nigeria and operates under a mandate to activate the industry’s change agenda and strategically reposition the industry.

Ujoatuonu, also Managing Director, Universal Insurance Plc, said that the regulator was optimistic that the implementation of the directive would boost the confidence of the public in the insurance market.

“One of the critical issues discussed at the meeting is the issue of claims. NAICOM has directed underwriters to advertise for people to come forward to present their unpaid claims so that they can be paid,” he said.

According to him, the insurers committee had also begun discussions on effort to harmonise the documentation of claims to make it more seamless.

Ujoatuonu said, “The harmonisation would be in terms of document relating to claims, so that there would not be demand for too many documents that are not relating to a claim, to eradicate delayed or long outstanding claims payment.

On the International Financial Reporting Standard (IFRS 17), the insurer said, NAICOM was making effort to assist operators to comply accordingly.

Ujoatuonu stated that the commission had given the insurance operators a latitude to submit their 2022 account of IFRS 17 and not necessarily the details by June, which was magnanimous enough.

He disclosed that NAICOM had sent letters to another set of insurance companies for the risk-based supervision monitoring visitation, hence, the concerned companies were preparing as such.

On customer service and engagement, the Universal Insurance CEO said the regulator advised the underwriters to design policies that would enhance customer relationship that attracts and retain customers.

In terms of the revised Third Party Motor Insurance Policy, Ujoatuonu stated that compliance by the insuring public had been encouraging, while the market would continue to sensitise the public on the benefits attached to the revised policy.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
China, UK develop cold storage rail container

China’s business posts strong rebound

Nigeria disburses N56bn to MSMEs

Tax incentives, low interest loans top MSME needs in next administration

Recommended Stories

What Central Bank did to First Bank, experts excited as new directors emerge

AfDB to deliver certified wheat, seeds to 20m farmers

August 8, 2022
South Africa not ditching coal ‘just like that’ – Ramaphosa

South Africa not ditching coal ‘just like that’ – Ramaphosa

January 31, 2023
25 textile clusters get a boost through SMEDAN

25 textile clusters get a boost through SMEDAN

January 30, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us