The National Insurance Commission (NAICOM) has named 42 insurance companies for failing to settle a combined ₦34 billion in unpaid claims to policyholders.
In a bold move to enforce accountability, the regulator released a "naming and shaming" list, detailing 1,571 aggrieved policyholders alongside their policy numbers.
However, several insurers have disputed the accuracy of the list, claiming they have already settled some of the reported claims.
Industry Backlash
Some insurance executives criticized NAICOM's approach, arguing that the regulator should have verified the claims before making them public.
AIICO Insurance MD, Babatunde Fajemirokun, stated that claim disputes do not always indicate non-payment, emphasizing that insurance payouts follow strict procedures.
REX Insurance MD, Ebele Nwachukwu, acknowledged the need for stricter enforcement but insisted that accuracy is key before publicly calling out firms.
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NEM Insurance MD, Andrew Ikekhua, defended his company, suggesting that some unpaid claims might be fraudulent or unmerited.
IEI Insurance MD, Olasupo Sogelola, dismissed the list as outdated, asserting that many of the claims had already been cleared.
NAICOM's Warning
Despite industry pushback, NAICOM remains firm. The commission warned that insurers failing to pay valid claims will face sanctions.
"We have directed all insurance companies to publish records of outstanding claims. Companies that fail to comply will be named and shamed," the regulator stated.
The move signals a tougher stance on defaulting insurers, as NAICOM aims to restore confidence in Nigeria's insurance sector.
