INSURANCE INDUSTRY IMPROVES ON CLAIMS PAYMENT – NIA
source: http://www.eyesoflagos.com/2018/06/insurance-industry-improves-on-claims.html

The Chairman, Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, has said, insurance operators have improved in the area of prompt payment of genuine claims, noting that the association has persuaded its members on the need to honour claims obligations, as according to him, this is the reason why underwriting firms exist. He said the best form of insurance advocacy that operators can do is to pay claims, saying, the beneficiaries will spread the gospel of getting claims in insurance firms, thus, persuading more people to pick up insurance policies. Eyes Of Lagos gathered that, Efekoha said insurance operators would continue to live up to their claims, responsibilities, noting that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high replacement value. He, therefore, advised his colleagues to publicise the claims they pay as this will increase insurance awareness and acceptance. Moreover, executive director, Leadway Assurance Company Limited, Adetola Adegbayi, has urged insured Nigerians to always demand for claims from their insurers whenever an insured risk occurs. Adegbayi, who stated this during a media training organised by Leadway Assurance for insurance correspondents, in Lagos State, noted that some Nigerians who purchased insurance policies are ignorant on when and how to make claims, adding that, instead of going to their insurers to make claims, they decide to bear the financial burden themselves.

Good for them....

Indeed... God protects but insurance compensates for unforseen loses. Let people be aware of this..



Infact, do people still insure their properties in Nigeria?.... most of them prefer to use stickers of their church on the front and back of their cars as insurance, while some will put big bible on their dashboard and hang rosary inside the car too...



When you go their house, na that one funny pass sef... you might even see the real cross of Calvary at their doorposts.

Interesting

Yes insurance companies pay claim. Once u have a claim and notify them with complete documentation of claim substantiating documents, they are obliged to settle you on the terms of the contract.

If any company gives you story, just inform them you will write NAICOM(National Insurance Commission), believe me it works like magic. You will have your claims settled.

That's why am always surprised when I see a big man on suit fighting another road user over damaged to their vehicles when they both have insurance. Just lodge a claim with your insurers, exchange Ur insurance details and have your two insurers settle it amongst themselves

Please how many Nigerians dey use insurance? Insurance is a dead business in Naija

where iz d Assurance

bennymark:
Please how many Nigerians dey use insurance? Insurance is a dead business in Naija

It's better than ever, my claims was paid within 3working days..

Most Nigerians simply have bad insurance orientation.

bennymark:
Please how many Nigerians dey use insurance? Insurance is a dead business in Naija

I am sorry to burst your bubble. But i work with an insurance company (ARM LIFE PLC) and i can tell you, its alive and kicking

Smile4george:

It's better than ever, my claims was paid within 3working days..

Tell them o

What type of insurance?

Smile4george:

It's better than ever, my claims was paid within 3working days..

bennymark:
Please how many Nigerians dey use insurance? Insurance is a dead business in Naija

People use it and it works. Ask those who use official vehicles or those that got their cars on loan. They are always compelled to get insurance and when there's a loss, they get compensated.

The only problem is most Nigerians don't like to pay for insurance out of pocket but they want to enjoy the benefits, hence they end up with fake policies

Well, maybe I should make myself clearer, I bought shares in lasaco insurance since 2008, the thing almost dey the same till now. Very slow growth in the industry

Orpe7:



I am sorry to burst your bubble. But i work with an insurance company (ARM LIFE PLC) and i can tell you, its alive and kicking

Nigerian Insurers Agency
Nigerian Intelligence Agency

How did this happen??

IGI that refuses to pay me since Sept. 2017 nko? Story story.

I must agree with you on this

BlueRayDick:


People use it and it works. Ask those who use official vehicles or those that got their cars on loan. They are always compelled to get insurance and when there's a loss, they get compensated.

The only problem is most Nigerians don't like to pay for insurance out of pocket but they want to enjoy the benefits, hence they end up with fake policies

bennymark:
What type of insurance?

Motor insurance

SacredMustang:



Indeed... God protects but insurance compensates for unforseen loses. Let people be aware of this..



Infact, do people still insure their properties in Nigeria?.... most of them prefer to use stickers of their church on the front and back of their cars as insurance, while some will put big bible on their dashboard and hang rosary inside the car too...



When you go their house, na that one funny pass sef... you might even see the real cross of Calvary at their doorposts.

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https://www.youtube.com/watch?v=VwG9I5FvaHs

State of Nigeria's Insurance Sector

namdo:
IGI that refuses to pay me since Sept. 2017 nko? Story story.

What was their excuse?

If they don't have a genuine excuse write a letter to them laying out your facts and threaten them you are reporting to NAICOM. They will definitely give you a favorable response

BlueRayDick:


What was their excuse?

