Over N5 billion worth of claims were paid out in 2016 by defaulting insurance companies, following the resolution of 218 cases of complaints filed against them by policyholders at the apex insurance sector regulatory body, the National Insurance Commission (NAICOM).
Naicom received a total of 413 complaints from aggrieved policy holders and resolved 218 cases, which resulted in the settlement of claims worth over N5.475billion to the aggrieved policyholders by the insurance companies.
A statement by the NAICOM’s HeIad of Corporate Affairs, Rasaq Salami, did not however disclose the names of the defaulting insurance companies.He explained that in resolving the disputes, the Commission held adjudication meetings and had direct contacts with all the parties involved, adding that NAICOM is at the verge of resolving a total of 650 on-going cases from 2014.
He assured that Naicom would continue to strive hard to ensure the protection of policyholders, beneficiaries and third parties of insurance contracts.
Giving insight into how the cases were resolved, he said that not all resolutions were in favour of the complainants, as in some cases, the underwriters were right in repudiating claims.
He said: “A case was withdrawn because it was found to be fraudulent; five cases were referred to Pension Transition Administration (PTAD) over non-payment of pension while another one was transferred to National Pension Commission (Pencom).
“While cases that are found to be subjudiced were not treated but left to the courts to do the needful, cases not resolved are still being looked at by the Complaint Bureau Unit in the Commission.”The Commission urged aggrieved members of the public to send their insurance complaints to it through email on: email@example.com.