NAICOM Resolves Over 800 Disputes (Cases) In 6years

by Free Insurance advice on May 4, 2012 · 0 comments

in All About Claims, FAQS on Insurance, Insurance in Nigeria, Latest Insurance News, Other Resources & Tips

A first quarter 2012 report recently released by the National Insurance Commission (NAICOM)  has shown that over 800 involving some insurance (insureds) and insurance companies () were promptly and  successfully resolved between 2007 and 2012 by the Complaints Bureau of the Commission. The report also shows that claims resolution amounting to N617.8 million from 17 disputes brought before the commission was also resolved in the first quarter of 2012.

Most of the commended NAICOM for a job well done and expressed their renewed confidence in insurance. Take the case of Okoh Agharighom, Senior registrar, Urology, University of Nigeria Teaching Hospital (UNTH), Enugu, who wrote in his a letter of appreciation to the Commission:  “My faith and confidence as well as those of my colleagues at the University of Nigeria Teaching Hospital (UNTH), Ituku Ozalla, Enugu, in the insurance industry and in your efficient regulatory oversight has not only been restored but elevated to a new plateau.”

SCHEDULE OF RESOLVED BY THE COMPLAINTS BUREAU (2007 – Q1 2102)

YR No OfComplaint / Claims Estimated Value Of Claims Type Of Complaint / Claims Mode Of Resolving Complaint / Claims No.ofSettled Cases No. Of O/S Cases Amt of SettledClaim For The Prd
2006 180 N1,200,000,000 Life: 20Non-Life:160 Adjudication/Correspondence 50 125 N504,000,000
2007 508 N1,610,000,000 Life: 114Non-Life: 394 Adjudication/Correspondence 112 396 N137,681,214.06$971,696.50
2008 350 N1,800,000,000 Life: 173Non-Life: 177 Adjudication/Correspondence 195 155 N556,988,961.11$22,944.18
2009 502 N2,103,000,000 Life: 200Non-Life: 302 Adjudication/Correspondence 283 219 N821,917,774.66
2010 337 N1,108,000,000 Life: 189Non-Life:158 Adjudication/Correspondence 101 236 N1,006,413,793.75
2011 345 N2,090,000,000 Life: 280Non-Life: 65 Adjudication/Correspondence 107 238 N519,081,859.73
1STQTR 2012 33 Life: 8Non-Life: 25 Correspondence 17 16 N617,802,323.88
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