Following economic recession presently rocking all facets the nations economy, the Nigeria Insurers Association (NIA) has cautioned all its member companies to carry out more investigations on claims to ensure that only genuine ones are settled.

The Director General, NIA, Sunday Thomas gave the caution while answering questions from members of National Association of Insurance and Pension Correspondents (NAIPCO) when the group paid him a courtesy visit in his office today, in Lagos.

According Thomas, giving the state of Nigerian economy, insurance operators should be wise especially this period to ensure that those who want to make money out of fraudulent claims do not succeed.

He stated, ” Yes of course people will intend to think this is the time to look for means and ways to survive, so they will want to make some fraudulent claims and of course we are beginning to see that coming up and members companies are at alert and they know this, therefore to carry more investigations on claims more now than before.

So that those who are out to defraud the industry are not allowed to do because these are funds that are put in trust and if those who are not entitled to it make claims from it, they will be denied those who are suppose”.

The DG who disclosed that such fraudulent activity do occur in other jurisdictions , urged operators to work towards ensuring that the sector lose nothing to them.
“The tendency is that people look around and say what is the soft target where they can make some money. Well it is not new, it happens abroad, in most cases people will attack insurance and will like to get something of them fraudulently. It is usually very difficult”.

He noted that it was true that the industry has resolved to settle all genuine claims within 30 days, but warned that companies should carry out proper investigations adding that the 30 days starts after investigations must have been completed.