The Nigerian Insurers Association has restated that its members are committed to settling claims that come from their customers.
This was disclosed by the Chairman, Publicity Sub Committee of the Insurers Committee Industry, Jide Orimolade, at an unveiling of a new insurance campaign held at NIA Tower in Lagos on Tuesday.
Reacting to claims that insurance companies were not settling customers’ claims or delaying in settling them, Orimolade, said, “It is a promise that most insurance companies have been able to make to their various consumers.
‘Once consumers part with their premiums, definitely when it comes to claims, insurance companies have to do the needful, to keep to their promise.”
The publicity committee on Tuesday unveiled commercial materials meant to sensitise members of the public to the new third-party motor insurance coverage.
The committee also said that the damage coverage had been increased from N1m to N3m.
The National Insurance Commission had announced an increment in the claims and costs of insurance on all classes of motor insurance including third-party motor insurance which was hiked from N5,000 to N15,000 in December 2023.
This development had been kicked against by some motorists who felt it was unrealistic.
According to reports, the motor insurance class is a major source of revenue for insurance companies.
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