Stakeholders call for transparency on claims’ settlements
Stakeholders of Nigerian insurance industry have expressed concern on the challenges insurance policy holders encounter when seeking for indemnity of insurance claims, saying that confidence in the industry has remained low.
Speaking at insurance public forum organized by Almond Productions limited in Lagos, themed: “Insurance penetration in Nigeria, shifting focus from policies to providing value for the customers” cross section of stakeholders from diverse professional callings were of the consensus that the insurance practitioners in the country need to boost their product designs, market delivery, concern for policy holders and greater effort towards reaching the unreached areas with well thought out micro insurance products.
A stakeholder from Lagos Mainland CDA, Mr. Adisa Taiwo Ramon argued that the sector has neglected the down trodden in the design of insurance products , based on the illiquid nature of the grassroots population, adding that it is only the grassroots hat will drive growth in the sector.
He said, “We need micro insurance products for the market men and women that earn meager income. These categories of people that have been ignored by the sector hence they cannot be able to afford about N60 000 premiums required in some cases by least policies in the market.”
He, however, acknowledged the role of the police and the fires services toward ensuring workable claim settlement and consumer friendly policies at all levels.
Earlier in his remark before the open forum, GMD FBN Insurance, Mr. Val Ojumah said that irrespective of negative perceptions by the public on insurance which however is gradually waning, the insurance sector presents vital instruments that guide against deficiencies that people suffer because of government’s inability to provide social security for the people.
“In every sphere of life, there are god people and there are also bad people,” Ojumah said.
He listed, education, annuity, fire among other insurance pokies that presents ample opportunity for people of all other categories to meet their basic needs without hiccup, urging the attendees to embrace insurance as a veritable instrument to cushion losses in times of challenge and in times of good times also.
Stories by Bonny Amadi
