Insurance company in Nigeria is a scam

hmmm

It's gone

My money is still trapped in NIGER INSURANCE PLC years after,even the friend I introduced to the scheme is also affected.

SUGpresident:
https://www.facebook.com/100013325083267/posts/pfbid0fgWXBdRW2bCbavWpXEuLfRg1qAT9tedJ4QE8dVqaSuWtaNKakLqCYGZdRYeW6K5Ql/?app=fbl

Which kain human being you be

Owon:

African Alliance company PLC has refused to pay me and many others their insured money, months and years after maturity.
THEY HID UNDER THE CLOAK OF ISLAM, WITH THEIR FRAUDULENT TAKAFUL SAVINGS PLAN TO DEFRAUD PEOPLE.
I have written several emails to them without a single response.
I have been to their office at Ikoyi last month to warn them and that my return won't be good...

I HAVE WRITTEN SEVERAL COMPLAINTS AND REPORT TO THE USELESS NIACOM THAT'S SUPPOSED TO BE INSURANCE COMPANY POLICE TO PUT THEM TO CHECK, BUT THE USELESS NIACOM IS NOT EVEN RESPONDING.
I THINK AFRICAN ALLIANCE INSURANCE COULD HAVE BRIBED THEM...

Please I want suggestions from people who have had similar experiences with these evil and criminal insurance companies and how they were able to retrieve their money.

First, it may not be totally true that NAICOM is useless. I had a similar experience with IGI, wrote NAICOM and can remember vividly that they replied from their Abuja HQ. A dispatch rider delivered their acknowledgement of my complaint to my house.

Second, if the amount is sizeable, get a lawyer to write them and be ready to forfeit ten percent of the money. The lawyer should be from a notable law firm.

That was what I did and it yielded result.

Truth is, ten percent will not kill you o.

Half bread is better than puff puff.

You're still writing letters? In my case I went to their head office on Awolowo , ikoyi... I shook that office that day that the ceo escape from back door. I did a lone protest outside the office and they sent a senior staff to beg me and assured me of 48 hours . In less than that 48 hours I got my funds. This was in Jan 2024.


Currently, [/b]Channele microfinance Bank[b] is doing same to me. My saving pots is due but they have reused to credit me since January. I have given them 1 week. I go shit in front of their office when I visit them



Nigerians, please stop doing business with Nigeria microfinance and insurance banks. The regulators are handicapped and useless as the financial institutions they're regulating

MDs of Insurance companies in Nigeria routinely grease the palms of NAICOM boss, so don't expect much from NAICOM. Insurance companies profile their clients; they know who they MUST indemnify and who they can SCAM. If your POLICY DOCUMENTS are still intact, get a good lawyer to review the provisions to know the next line of action.

Owon:

This doesn't make sense.
Let's say someone started 30k monthly contributions 5 years ago when the value of 30k is like 100k now, or roughly 40k round the years in total, even if the person is given back 100% of the total contributions, IT'S STILL A LOSS!
If 30% is taking out of 2m, that's 600k.
While will 600k be deducted from someone's money? For what? As what?

Then get a lawyer from a reputable law firm to write them but be ready to sacrifice ten percent.

It worked for me.
It can work for you.

I am a little confused about the situation described by OP. What type of financial product is this takaful savings plan which even more interestingly was offered by an insurance company? It may be a little hard to retrieve your funds o, as I do not think it is covered by NDIC (Nigerian Deposit Insurance Corp). Your only other recourse would be the industry regulator (which I suppose you have contacted) or maybe a professional body, if they have any, like a Chartered Institute of Insurance Practitioners or a similar entity

ppogba:


First, it may not be totally true that NAICOM is useless. I had a similar experience with IGI, wrote NAICOM and can remember vividly that they replied from their Abuja HQ. A dispatch rider delivered their acknowledgement of my complaint to my house.

