NCRIB knocks at non-claim paying insurers
By Asishana John
The Nigerian Council of Registered Insurance Brokers (NCRIB), has lent its voice to the growing issue of non-payment of claims by insurance firms, saying that it was distressing that in order to save the face of the industry, some Brokers have had to pay their clients.
Dr Bola Onigbogi, the Council’s president made the remark in Lagos recently while reacting to the expulsion of some insurance companies by the Nigerian Insurers Association (NIA).
She maintained that it was quite unfortunate that recently, the NIA published in a half page advert the expulsion of three insurance Companies, namely, Industrial and General Insurance Co. Limited; Niger Insurance Plc and Standard Alliance Insurance Plc, noting that according to NIA, the affected companies failed to meet their obligations to policy holders.
The NCRIB boss said it was so disheartening that the affected companies were once giants of the industry, contributing immensely to the growth of Nigeria insurance industry, adding that the issue became subject of discussion on the NCRIB platforms, not only to x-ray the implication of such advert on the image of the industry, but to as well consider the implication on members who have one business or the other with the companies.
“As a proactive Council, we like to urge members to always critically examine the viability of any underwriting firm before placing business with them. This is because, in recent time, there are allegations involving non-payment of claims as low as one thousand USD since 2019,” she said.
She maintained that the Investigation Committee of the NCRIB was inundated with complains of non-payment of claims and in order to forestall further experiences, she appealed to brokers to do their proper investigations.
The number one insurance broker in the country also made a case for the use of brokers by the insuring public saying “Until the public understand fully the roles of Insurance Brokers, the allegation of non-payment of claims and other consequential image challenges in the industry would remain,” the President, Nigerian Council of Registered Insurance Brokers (NCRIB) Dr. (Mrs.) Bola Onigbogi, has posited.
She vowed to stop at nothing in ensuring that the Council becomes an indispensible entity in insurance value chain.
“We are not relenting on our oars; we will still forge ahead and ensure that no insurance policy will be placed without the input of an insurance broker. I am convinced beyond limit that until the public understand fully the roles of Insurance Brokers, the allegation of non-payment of claims and other consequential image challenges in the industry would remain,” she submitted.
