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Insurance claims: Over N2bn 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; 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; 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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