FG Tasks Insurance Companies on Prompt Payment of Claims

The Federal Government has appealed to insurance Companies to pay verified claims promptly to further entrench the culture of insurance among Nigerians.

It says it will on its part, continue to support the industry to drive economic growth.

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed made the appeal in Lagos during the 50th anniversary of the Nigerian Insurers Association, NIA and unveiling of Insurers House in Victoria Island.

Represented by the Permanent Secretary in the Ministry, Mr Aliyu Ahmed, the Minister who highlighted the efforts of the current administration towards ensuring the growth of the industry pointed out that the consolidated insurance bill currently before the National Assembly would redefine insurance business and meet stakeholders’ expectations when signed into law

“If as a government, we are doing everything to ensure that we entrench insurance, prevail on MDAs to take out insurance and preach to the insuring public to take on insurance, then, we’ll expect that genuine verified claims are paid promptly, this will engender trust” the Minister said.

In a goodwill message, Lagos State Governor, Mr Babajide Sanwo-Olu who was represented by his Commissioner for Finance, Dr Rabiu Olowo congratulated the NIA on the milestone, noting that the body had lived up to expectations by maintaining standards in the industry and urged the association to do more to sustain the momentum of growth, creativity and innovation recorded in the past fifty years.

He said “I want to charge the captains of the insurance industry to do more in the areas of collaboration, publicity, advocacy and development of attractive and competitive new products that would take the industry to a greater heights, bringing it at par with happenings in other developed economies”

In an opening remarks, NIA Chairman, Mr Ganiyu Musa urged the federal and state governments to continue to support the industry through the enactment of policies that would ensure level playing fields for all players.

Mr Musa also assured the insuring public that the Nigerian Insurers Association would always stand by its commitment to them.

“We are ready for business, we have the financial muscle to back the promises that we make to our clients and the NIA stands behind those commitments, we have the structure to enforce discipline amongst our members and we demonstrated that a few months ago when we expelled three of our members for acts capable of bringing the industry to disrepute” the NIA Chairman stated.

On her part, the Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori described the golden jubilee and the unveiling of the seven storey insurance House as a consolidation of the achievements of the body in the past years and an indication of greater success in the future.

Awards of recognition were presented to the federal and state governments as well as corporate bodies and individuals who have contributed to the growth of the Insurance sector in the past fifty years during the ceremony.