The National Insurance Commission (NAICOM) is profiling insurance companies with huge unsettled claims for necessary regulatory action, the Commissioner for Insurance, Sunday Thomas, has said. He said this yesterday at the 2020 insurance directors’ conference, organised by NAICOM and the College of Insurance & Financial Management (CIFM) in Lagos. He added that the era of huge backlog of claims should no longer be associated with insurance companies.
He urged companies that are responsive to the plight of their clients in prompt settlement of claims to sustain the good business conduct. Thomas charged operators in the industry to strengthen their human and financial capital for effective participation in big ticket risks, stressing that it has been observed that the gains of domestication policy of the government as enshrined in the Nigeria Content Development Act 2010 was gradually losing its meaning.