The National Insurance Commission (NAICOM) through its Complaint Bureau in 2012 settled N1.22 billion claims dispute involving 52 cases, the commission has disclosed.
The growing figure of claims dispute resolution is an indication that insurance consumers particularly policy holders are becoming more informed about their rights and the need to pursue their claims when denied or delayed by insurances companies.
Analysts say this is a healthy development for the country’s insurance industry, because it enhances confidence on the sector and demonstrates the regulator’s commitment to protecting the interest of policy holders and the insured public.
Lucky Fiakpa, head, media relations of NAICOM, said the commission’s intervention in claims dispute relates to motor, marine and life insurances as well as bond issues and pension matters.
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The complaints, he stated, were received from individual policy holders, beneficiaries, and government agencies, SERVICOM, Legal Aid Council and Public Complaints Commission.
During the year, the Complaints Bureau handled a total of 349 cases, 86 of which were fresh complaints with the remaining 263 being ongoing cases.
“The increase in the number of complaints received was as a result of the various publicity campaigns embarked upon by the commission which has made members of the public and, in particular, policy holders to be more informed of the commission’s window of dispute resolution, which is not only effective but timely.”
“The Complaints Bureau discharges its responsibilities either through correspondences with the insurance companies involved or through adjudication. During the year under review, a total of nine adjudication meetings were held while majority of the disputes resolved were through correspondences”.
The Complaints Bureau is the unit solely responsible for receiving and processing complaints against insurance companies for non settlement claims in the commission.
