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N2bn claims settled through NAICOM’s intervention


The National Insurance  Commission,NAICOM, said it successfully facilitated claims payment of over N2 billion in 2013.
In a statement, NAICOM said the move is in line with its continuing efforts at ensuring adequate protection of policyholders and insurance consumers over settlement of genuine insurance claims.

Accordingly, the Commission said it received a total of 193 complaints from various facets of the economy, ranging from the insuring public, insurance companies, insurance intermediaries and legal practitioners.
According to NAICOM, a total of 61 complaints were successfully resolved in 2013 and this was achieved through correspondences, adjudication meetings and direct contact with the insurance companies. The settled cases amounted to N2, 236,700,113.92.

Some of the settled cases included Crystalife Assurance Federal Medical Center Owo Group life N7,795,980.00; Lasaco Int’l Insurance Brokers Fire n33,949,709.39; NEM Insurance Dominion SBJ Elite trust Insurance Brokers  N1,041,622.20; Niger Insurance Fair Plus int’l limited Motor Vehicle N5,745,100.00; NICON Insurance Dr. Olanrewaju Vehicle N560,075.34; Union Assurance Okeke Udochukwu Maturity Benefit N542,075.34; Leadway Assurance Plc NURTW Motor vehicle N397,290.00.

Others are Equity Assurance NURTW Motor vehicle N48,780.00; STACO Insurance NURTW Motor vehicle N397,290.00; AIICO Insurance Young Bourdillon Ditimiya Motor vehicle N1,200,000.00; Unity Kapital Aura Loss Adjusters Non payment of fees N128,440.90; Crystalife & Capital Express Bauchi State Government Group Life N214,113,484.84; IGI Mr. Ogun Michael Life policy N361,061.00; N14 Law Union & Rock Charles Mekwunye & Co.  Motor N752,142.86; Standard Alliance Pastor Ayo Oluwatosin Motor N3,304,800.00; Sovereign Trust Opeba Company Nig. No payment of fees N2,000,000.00; Oceanic Insurance Express Discount House Motor N2,078,800.00; Aiico Insurance Kayode Isaac Ogunola   N2,342,300.00; Aiico Insurance Samuel Salako   N311,000.00; Mayfair Insurance Brokers Mutual Benefit Assurance Plc  Non remittance of premium N2,000,000.00; ADIC Insurance Burglary Hennadis Nigeria & Co Burglary  N4,261,624.23; Standard Alliance  Umeneri Emmanuel Emeka  Maturity benefits N354,516.20; A&G  Engr. O. Oyelola   Maturity benefits N685,325.71.

Also, IGI Dr. Umoru Benjamin Motor N540,000.00; AIICO Insurance Plc Upper Room Theft  N6259,843.86; Finsurance Plc Odengene Air shuttle service Limited (part payment) Aviation  N60,154,223.98; Standard Alliance Afro Asia Garden Fire N705,173.99; Standard Alliance Engr. Olufemi Falano Maturity benefit; AIICO Insurance Co. Emmanuel Dunu Nonpayment of Commission N50,000.00; Mutual Benefit Ojeifoh Okosun Maturity Benefit N844,204.42; AIICO Insurance co Olaniyi Temitayo   N52,000.00; Guinea Insurance Standwell Int’l Co. Nonpayment of Commission N500,000.00; Finsurance  Top quality Fire N66,133,400.00; Linkage Insurance & Royal exchange  Top quality  Fire  N66,133,400.00; Linkage  Mr. Akinbami  Motor vehicle  N33,066,700; Standard Alliance Ofoegbu Mahakwe Investment N246,361.56; Custodian & Allied Omowunmi Abosede Wale Theft N400,000.00; IGI Dominic Daniel Maturity Benefits N3,695,871; Financo Brokers Adetanmi Victor Olumide Severence Benefits N200,000.00;

UNIC Engr. Falano Olufemi Maturity Benefits N336,962.89; IGI Flash Multi Services Ltd Motor Vehicle N756,000.00; Standard Alliance Edwin Mary Akwaeze Bond N5,000,000.00; Standard Alliance  Ana Industries  Marine N16,000,000; Finsurance Finbank Insurance brokers Aviation N31,291,775.55; Mutual Benefits Assurance Life MT Stephen & Co  Death Benefits N18,000,000; Consolidated Hallmark  Arizona Insurance Brokers Good in Transit N300,000; IGI Olamide Elias & co Death benefit  N4,484,079; Standard Alliance Life  Sadiq Adeshewa Wakilat  Life  N1,060,000; STACO  Karina Tunyan (San) & Co  Marine N55,939,800; Anchor Insurance  Karina Tunyan (San) & Co Marine N13,984,950;

IGI  Karina Tunyan (San) & Co Marine  N10,300,000; AIICO  Bassio Nig Ltd Good in Transit N5,000,000; NICON Insurance  ExonMobil Producing Nig Ltd  Fire  $9,906,619; African Alliance  Beatrice Chukurah  Annuity benefits N101,798.74; IGI  Oparah Frankka Egolu Life  N73,817.00; A&G Micheal Abiodun Ayeni Endowment, not stated; Niger Insurance  Lydam Ventures Maturity benefits N10,503,280.00; IEI Mosabu Investment Marine N15,000,000; Leadway Assurance Ibrahim, haruna hamma Motor vehicle  N2,736,963.08; NEM Insurance plc First & Foremost investment Ltd Motor vehicle N110,160.00; WAPIC Life Assurance  Messrs Adeniyi Adeyemi & Frank Odigie  Commission  N494,244.71.
A total of 132 complaints are still at one stage of settlement or the other, whilst some are near closure.
The Commission, through its CBU successfully adjudicated and settled a total of 15 complaints during the year under review.


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