From Adanna Nnamani, Abuja
The National Insurance Commission (NAICOM) has released a comprehensive report outlining 1,571 complaints lodged by policyholders against various insurance companies in Nigeria.
Topping the list of insurers with grievances is Industrial and General Insurance (IGI) Plc.
The report, which was published on NAICOM’s website on Wednesday, March 12, is part of the commission’s ongoing efforts to ensure prompt settlement of valid claims following the resolution of disputes.
The complaints cover a spectrum of insurance policies, including motor insurance, group life insurance, education policies, bonds, annuities, and all-risk policies, among others.
The document, according to the commission, is a critical initiative aimed at promoting transparency and accountability within the insurance sector.
It also highlighted the significant volume of customer grievances faced by several insurers, ranging from delayed claim settlements to disputes concerning policy terms.
According to the report, IGI Plc recorded the most complaints, with a total of 327 cases reported by policyholders.
African Alliance Insurance Plc follows closely behind with 281 complaints. Other companies facing substantial complaints include Standard Alliance Insurance with 229 complaints, A&G Insurance Plc with 80 complaints, AIICO Insurance Plc with 65 complaints, and Coronation Insurance Plc, which received 29 complaints.
NAICOM stressed the importance of insurance companies fulfilling their responsibilities to policyholders. It warned that insurers will be held financially accountable for all resolved complaints and must settle claims promptly once disputes are resolved.
NAICOM said this approach aligns with its commitment to enhancing consumer confidence within the insurance industry by enforcing compliance with settlement obligations. The commission reiterated that failure to pay valid claims could lead to regulatory sanctions against negligent insurers.