Second, if the amount is sizeable, get a lawyer to write them and be ready to forfeit ten percent of the money. The lawyer should be from a notable law firm.

That was what I did and it yielded result.

Truth is, ten percent will not kill you o.

Half bread is better than puff puff.

Forfeiture of 10% is only when you want to liquidate before maturity. If they have refused to pay even after maturity, then the client should be entitled to his SUM ASSURED plus some remedy/compensation if the matter goes to court, depending on his prayer to the court.

tradepunter:


go on Twitter and drag them..... nairaland kinda wrong place

I have done that several times.
Go to their handle @AAInsurancePLC to see how people are dragging and cursing them.
Their last post was two years ago and they don't respond to anything.

Naso Aims Asset Management take vanish with my money on Tetrazini Foods that's still operating till date.

OblorOblor:
Forfeiture of 10% is only when you want to liquidate before maturity. If they have refused to pay even after maturity, then the client should be entitled to his SUM ASSURED plus some remedy/compensation if the matter goes to court, depending on his prayer to the court.

It is the lawyer that may likely cherge you the ten percent. That was what I paid to the lawyer.

My investment had matured then so they paid me my full amount of I could remember.

Kelklein:
First of all I don't know how this made front page.. one person having a grouse with his insurance company shouldn't really be an issue for the public.

First it has to be clear that he had channeled his complaints through the proper channels and that his money has truly matured as he said.. most people assumed that because their friend's money has matured in another insurance company then theirs too should be due..different companies have different policies and plans. Some of these Insurenace companies communicate less with their clients..

Most people see insurance companies like a Bank, because of their savings function. The process of fund withdrawal from Insurance Company is much more conditional unlike in the bank where you walk in anytime and get your money.

Then the company too should have been up and doing in dealing with the young man.. every of your client matter no matter the approach to their complaint. It's your duty to deal with them or educate them on whatever is going on. A simple customer relation management would have dealt with this seemingly simple misunderstanding.

Stay away , 🙏
I was a victim as well with same insurance coy. Go to their HQ and see petty traders, pensioners , thrift collectors crying to get their mature funds.

Owon:

African Alliance company PLC has refused to pay me and many others their insured money, months and years after maturity.
THEY HID UNDER THE CLOAK OF ISLAM, WITH THEIR FRAUDULENT TAKAFUL SAVINGS PLAN TO DEFRAUD PEOPLE.
I have written several emails to them without a single response.
I have been to their office at Ikoyi last month to warn them and that my return won't be good...

I HAVE WRITTEN SEVERAL COMPLAINTS AND REPORT TO THE USELESS NIACOM THAT'S SUPPOSED TO BE INSURANCE COMPANY POLICE TO PUT THEM TO CHECK, BUT THE USELESS NIACOM IS NOT EVEN RESPONDING.
I THINK AFRICAN ALLIANCE INSURANCE COULD HAVE BRIBED THEM...

Please I want suggestions from people who have had similar experiences with these evil and criminal insurance companies and how they were able to retrieve their money.

Insurance company in Nigeria are scam period

dominique:


You need to keep going there to press them, expose them on social media if you have to. They know some investors will not aggressively go after the funds. It's the ones constantly in their faces that they will settle first. I'm just remembering my former area where one man bought a highly sought after plot of land and built a massive duplex in less than 6 months. He works for this same AA company cos he drives their branded vehicle. He goes on yearly trips outside the country with his family. Be like say dem don use your money build house and live large o.

Insurance company executives are some of the biggest frauds we have in this country and nobody is saying anything about it

This is what I heard the current CEO is doing as well.
She goes on trips regularly and lavishly while they can't pay people their money.

jideflash:
Put it on twitter, im ready to repost daily.

Their twitter handle has been idle for two years now.
What's your twitter handle, let me tag you

ppogba:


First, it may not be totally true that NAICOM is useless. I had a similar experience with IGI, wrote NAICOM and can remember vividly that they replied from their Abuja HQ. A dispatch rider delivered their acknowledgement of my complaint to my house.

