By Ngozi Onyeakusi— The National Insurance Commission  (NAICOM) said in a bid to ensure  insurance firms settle genuine promptly, the commission will commence ranking firms based on number of claims received and settled annually.
This, that according to the commission will be published for the consumers.

The Commissioner for Insurance, Mr Sunday Thomas who gave the assurance in a speech presented  at a retreat for financial journalists held  in Uyo, the Akwa Ibom State capital regretted that though the industry was doing well in huge  claims payment but activities of some of the operators among them have remained a serious issue.

“Claims payment has always been one aspect the industry is battling to balance.

We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

We had before now agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers.

It is always an issue that put the entire industry on the edge”, he said.
Thomas assured that NAICOM was working tirelessly to change the narrative.

“The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector”, he assured.