EndSARS, COVID-19 Boost Insurance Patronage, Says NAICOM Boss

James Emejo in Abuja and Ebere Nwoji in Lagos 

The Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said there has been marginal increase in the uptake of insurance policies in the aftermath of recent EndSARS protest as well as post-COVID-19 pandemic.

He also said that the commission is leaving no stone unturned in ensuring that the non-settlement of claims in the industry was brought to its barest minimum. 

Speaking over the weekend at a retreat for insurance/financial correspondents, themed: “Improving Insurance Access through Market Development and Innovation in 2022 and Beyond,” in Uyo,  Akwa Ibom State, he said the activities of a few operators who reneged in claims settlement is jeopardising the efforts of the majority who is in compliance. 

He said, “Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.”

Noting that defaults in claims payment had always being a thorny issue that put the entire industry on the edge, he said a consensus had been reached to commence ranking companies on the number of claims received and settled on annual basis.

He said, “We intend to publish such ranking for the insurance consumers.” 

Nonetheless, Thomas said the aftermath of the pandemic and the EndSars had led to remarkable patronage in both the retail and annuity components adding that recently released industry statistics had shown some growth in the sector.

He said the sector recorded positive increase in almost all parameters and remains one of the fastest growing sectors in activities.

He also disclosed that the commission would soon unveil its regulatory sandbox to give room for innovative expansion of insurance reach out adding that the web aggregators’ guideline released recently is also aimed at opening access to insurance and creating a convenient market for the sector.