Second, if the amount is sizeable, get a lawyer to write them and be ready to forfeit ten percent of the money. The lawyer should be from a notable law firm.

That was what I did and it yielded result.

Truth is, ten percent will not kill you o.

Half bread is better than puff puff.

I have written to naicom more than 10x and no single response.
They don't pick up their phones as well.

Call FBI

Kelklein:
First of all I don't know how this made front page.. one person having a grouse with his insurance company shouldn't really be an issue for the public.

First it has to be clear that he had channeled his complaints through the proper channels and that his money has truly matured as he said.. most people assumed that because their friend's money has matured in another insurance company then theirs too should be due..different companies have different policies and plans. Some of these Insurenace companies communicate less with their clients..

Most people see insurance companies like a Bank, because of their savings function. The process of fund withdrawal from Insurance Company is much more conditional unlike in the bank where you walk in anytime and get your money.

Then the company too should have been up and doing in dealing with the young man.. every of your client matter no matter the approach to their complaint. It's your duty to deal with them or educate them on whatever is going on. A simple customer relation management would have dealt with this seemingly simple misunderstanding.

You're just being jealous or ignorant.
What's your business with what gets to front page?
You even typed in colour to show that you're just seeking attention.
You think everyone is daft like y** not to know about insurance policies and maturity before starting anything with them?

Owon:

I have written to naicom more than 10x and no single response.
They don't pick up their phones as well.

Maybe they have gotten worse over time. I only shared my own experience with them.

Most companies in Nigeria do not pick calls. The phone numbers are only there for public viewing.

Forget about replying to emails.

It is disheartening really.

Insurance in Nigeria is only good for the rich and famous.

Don’t do business with insurance companies in Nigeria if you don’t fall within this class of people, because you won’t get paid in case of any eventuality.

Even some pensioners have not collected their monthly Pension up till now

I remember what a good friend of mine told me about insurance companies in Nigeria, when I invested 255k with AIICO.
He said it's only in insurance companies that he finally understood the meaning of, DON'T START WHAT YOU CAN'T FINISH lol.

I have forgotten about my 255k with them since.

Until the full details of your case are known, I want to observe that difficulty in recovering claims by the insured are the reasons why many say that insurance in Nigeria is a SCAM!

dominique:
What did they say when you went to their office? These insurance companies are dubious. Mutual benefits extended the maturity of investors funds twice! From 5 years to 10 years! If you want to withdraw your funds, it will come with penalties and you'll be given like 70% of your initial deposit. It's like they're secretly hoping the investors die before the investment matures.

Please help me push these topics to frontpage

https://www.nairaland.com/7986085/sos-call-wema-bank

https://www.nairaland.com/7698332/jumia-please-refund-me

dominique:


You need to keep going there to press them, expose them on social media if you have to. They know some investors will not aggressively go after the funds. It's the ones constantly in their faces that they will settle first. I'm just remembering my former area where one man bought a highly sought after plot of land and built a massive duplex in less than 6 months. He works for this same AA company cos he drives their branded vehicle. He goes on yearly trips outside the country with his family. Be like say dem don use your money build house and live large o.

Insurance company executives are some of the biggest frauds we have in this country and nobody is saying anything about it

Their investors whose deposits have matured but find it difficult to withdrawal their capital and benefits don't need to be told that their money has been embezzled, stolen, diverted and mismanaged as soon as they are parted with their money.

Rexymania:
Most things in Nigeria is being run by 419 people... Don't believe everything you see

It's bcoz the youths are taking over. Imagine different packages designed to bring you into the net and when it now mature, story will start.

Even in the villages where the youths now carry the village masquerades, they have bastardized it.

Have you not seen masquerades using mobile phones? It's happening now.

Haven't you seen masquerade singing and dancing to Davido "Am unavailable"?

Have you not seen masquerades insisting you must give him money?

The youths are taking over.