If they don't have a genuine excuse write a letter to them laying out your facts and threaten them you are reporting to NAICOM. They will definitely give you a favorable response

no excuse, all things required were done. They've said I should give upto June 20th because they put my elapsed policy data into 'system' march 20th....since last year Sept. I believe that is a ploy to delay more.

namdo:
no excuse, all things required were done. They've said I should give upto June 20th because they put my elapsed policy data into 'system' march 20th....since last year Sept. I believe that is a ploy to delay more.

That's the problem some of those companies have. I actually have a reservation about IGI as a company but I don't want to share it here so it won't seem as demarketing them. Obviously one of the staff did not register your policy in their books immediately they received payment and now they are making you suffer that burden.

This is one if the reasons it's advisable to procure insurance policies through brokers, they dare not try this delay tactics on a business placed with them by a broker. They definitely won't do that.

As I've said earlier, when next you are sending them mail let them know if you don't get your settlement offer within 3days you are writing a formal complaint letter expressing your disatisfaction and you will be sending it straight to NAICOM.

How wouldn't we be swift when NAICOM would not allow person to sleep with two eyes closed.

BlueRayDick:


That's the problem some of those companies have. I actually have a reservation about IGI as a company but I don't want to share it here so it won't seem as demarketing them. Obviously one of the staff did not register your policy in their books immediately they received payment and now they are making you suffer that burden.

This is one if the reasons it's advisable to procure insurance policies through brokers, they dare not try this delay tactics on a business placed with them by a broker. They definitely won't do that.

As I've said earlier, when next you are sending them mail let them know if you don't get your settlement offer within 3days you are writing a formal complaint letter expressing your disatisfaction and you will be sending it straight to NAICOM.

Some people need to learn the hard way before they appreciate the role of brokers. I hear bankers complain about their work hours and I laugh, with less than 5 months bring an insurance broker the diff is clear like 7 up.

Appliedmaths:


Some people need to learn the hard way before they appreciate the role of brokers. I hear bankers complain about their work hours and I laugh, with less than 5 months bring an insurance broker the diff is clear like 7 up.

ok explain to me why I need a middle man at this age of development if the insurance companies do what they ought.

Orpe7:



I am sorry to burst your bubble. But i work with an insurance company (ARM LIFE PLC) and i can tell you, its alive and kicking

My wife works with leadway and I can say for sure that insurance is alive and string in Nigeria. The problem is public perception borne out of past experiences and ignorance. The insurance sector is one area that the Nigerian govt has done extremely well.

They are still holding my N4.3M. I hope they pay me. they shouldn't dare joke with me.

With First Bank of Nigeria Insurance Company, you’re more than secured.

I have been dealing with insurance firms for more than 13yrs now. I have done business with AIICO, CORNERSTONE and now Leadway. Truth is these companies are strong and healthy.
Insurance is not about claims and damages alone as some pple would want to believe. You can save your money to accrue interests like the banks.
Most pple do not even know that they are covered when they are involved in an accident even with a N5000 third party insurance cover. Yes, you can contact your insurance company and they will repair the other persons vehicle (that's why it's called third party. The other person is a third party between you and your insurance company) if you are at fault and vise versa.
There are many kinds of cover for vehicles. Some as cheap as N10,000 yet you get a cover of upto N200,000 for your car and N1,000,000 for the other car.
The problem is lack of knowledge and public perception. I think the insurance companies should do more to inform the public about their activities.
There are some not too healthy insurance company too just like banks but, the govt has taking that into consideration thru NIA (in form of claims, life, savings etc) and PENCOM (in form of programmed withdrawal and annuity).

namdo:
ok explain to me why I need a middle man at this age of development if the insurance companies do what they ought.

Bro, the truth is even in advanced countries like UK and USA individuals and corporate bodies place their insurance policies through brokers. This is due to the technical nature of insurance.

Insurance companies are selling you a promise(not a physical product) which is hinged on a lot of principles,provisions, clauses, terms and conditions which will definitely be difficult for you to test until there's a claim.

The insurance broker is a professional who has years of experience packaging those policies, administering claims and getting knotty issues solved for his clients. The insurance broker understands perfectly well some conditions which if present in the policy will deny you future claim( He would easily take them out at the time of placement). Most insurance brokers are people who have gained experience working in various departments of insurance companies. So be rest assured they know what they are doing. They take the street of you having to exchange mails with your insurers back and forth off you.

They do all this at no extra cost to you. You might even get a better rate when you place through brokers because they dictate pricing in the market

Insurance brokers are very much relevant and useful both in Nigeria and advanced countries.