Nigerian Insurance Agricultural Corporation (NAIC) has said that the reason for delay or default in claims payments is due to brokers who fail to remit premiums to insurers.
Third-party liability motor insurance sales through the Unstructured Supplementary Service Data (USSD), channel, otherwise known as mobile insurance, are being undermined by rate cutting, according to insurance practitioners.
Conventional insurance companies have been allowed by the National Insurance Commission (NAICOM) to have microinsurance window operations since 1 December 2020.
The National Insurance Commission (NAICOM) has advised the federal government to adequately insure its assets.
The National Insurance Commission (NAICOM) is proceeding with its plans for various policies and initiatives to develop the insurance sector despite challenges such as the suspension of the recapitalisation exercise, COVID-1, #EndSARs and others.
The National Insurance Commission (NAICOM) has announced the suspension of the recapitalisation exercise for insurers and reinsurers, following a court order issued 10 days before the first tranche of the exercise was to have taken effect on 31 December.
The House of Representatives has directed the National Insurance Commission (NAICOM) to suspend the planned 31 December 2020 deadline for the first phase of a recapitalisation exercise by insurers. The House said the suspension should last for six months till June 2021.
The National Insurance Commission (NAICOM) is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over NGN40bn ($105m).
Insurers are urging the National Insurance Commission (NAICOM) to extend the recapitalisation deadline for the industry and to waive the 31 December 2020 deadline for the first phase of the recapitalisation exercise.
The insurance and pension sectors and other stakeholders have called for the urgent review of legislation guiding investments in various sectors of the economy in order to allow real sector operators access to long-term funds.