Insurers pay over N312.85m claims on deceased police officers

Chuks Udo Okonta

Life insurance operators paid over N312.85 million group life claims to the Nigerian Police on deceased officers in 2016, Inspenonline can report.

This was disclosed in the 2016 Nigeria Insurance Digest, published by the Nigerian Insurers Association (NIA). According to the NIA, ARM Life paid the largest claims amounting to N54.29 million, followed by Custodian Life Assurance Limited, N41.66 million.

Findings revealed that the security outfit loss more officers in 2016, as against 2014, when about N74.24 million claims was paid.

Chairman NIA, Eddie Efekoha, who considered insurance as the best tools to effectively manage the economy resources, urged the government to leverage insurance to mitigate its risks.

He called on the government to give more attention to group life insurance scheme, stressing that the scheme remains one of the ways the government can cater for workers’ risk liabilities.

Efekoha said insurance operators will continue to live up to their claims responsibilities, stressing that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high cost.

Commissioner for Insurance, Mohammed Kari, noted that the National Insurance Commission (NAICOM), speaking on efforts being put in place to ensure prompt claims settlement, said the commission will continue to introduce new reforms and initiatives in line with international best practices in the march towards achieving full potentials.

“In the last few years, the insurance industry has witnessed a series of changes owing to the new reforms embarked upon by NAICOM. These reforms include financial reporting reforms, No Premium No Cover, Corporate Governance Code, Risk Based Supervision, Information and Communication Technology advancement, Financial Inclusion, Claims Settlement, Market Conduct, Expansion of Distribution Channels, etc all aimed at building confidence, trust and enhancing our market value.

“It is pertinent to note that these changes are imperatives and have arguably had a considerable impact on efficiency, market structure and performance in the insurance industry.

“Suffice it to say that these reforms will not stop but continue. We shall continue to introduce new reforms and initiatives in line with international best practices in our march towards achieving our full potentials,” he said.

Credit: http://inspenonline.com