The National Insurance Commission has challenged insurance companies to ensure speedy resolution of claims to boost public confidence in the sector.

This was disclosed by the Chairperson, Sub-Publicity Committee of Nigeria’s Insurers Committee, Ebelechukwu Nwachukwu, as the position of NAICOM during a media chat after the Insurers’ Committee Meeting held in Lagos.

At the media briefing, she revealed that “NAICOM will release guidelines on third-party claims to raise public awareness, and that claims from third-party policies will be more visible going forward.”

Quoting the Commission, she said, “For insurers, it should not just be about paying claims but really about the process of claims, making sure it’s less and less painful for the insured.”

Nwachukwu, who is also the Managing Director of Rex Insurance Ltd., stated that the regulator noted this decision would help reduce complaints from policyholders and promote accountability among insurance companies.

The NAICOM, according to her, expresses concern over the high number of unresolved claims despite efforts to improve settlement processes, saying, “The NAICOM Commissioner wants insurance companies to engage their brokers and customers to reduce outstanding claims.”

Nwachukwu added that the regulator emphasised compliance with Nigeria’s Data Protection Regulations and called for training on data protection.

Also, NAICOM would be developing cyber insurance products in collaboration with NITDA and the Nigeria Data Protection Agency.

“Operators should begin engagements to roll out cyber insurance products,” she urged.

On aviation insurance, the subcommittee chair assured aviation sector operators of the insurance industry’s capacity to insure their risks.

Recall that NAICOM and the Nigerian Civil Aviation Authority established a joint technical committee to strengthen aviation insurance in the country.