The Chairman, Insurance Industry Consultative Forum (IICC) Mrs Fumi Babington-Ashaye has charged the National Insurance Commission (NAICOM) to come up with a policy statement that will restrict firms that are incapable of settling claims from playing in the market.

Babington-Ashaye equally urged the commission to implement extant law that provides that any firm that failed to settle a known claim or claims, the funds should be taken from that firms statutory deposit.

Fielding questions from the journalists at the 2018 IICC media retreat held in Ijebu-Ode, Ogun State, she said, non settlement of claims has been tarnishing the image of the industry adding that the sector has made effort to redeemed it.
She maintained that any firm capable of tarnishing the image of the industry should not be allowed to play.

Babington-Ashaye was responding to a claim by Dangote Groups at a consumer forum organized by NAICOM, that insurers denied the group claims to the tune of over N400 million despite the fact that it paid premium worth N6 billion to insurers.

Babington-Ashaye, who is also the President of the Chartered Insurance Institute of Nigeria (CIIN) commended NAICOM for organizing the consumer forum even as she assured that she would encourage the commission to ensure its sustenance.

Addressing the media at the event, she charged the them to report the sector in a fair and balance manner. “What we want is fair and balance reporting”, she advised.

She said the retreat became necessary given the roles the media play in the insurance industry growth.

According to her, most of the grounds insurance industry has gained in the recent time was as a result of the contributions of the media. “You will all agree with me that a better understanding of our operations by the media cannot be over emphasized.
As we all know, insurance is highly technical and its reporting can only be accurate if the media continue to partner the industry through mutual education, trust and commitment.
Let me therefore state that the IICC will continue to provide platforms for the continuous exchange of ideas with the media, especially in areas such as new and emerging industry policies, ethics and professionalism, insurance and financial literacy, etc.”, she said.
Earlier in his goodwill message, the Executive Secretary Nigeria Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro described the retreat as a very good brainstormy gathering. He commended the media for their reportage which has help to growth of the industry. “Without you, the corporate bodies and individuals might not have full understanding of the market”, he said.
He urged the media to endeavor to report the industry in a positive light.