The National Insurance Commission (NAICOM) said it has directed all insurance companies to begin publications of all outstanding claims in their records.
The Commissioner for Insurance/CEO, National insurance Commission, Olorundare Sunday Thomas, said this last week at the cocktail for the 2023 NAICOM Conference for Insurance Journalists in Uyo, Akwa-Ibom State.
He added that the commission had written the operators and given them enough time to sort out all outstanding claims and begin publications on national dailies.
Thomas pointed out that there would be consequences for non-adherence to the directive, which will include naming and shaming of erring firms.
He stated that the NAICOM has done a lot to ensure insurance companies live up to their responsibility regarding payment of claims and urged the public to revalue their assets due to inflation so as to have claims that meet the present cost of asset.
The NAICOM boss implored Nigerians to manage their risks through insurance, especially now that cost of replacement of either lost or damaged asset has skyrocketed.
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