The National Insurance Commission (NAICOM) has issued a directive to insurance companies to settle all outstanding claims by December 31, 2024, in a move aimed at reinforcing industry credibility and accountability.
This mandate was communicated by Mrs. Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Management Sub-committee of the Insurers Committee, following a meeting held in Lagos.
At the gathering, which marked the first Insurers Committee meeting under the new Commissioner for Insurance, Mr. Segun Omosehin, NAICOM stressed the importance of maintaining sound industry practices by prioritizing claim payments.
According to Nwachukwu, who is also the Managing Director of Rex Insurance Ltd., the Commissioner instructed CEOs to ensure that no outstanding claims appear in their financial books by the close of 2024.
“The regulator emphasized a targeted approach to verifying the accuracy of outstanding claims on insurers’ records,” she said.