The National Insurance Commission has given insurance companies a December 31, 2024 deadline to clear all outstanding claims.

The Head of the Communication & Stakeholders Management Sub-committee and Managing Director Rex Insurance Limited Mrs Ebelechukwu Nwachukwu, said this at a press conference held after the insurers’ committee meeting held on Thursday in Lagos.

According to her, the Commissioner for Insurance/Chief Executive Officer of NAICOM, Olusegun Omosehin, had charged insurance executives at the event to ensure no outstanding claims were captured in their 2024 financial accounts.

The commissioner also tasked the executives to defend the insurance industry through the payment of genuine claims.

Nwachukwu noted that the committee also reconstituted the sub-committees in line with the pillars of a 10-year roadmap for the insurance industry.

The reconstituted sub-committees of the IC in line with the pillars of the 10-year roadmap for the insurance industry include  Insurance Sector Stability, Communication & Stakeholders Management, Technology & Talent Management and Customer Service & Market Expansion.

Meanwhile,  a high-level stakeholders meeting of the Insurance and Aviation sectors was convened on Wednesday in Abuja at Transcorp Hilton Hotel.

The meeting which was chaired by the Minister of Aviation and Aerospace, Mr Festus Keyamo, also had in attendance the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru; among others.

Speaking, Keyamo appreciated all stakeholders for accepting the invitation, stating that the meeting was crucial for the progress of the operations of the airline operators and the growth of the Nigerian insurance market.

It was agreed that a wider meeting of the Nigerian delegation with the international lessors and financiers is going to be held early next year.

He said, “This meeting has been convened at the instance of the Vice President who mandated us to speak with all the stakeholders regarding the issue of aircraft insurance, lessors and financiers, how to balance that with our local requirements.

“We have had a very robust conversation and we are grateful that the leadership of the National Assembly on insurance are here and provided useful support and guidance for all of us and how they are also thinking.

“We are beginning to understand ourselves and there is a consensus that there is a need for further engagements.”